Visualizing Land Projects & STR Potential With Annette Grant
Welcome back to Success Unlocked, where our hosting business master membership coaches discuss operations, social media, unique builds, co-hosting strategies, and so much more. This week’s episode is Vacation Ventures, hosted by Michael Hicks.
In this episode, Mike helps Annette work through her recent experience scouting two 100+ acre properties for potential STR development. From septic to signing – there are hundreds of things to keep your eye on in this process, and Mike’s just the guy to help us put a method to the madness.
His vast building experience proves valuable in aligning early priorities with the city, county, and zoning commission; explaining how to make the math work; and avoiding beginner’s mistakes like overlooking natural water features, alarming nosy neighbors, and caving on your own preferred timetable for due diligence.
(00:02:55) Existing Structures & Utilities: Bonus or Burden?
- Both properties have functioning utilities
- Getting soil tests and septic inspections
- Check for existing analysis in county records
(00:09:41) First Steps & Important Early Priorities
- What can you do on the property?
- Contacting the Planning & Zoning Commission
- When and how to reveal your short-term rental plans
- Determining a realistic search radius
- Four questions to ask when qualifying a piece of land
(00:16:10) Common Roadblocks & Beginner Mistakes
- Cross-reference legislative restrictions
- Double check for power and water
- Avoid the urge to place structures too closely together
- To flip or not to flip?
- Inspecting 100+ acre locations
- Look into easements and agreements
(00:24:05) Dollars & Sense: The Math Behind it All
- Calculating the dream
- Mike shares real-life prices of his most recent buys
- How to get dependable help on site
- Hacks to fast track early profits
(00:31:32) Revisiting Annette’s Research & Next Steps
- Placing a call to the county
- Gaining valuable experience on walkthroughs
- Meet your neighbors and discuss intentions
- Doing due diligence on natural water occurrences
- Any animals or plant species to avoid?
- Finals notes on septic and soil