I am in OKC and have a small business in the fleet semi-trailer repair / maintenance space. I am looking to purchase some raw land and build a facility.
I previously (over a year and a half) asked the RE forum for advice on how to make offers for raw land. LINK
Thank you all that responded. I used much of your advice, especially Ribeye-Rare's.
This morning a seller's broker returned the signed contract (2 weeks later) on a viable property, so hopefully we will move forward.
1. What is recommended for diligence? I reached out to a handful of banks and it seems some (including the bank with the best term sheet) are not going to require a Phase 1 environmental assessment. Should I get one done anyway? It is my understanding that this land use to be farm land / residential and was converted to I2 (industrial in OKC) to make it more attractive in a sale. The property is neighbored by an oilfield services business and a plant nursery.
2. I reached out to a few GCs and received 2 preliminary estimates and some momentum from another 2. I typically like to get real bids on things. Is there a good way to get these contractors to sharpen their pencils and provide me with something closer to their actual bid? Should I find an architect / engineer to create sight plans and a building kit mfr to create construction plans for these guys to use so I am comparing apples to apples?
This land is within sight of my current facility (down the street). One GC mentioned that he could provide consulting services if I wasn't interested in a full GC relationship. I do have a list of the subcontractors, but this is my first rodeo.
Thank you in advance.
I previously (over a year and a half) asked the RE forum for advice on how to make offers for raw land. LINK
Thank you all that responded. I used much of your advice, especially Ribeye-Rare's.
This morning a seller's broker returned the signed contract (2 weeks later) on a viable property, so hopefully we will move forward.
1. What is recommended for diligence? I reached out to a handful of banks and it seems some (including the bank with the best term sheet) are not going to require a Phase 1 environmental assessment. Should I get one done anyway? It is my understanding that this land use to be farm land / residential and was converted to I2 (industrial in OKC) to make it more attractive in a sale. The property is neighbored by an oilfield services business and a plant nursery.
2. I reached out to a few GCs and received 2 preliminary estimates and some momentum from another 2. I typically like to get real bids on things. Is there a good way to get these contractors to sharpen their pencils and provide me with something closer to their actual bid? Should I find an architect / engineer to create sight plans and a building kit mfr to create construction plans for these guys to use so I am comparing apples to apples?
This land is within sight of my current facility (down the street). One GC mentioned that he could provide consulting services if I wasn't interested in a full GC relationship. I do have a list of the subcontractors, but this is my first rodeo.
Thank you in advance.