Hi to you all. I've been a long time reader on this Forum due to my interest in Property Investing. However recent circumstances have just prompted me to tip my toe in the water a bit further in the hope that some of you may have been in my situation or have some knowledge that could help. We built our home on 5 acres just on 15 years ago (paid $45,000 for the land). Just after we purchased the land, it was rezoned to Resi1 and ever since we have watched the development get closer and closer. A few weeks back, our neighbours put their 8 acres on the market and 3 weeks ago it was sold to a well known development company (paid just over $1.3 mil). Prior to purchasing the land, a rep from the development company paid us a visit and asked us what our intentions were. We said to him, "if you purchase the land next door, we would be open to further discussion".
We have had one meeting with the development company since they purchased next door. At this meeting we flagged our interest in more detailed discussions. They are presently working on a layout plan for the whole 13 acres (their 8 and our 5) with costings. In the discussions we have had thus far, they have indicated their eagerness to develop the whole 13 acres under a Joint Venture arrangement. While I've thought of many questions myself, I'd greatly appreciate any feedback re things I need to watch out for, or the questons I need to ask
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