Full Article: https://retipster.com/terms/land-entitlement/?utm_source=youtube&utm_medium=social&utm_campaign=terms&utm_content=mvoteEbZQFc Join Our Community: https://welcome.retipster.com/?utm_source=youtube&utm_medium=social&utm_campaign=terms&utm_content=mvoteEbZQFc Other resources mentioned: http://www.tolosapropertygroup.com/ https://retipster.com/terms/phase-i-esa/ http://landinvestingmasterclass.com/ https://retipster.com/105-josiah/ Today I'm talking with Mike Marshall about land entitlements. Believe it or not, I didn’t know hardly anything about the concept of getting land entitlements until about a year ago because, for most of my land investing career, I had never done any improvements or development with any of the vacant lots I’d flipped. I bought them for really cheap, did nothing to them, and then resold them for a higher price. That’s all good and fine (and there are a lot of advantages of taking that approach), but what if you DO want to develop your land? Or, even if you don’t develop it yourself, but you want to obtain all the necessary approvals from the local government so that the next guy can start developing it - how does this process work? This is called the entitlement process. Land entitlement is when a real estate developer or landowner obtains approval from the local governing body for their development plans. When a property receives its entitlements, it brings certainty to the equation, so you know a property can be used for a specific purpose and developed a certain way (so you don’t have to buy a property without knowing if you’ll be able to use it for your intended purpose). This certainty actually adds value to the property. I’m talking with Mike Marshall because he’s an expert in this stuff. With nearly 20 years of experience in the land entitlement space, he knows all about how to entitlements to add value to a property without ever having to touch it. Whether subdivisions, change of use permits, zoning changes, or full-scale development, Mike knows how to help investors navigate the regulatory waters on their entitlement approval. 0:00 - Intro 0:43 - What are land entitlements? 1:53 - When are entitlements needed in real estate? 4:10 - What does the entitlement process look like? 4:32 - Step 1: Pre-Application Meeting 5:10 - Step 2: Application Submittal 6:03 - Step 3: Initial Jurisdiction Review Period 6:28 - Step 4: Initial Comments Provided to the Applicant 6:39 - Step 5: Applicant Works to Address Comments 6:49 - Step 6: Applicant Resubmits Revised Materials 7:18 - Final Step: Drafted Set of Conditions for Approval 8:58 - Taking the initiative in communication 10:31 - Zoning vs. Entitlements - What’s the difference? 11:34 - What if the development plan changes after the site plan is approved? 12:38 - What happens if you start building without entitlements? 14:07 - Are there ever situations where you can build without anyone’s approval? 15:59 - What does it typically cost to get entitlements? 20:56 - How can you cope with risks in the entitlement process? 23:25 - How do people negotiate the price on a property that still needs entitlements? 26:56 - How to spot opportunities for rezoning or getting entitlements 28:49 - Working the process in reverse to identify entitlement opportunities 30:29 - Can you hire someone else to get land entitlements for you? 31:59 - Who are all the different team members you’ll need when getting entitlements? 33:05 - How risky is it to spend money pursuing entitlements without a guarantee that you’ll get approval? 34:06 - Going out on a limb to get land entitlements without certainty. 35:45 - Is there a way to predict how much value the entitlements will add to a property? 36:43 - Are there any concrete examples of when a property’s value increased because of the entitlements? 38:15 - Who stands to benefit from land entitlements on a property? 40:43 - Where did Mike Marshall get his experience with zoning and land entitlements? 41:38 - How to get in contact with Mike Marshall 42:13 - Rezoning for Profits Course (part of the Land Investing Masterclass)