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Old Posted Mar 20, 2011, 5:39 AM
ChiTownCity ChiTownCity is offline
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Join Date: Jun 2010
Location: Chicago, USA
Posts: 1,163
One more thing:

A Developer assembles a team of contractors, architects, engineers, and promotors (or whatever the correct term would be).

The developer and architect design the building for the land parcel that he already owns or plans on attaing.

The engineer and architect(s) create the blueprints for the building that has a .02% margin for errors.

Contractor teams up with contractors for plumbers, carpenters, electricians, brick layers, and steel workers. They review the architect and engineer's design layout and survey the land parcel and estimate a total cost for the project and add an 15-20% to the estimate for a surplus and for labor costs. Then they bid on a city contract for construction permits and whatever they need.

The Developer meets with the HUD department or wherever he would need to go to, to show them the entire design blueprints, and rendering. The committee will give approval if projects meets all the zoning codes or will send it through the approval process if a change in the zoning code is needed.

The Developer and contractor meets with a bank and gives estimated cost for project, total plans including blueprints, and rendering. The bank reviews the project and allows the developer to apply for an FHA and a 203k loan.

contractor assembles construction team and they go to work as soon as the first check is granted.

Is this basically how the process goes? What am I missing?
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