We recently walked away from developing a Central TX property because we had concerns about effects on the surrounding neighbors. It’s our company mission at Land Sale TX to “give the land business a heartbeat.” Find out why we chose to walk away & why you always have to have a Plan B when it comes to investing.
You might be thinking someone would have to be absolutely crazy to walk away from nearly half a million dollars in potential profit, but there are times in the land business that you will be challenged to do the right thing. We were working with a family in Caldwell County and they wanted to sell their 49 acres to us. As we reviewed the property, we determined that the highest and best use might be to subdivide the property to provide more value in the neighborhood by providing more home sites. So, we met with Caldwell County and we were able to get their blessing to move forward with the subdivision even though this wasn’t a county maintained road. The reason that we were able to do this, because generally speaking you cannot subdivide off of a road that’s not County maintained, is due to the fact that in their development ordinance if a road was recognized by TxDOT before 1984, then you can legally subdivide off of that road even if it’s not a county maintained road. Since we got their blessing, we moved forward with the purchase of this property.
Now, right before we submitted our plat to the county, as a courtesy, we reached out to all of the adjacent landowners by writing them a handwritten letter just notifying them of what our plans were because they would eventually receive a letter from the county for the public hearing. This is when our project really took a turn for the South. Most of the neighbors vehemently opposed this and they actually banded together and said that they were going to sue our company and the county if we moved forward with this development. And, we were calm, cool and collected. We understood and heard out their concerns and at the end of the day we decided to not move forward with the project and here’s why. We felt that this would spur additional development along this road and because this road was not maintained and it was a dirt road, we felt that that would actually prove to be unsafe driving conditions down the road. Now, of course, it stung to walk away from this project because we had already invested a lot of time and money and resources into this, but we felt it was the right thing to do.
And, you know the moral of the story here is always do the right thing, even if it means you lose money today. It takes years to build a reputation and seconds to crush it. And, secondly, always have a plan B. I’ve talked about this in other videos in the past. Always have a plan B for your exit strategy. Luckily, we were able to turn around and sell that property several months later and we were able to recoup our investment. But, had we not had a plan B in place, we would have had to take a serious loss or potentially hold it for much longer than we had planned.
Feel free to reach out to us with questions or other topics you’d like to see covered.
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