Blount Development Group Is Expanding..Hires Mike Norvell Sr

By
Real Estate Agent with Morris Williams Realty

 

Blount Development Group, LLC is based out of Leesburg, Fl. From this base of operations, this company has continued to expand across Florida and into the Southeastern US. The company specializes in locating housing developments that have stalled due to financial issues and then acquiring them for themselves or their investor partners. They also aquire large land tracts suitable for future development.

I have known the Rick Blount, President of Blount Development Group for nearly 20 years. Recently, we have been discussing the pursuit of  local subdivisions in the Lake County and Sumter County area that are failing. For those who don't know, over the last decade, Blount Development has successfully purchased and resold millions of dollars worth of land in the area, and has been expanding to other areas of Florida, Georgia, Texas, and a fairly large development in Tennessee.

Rick Blount, President of Blount Development Group, LLC explained that his company's success has caught the eyes of many financial investment firms, and raising money is no longer an issue. He went on to say that most of the investment firms that are backing his firm are looking to invest heavily in Florida Real Estate, and are very actively seeking primarily pre approved subdivision projects in the 5 to 25 million dollar range. The consensus is that the right projects in Central Fla are quite a bargin and these investment firms have huge resourses to buy now and hold for the future market rebounds.

Jason Blount, Vice-President of Blount Development Group LLC, is also heavily involved in Project Research and Acquisition. He also explained that finding troubled projects is getting easier due to the market slowdown, but choosing the correct ones to invest in what has made Blount Development Group successful. Our job is to Find, Fund, and Finish these projects. So site selection is extremely important. At this level, making mistakes is not an option! We have to determine why the first developer failed, and research the data to determine if the project can be turned around with a profit. That is our goal on every project. Once you have proven your company can find and fund some larger projects on your own, from start to finish, then other companies will want to be involved with you in the future.  

Blount Land Development, LLC is growing rapidly. Recently, Rick Blount called me to discuss if I thought my expertise in finding and performing deal analysis on distressed homes would transition over to doing the same with whole subdivisions. After careful examination of the business model, I have made the decision to accept this challenge, and will actively seek the support of my Active Rain Associates. This is a big step for me, and I am very focused on making this transition. The stakes are much higher at this level, but till now my biggest hold up was in finding the money to get deals done.

That apparently will no longer be a problem....We will make the move officially by March 1, 2008. I will need a few weeks to get up to speed, but from what I have seen, Blount Land Development Group is soon to be a very recognisable name in Land Acquisition Business in the Southeastern States.

I am proud to have been chosen as part of their growing team...

 

 

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Rainer
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Mike Norvell Sr
Morris Williams Realty - Leesburg, FL
Norvell Consulting Group
I will soon get a new picture, because we seem to spend more time in boots and jeans than we do in suits !!
Feb 27, 2008 07:31 AM #1
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Congrats Mike, good luck to you.
Feb 27, 2008 07:37 AM #2
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Mike Norvell Sr
Morris Williams Realty - Leesburg, FL
Norvell Consulting Group
Thanks Johnny, I look forward to seeing you at a lunch here in the near future, lets make a deal or two happen this year!!
Feb 27, 2008 08:08 AM #3
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Karen Hurst
STONEHURSTREALTY.COM - Warwick, RI
Rhode Island Waterfront!
Congratulations Mike! It sounds like a great move. And just as I was getting into the shortsale sagas:)
Feb 27, 2008 09:20 AM #4
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Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Mike- Congrats on your new move, sounds like this is something you are very interested in doing. I emailed this post to Nestor because when the market was great we moved into land deals with major developers such as Centex and Pulte. We have an approved small development that is up for sale because the builder ran out of money. We had to jump back into residential when the land deals went bust during the meltdown. 
Feb 27, 2008 09:21 AM #5
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Mike Norvell Sr
Morris Williams Realty - Leesburg, FL
Norvell Consulting Group

Kat & Karen...as you know, it takes money to buy property. Those who don't have money use credit... In an economy where the lenders are fighting us tooth and nail to get the sales done, I can't really afford to spend the amount of time it is taking to produce so few results..I have over 70 active files going on in foreclosures, and have personally benifitted on a few, actually, compared to last year, I have done better in the last 5 months than the 18 months before...but I could not resist going with a company with a nearly unlimited budget...We are looking at doing something with some smaller investors in the one by one house deals as I was doing, but that will have to be worked out. Now, we are moving full steam ahead on much bigger deals, and I could not be more excited for the opportunity!!

Feb 27, 2008 09:29 AM #6
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Mike Norvell Sr
Morris Williams Realty - Leesburg, FL
Norvell Consulting Group
Kat & Nestor.....By all means send me the  info..I am working on deals in Tampa and Jax next week, a trip to your area would be nice as well....Thanks for the support
Feb 27, 2008 09:34 AM #7
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Mike Norvell Sr
Morris Williams Realty - Leesburg, FL
Norvell Consulting Group

Karen...the short sale sagas will continue...the deals will just be much bigger, and actaully not that much more work...Did I mention that we have large cash investors now, at least that part of the equation is now solved!!..

Feb 27, 2008 09:37 AM #8
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