I own a house built on a large piece of property that I also own, zoned commercial in San Antonio,TX. Located in a residential area that is listed in the city’s revitilazation program. Could be eligible for development cost breaks. I am interested in a tear down to build a multi-family apartment complex. 6-8 units. Located near the city base development on the south side. I am unsure where to start this process, how I could go about obtaining financing as well as financing requirements. Would HUD be an option? Any advice on where I could begin would be greatly appreciated.
Start by going to the local Zoning Department and find out what you can build.
If they allow apartments in the area they will tell you how many you can have. What the parking requirements are going to be, if any have to be subsidized, set aside, rentals, etc.
THis will give you a start…
Then you have to find out how much the infastructure, sewer, water, electrial, gas, curbs, gutters, sidewalk, streets, etc are going to cost. Will it work?
This and a lot more hassles with the city will get you started.