I have a 27 acre parcel I’d like to split into 7 lots. Each build is roughly $180k and sales price point is $330k-$350k. I have the land on land contract. I’m in need of $350k to get the road, plat map, survey etc. How do I go about getting initial funding. The owner of the land didn’t want to finance it since he knows nothing about construction.
To start with, you only hve the land uner land contract.
What security does an investor have?
What return can the investor expect?
350K seems small number for all the utilities, electric, curbs, gutters, sidewalks, streets, electrice, fire protection, sewage, etc.
Have you cost any of this out?
What participation do you desire of an investor///Partner or just $$$ ?
What is estimated time of project? Build, sell, etc.
Do you intend to spec build homes for sale?
What is your track record?
How many projects have your SUCCESSFULLY done ?
What is your financiial status?
Just some of the questions that need answers for any investor to get interested.
The improvements are for a private drive. The township only requires a normal paved road due to the number of lots. It is well and septic. I have priced everything out with my local authorities, Semco (gas) and BPW. My goal is to have investor fund the first 4 deals after which enough cash flow will be made for investors ROI of 10-12%. I could have the 4 homes be built and sold in one years time due to lack of inventory and desirable location with outbuildings allowed. I’ve been in construction for 16yrs and have grossed $250,000 the last 2yrs and on pace to possibly double that this year. This would be my first development but in no way out of my capabilities.