Purchase of Land for Subdividing - Posted by Deb Van
Posted by Deb Van on March 27, 2001 at 07:51:39:
We’re considering purchasing a small home on 13 acres in an excellent real estate area. The asking price is $183,000. We can get a mortgage for this and would like to subdivide into 1 acre lots keeping 2 acres for ourselves. I did speak with a civil engineer to obtain all the steps involved for approval which would take 10-16 months. I would like to know how to obtain financing for the costs of this (we only want to sell the 11 lots to individuals not build ourselves). Are there private investors who will fund the project where payment can be made upon the sale of the lots. I did find one in Conneticut(he only handles that state), but need to find one for North Carolina. Also, can you recommend any books or sites which help guide an investor through this? Thanks for any help.