OfflineI need some help putting together a kind of complicated deal for res prop and adjoining development parcel.Owners own it free and clear and are willing to discount to me but lender may be hesitant. Any ideas?
please reply to my inbox or e-mail
__________________
Bryan @ reproblemsolver@****
Bryan,
What do you mean "development parcel"? Is it vacant land or is there something built on it already? And what do the financials look like?
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
Hey Vincent,
It`s 2 parcels,1 with a rental house newly remodeled,2nd parcel of 1.4 ac proposed development @ 20 units per ac.
Owners will co-operate fully and I have my own ideas to develop but my lender won`t loan on raw land.I plan on getting a pre-liminary approval then accept "deposits" on the finished lots and then reconvey after final approval and write contracts for the planned homes to pay the owners off and the infrastructure work.My excavator will wait to get paid until after "final map" approval at which time the lots will become marketable.
All of this only works by getting enough deposits to cover improvements........basically always working on "others" money.The owners are realtors who will market the pre- sales ,which makes them a huge incentive to get it done and paid..........thats my condition.
Make sense? Did I lose ya? Any advice?
Thanks,Bryan
Bryan @ reproblemsolver@****
Hey Bryan,
This is over my heaad right now, but I'd definitely suggest you call the advisory line and they will definitely be able to help you.
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53