Anyone have any ideas on how I can get funded for this project.
I know the project is a steal and that is one reason why I have been very reserved about who I go to locally for help. (Don't want to get undercut).
There are two parcels of land that are next door to each other. After purchasing both and assembiling the 2, the total land size would be right over 6 acres. Currently, the property was a church and a school. It is located in a premier neighborhood. The smaller parcel was appraised at over 2.3 million. I can get both parcels for approx 2.2 million. (sellers really need to sell) With that being said, I figured it would need approx. 250,000 for demo and fill. Once this is done and the two parcels are assembled, there is now a 6 acre property. There is NO 6 acre property located anywhere close to this. (it would be perfect for a million dollar subdivision or to sell as is to a church/school). As is, i can see the newly assembled property getting around 4 to 4.5 million. Another option is to put infastrucure at a rough cost of approx 600,000 and then build a subdivision. Each lot 80 X 100 would easily be worth 180K. Total cost if going with the subdivision would be around 3.5 million. After cutting the lots and selling them, it would cash about 5 million. If the subdivision is done, there is also the yearly revenue from HOA fees.
Anyone have any thoughts on what I can do in order to get this done?
