Can anyone help me design my action steps (finance realated) pre-marketing

2 Replies

Hello Bigger Pockets,

My situation:

To entertain offers for land and flips in the $400K range, I seek a bit of seasoned logic on how to approach lending institutions and builders who might finance. I seek a short plan of action that is recommended.

My credit and net worth is in line with getting a mortgage well beyond the number about (sincere apologies about the boast...not intended to be so). Ideally i would like a lender that will:

1) loan for land acquisition and development

2) loan for purchase and renovation

My question (3 parts):

Part 1: What is the most efficient way to identify lenders in my area (Westchester, NY) for 1 or 2? What exactly constitutes a local lender, would it be the local Wells Fargo brand or the Small Town X Regional Bank Union as examples. Phone books don't really exist anymore, so do I call a library or a local agent-that I would not be using.

Part 2:  What is the typical nomenclature for the types of loan 1 and 2 represent? I can research the rest myself...on the forums. 

Part 3: There is a paradox, I have to hold a conversation prior to having a deal in hand. Yet I would need the financing on-the-ready if I plan on offering a simulated cash offering. Are there any strategies one would employ? Does this strategy for part 2 include talking to local builders that might finance themselves, if so, how do I approach in a professional manner these individuals.

I would be immensely grateful for any response. Thank you.


@Alex Cotter  - Are you looking to develop a plot of land for a single property or a community?

Single property. 

Great website by the way!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here