I think I got my first deal?
Hey everyone! Im new but I think I just got a deal I am looking for someone who is familiar with new construction development syndication things like that. I just got An offer accepted for a lot At 890K The lot is 5500 ft² and is zoned LAR3. From what I understand in this zoning the city allows you to build units that are at least 800 ft² and you could build-up to 3 stories or 36ft. Considering the parking space requirements I think that I can fit 10 to 12 units on to this parcel maybe more. This is in the South part of Los Angeles California So most likely will attract lower income tenets. The cost to build something sensible here would be about 1.2 million which maybe a little high but that's what I used to analyze this deal, let me know what you think? There are no comps in the area for this large of a property but new construction duplexes are going for low 2millions. I ran numbers on other properties in LA and I believe I ARV will be in the mid 3million. Here is where I'm at now, the seller accepted my offer over the phone. I don't have contracts to email to them, no capital, or the greatest credit score. I don't quite know what to do next but I trust that I know enough to at least get started, and can find the right people. I do know a building contractor that would probably do the job and has experience and a few other investors. I'm reaching out to bigger pockets looking for somebody on here or in the Los Angeles area who is familiar with these types of projects, if this is something you're interested in please contact me maybe we can partner or any advice would go a long way Thanks!