New investor @ a crossroads: Land & MHs vs SFHs
Greetings BP Community,
I have inherited land (3.26 acres) in Myrtle Beach, SC. My partner and I would like to place MHs (rental property) on the land. We have also approached my uncle about purchasing his lot (2.6 acres) that's next to ours. We can place 6 structures on our lot & another 4 on my uncle's (with rent estimated at $700-$800). We are in the very early stages of development (many calls/visits to Planning & Zoning, Land surveyors, county water & sewage dept, etc). We had hoped to be able to finance our project with money from a property that we've sold. However, we are starting to realize that this project is going to be way more expensive than we anticipated.
We have enough money to prepare the land (road, water/sewer, electricity) but not enough to purchase MHs, have a reserve, and pay off my uncle (who is, however, willing to accept payments) and . We've recently purchased our first rental property in CO with the intention that that rental income will go towards the project. However, that still isn't enough. So, we thought maybe we could get financing for our project. We've reached out to 4 lenders. Two we haven't heard from and two stated that they don't offer loans for land for MHs. We are at a crossroad of sorts. Should we:
1) Go forward w/ funding our own project. Preparing the land and slowly purchasing MHs.
2) Purchase more rental property, with the rental income slowly funding the project.
3) Keep searching for a lender who would give us a loan, because...they've got to be out there somewhere, right?
4) A brilliant idea that we haven't
thought of because we're new to this whole thing.
What do you think? Any and all
suggestions greatly appreciated.