managing construction in Seattle from cross-country?
Last year we purchased a property in Seattle with the intention of clearing the existing mobile home and building a 4 or 5 bedroom home to sell for a decent profit. We had a partner in Seattle to project manage the construction for 1/2 our profits. As things often happen, we never got out of neutral, spoke with a lot of people but the project stalled.
Long story short we have approx $220k invested in this parcel of land.
It will cost approx $350k to build a home.
New homes in this part of Seattle are selling for $700k+.
At this point options being discussed...
- Sell to another investor (local to Seattle)
- Add another partner with cash for construction financing and split profits 3 ways
- Manage the build ourselves, from cross-country and get a no-income check construction loan (not a great option)
We're pretty sure we'll sell the land to an investor but I figure put this out to the experts for your thoughts before making any big mistakes.
Thanks!