Waterfront family property.
Hi, I am brand new to real estate investing but (I believe) I have an opportunity within my family.
My aunts and uncles want to sell a family owned waterfront property that is currently undeveloped but zoned for single family. The lot can be split into 4 or 5 lots, around 1/4 acres each, according to an engineer that looked at the lot (total acres = 1.6).
My family wants to sell for $800 - 900k. Current 1/4 acre waterfront lots in this area are selling for $250,000 - $300,000. So if this land was developed for multiple lots and sold for to a developer it would be worth approx $1.2 mil.
My question is how can I go about purchasing this property from my family inorder to have it divided and sell?
This is a large amount of money and I am not sure if it is possible or how to secure funding for this deal. I can't afford to pay high monthly payments on a loan.
Is it possible to structure funding for it to be worth it for the investor and get repaid at the end of the deal?
Any advice would be greatly appreciated.