My first new development deal I'm looking for a equity partner
I'm Working on my first new development project in Tucon az. I'm looking for an equity partner on this deal due to my lack of funds. The total cost is $5,680,000 and the arv is $7,900,000.
The project is break ground ready now and will take 14 to 18 months from breaking ground. 840k is the cost of the land valued at 1.2m as it sits. 430k is the cost of the horizontal development and will take 2 months to complete. 4.41 million is the cost for the 14 home builds. The homes are 4/2 2100sqft and will cost 150 per sqft to build.
My plan is to start with two homes for model homes. Then 4 homes at a time for the rest of the project. I will pre-sell the home as I build them.
anyone with development experience I'd love to connect for insight on the the process.
Thanks for reading looking forward to connecting with you