6 - 12 units- build a new building

[Bruce D. Bolton]

I’m in a smaller town near lakes.  People are retiring here.  How would I go about analyzing, building, financing a project to attract well healed boomers?  Walkable, heated garage, nice building.

Is it nuts to contemplate these days?  Do I need 20% down?

[David Waldron]

Finding the land with the right zoning would be the hardest part. Unless the city council likes you. You will definitely need at least 20% LTC (Loan to Cost). Some lenders will allow land to be part of that. I don't know if you will get it to pencil. I can normally build new construction units for 250k to 300k in the Twin Cities. I find that even their it can be tough to cashflow with those costs.