New development opportunity
so the house right behind my primary residence went on fire Sunday and it is completely wrecked. The insurance company already ordered for the house to be demolished due to it being un safe and someone potentially going in it. So right now the property is just dirt all the demolition is done and it's just a dirt property.
The home owner passed away in the fire which is an absolute tragedy, but I already spoke to the son who is inheriting it and they made it very clear he wants to sell it. He lives out of state and knows I live directly behind the property for years and said he will sell me the property.
Okay so now that you know the background of this short story, I have been trying to buy this property for years because it is 50X170 and that is considered a big lot in my county. So my question is what type of financing will I need since it isn't a typical home purchase, it's now just flat land so technically would be a new construction project from ground up.
This is an opportunity that cannot be passed up, like I said I've been trying to buy this property for years and finally have the opportunity to do so. And the potential profit is phenomial.
Any advice or help is greatly appreciated I need to close on this one. Is this something I would go through a bank to buy the property and then the construction cost as well? Or more for a private lender or hard money lender? I would initially imagine hard money would be out because it's not a basic fix and flip short term loan, this is something that will require permits and plans to be drawn up and approved