Building a new fourplex
Hi. I own two triplexes in a small town near Phoenix, AZ. All the units are occupied and a lot of people is still asking if there are any units available. I'm thinking the possibility of building a fourplex in the ame area. At first, I thought about building two Fourplexes next to each other but I found out that regular banks don't do construction loans for investment properties any more. Now my idea is to build one building first, finance it to pull my money out and then build the other building. I'm familiar with remodeling but not too much with new construction so I'm not sure how much I'll need to get it built. I was told to consider $100 per sq ft as a rough calculation but I would like to get some advise from someone that is experienced and/or familiar with this.