Vacant lot and new, custom, single family construction help
Hi All,
I am considering buying a vacant lot with a couple of friends in an area we know fairly well in Westchester county NY. We are trying to be creative with how to go about financing the deal in the best possible way. There will be the need to buy the vacant lot for about 250k and then work with a General Contractor to build the custom home. Our quotes have come to around $200/sqft for the roughly 2500 sqft of approved building per the lot size so all in financing needs would be around 750k.
How would any of you go about financing this deal? We have looked into getting a construction loan, taking a HELOC on one of our primary residences or just looking for other partners in the deal. What would be the best way to go about doing this as first time flippers?
Many thanks,
Marco