Finding a private investor

2 Replies

Hi everyone.  I'm looking to get into a small development which I belive will be a big payoff.  I currently own 8 residential properties that I rent out, but have been itching to bump it up a little.  I found a nice piece of property for sale on 5 acres, on an allsports lake that currently has one old, small lake cottage on it and a pole barn.  A man just bought the 8 acres next to it and already has approval for splitting the property into 2 acre parcels, building 4 homes and putting in a private road.  I would like to put 3-4, 2 unit condos on the 5 acres I'm looking at and keep the cottage as an "office" type of building and the pole barn for maintenace.  However, I've been speaking with a couple of banks now and keep getting told that they're very hesitant to do developmental and/or construction loans at the moment and those projects that I see happening now, are likely either seller or private investor funded.  I really don't want to pass up lake front, buildable property.  I've got a bit of money to work with but I'd like to get a loan for a nice chunk.  Obviously, I'm an investor myself, but I need a wealthier investor, lol.  Where do I find a private investor?

@Kaylan Field

If you can get the 5 acres under contract, try talking to the guy who bought the 8 acres next to it. Seems like it would be in his interest to work together towards developing the area.