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?
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.
@Dustin Allen I am trying to find out who bought it, but I've also rumors that he may have a partner who might try to buy it, so I'm trying to get my ducks in a row to be able to make an offer and then try to work with him on building on it.