Updated almost 9 years ago on . Most recent reply
Trying to figure out how to acquire this plot of land..
Hello everyone!
I am a new investor in the Raleigh/Durham area. I live in a small town, Fuquay Varina that is growing as fast as lightning! There is a small plot of land in the downtown area (prime real estate) zoned commercial going for 60k. There is a small bldg on the property that is unusable, needs to be torn down.
I would like to tear down the bldg and build a mix use unit 1-2 lofts at the top and office space at the bottom. I am not sure what to do or how to fund it. I do have a hard money lender that will lend 65% of the ARV. I also have about 55k of my own money that I would rather not use.
Any suggestions on how I can get this funded with using little to none of my own funds? Should I just purchase the property and sit on it until I figure out what to do with it? I have been watching it for a year and the price has already gone up, I know someone is going to snatch it up very soon!
Thank you for taking the time to give me your thoughts!
Nicole