Updated almost 4 years ago on . Most recent reply
Purchasing, developing, and reselling land
Me and My husband have 100k dollars to invest. We want to purchase 53 acres, split it into 12.5 acre tracts, develop it and resell. He does land cleaning and land development for a living so he would do all the development through his company. Problem is getting financed for the project. Propery is 400k and improvements 100k to 150k. So looking at a 550k loan. Our DTI is pretty high due to my student loans and stuff he has financed for his current business (mulching machines, etc.) What is the best way to get financed for this project. Land is going at 15k per acre undeveloped and 18-23k developed in our area. And this land is in an ideal area.