Financing a treehouse Airbnb/business project
Hi everyone!
I am currently looking at lands to buy in order to build a luxury treehouse business. My goal is to construct about 6 treehouse in a town in Quebec that is well know for tourism. It's a year round destination since it's a too ski destination and it's a in demand location for summer vacations.
Me and my husband are currently on a lease and we want to make our first real estate investment. What I am thinking about doing is to create 6 treehouses, live in one of them and rent the 5 others.
What I have a hard time to wrap my head around is how exactly is the best way to finance this project.
Questions :
- Should I try to get a business loan or a construction loan?
- Should I buy the land as a part of a business project or with a typical mortgage or land loan that I would put a down payment?
Me and my husband have limited financial ressources (70k to 80k to start with) but I have the drive and the determination to do this. I want to leave my 9-5 government job and focus 100% of my time on building cashflow and capital gains.
Any advices would be greatly appreciated!
I see a huge potential with luxury treehouse to make a lot of money on airbnb.
I studied my market and competition and it make sense.
The one thing that I am struggling with is finding the funds and understanding which type of funding is best for me for this business/short term rental concept.
Thanks and have a great day!
Laurence