Single Family Home - Land Purchase - Recommendations how to?
Hello BP friends. We have an opportunity to purchase a piece of land to build a house that will be used for Short Term Rental and generate as solid annual return.
The Land cost is 300K, and the build cost is going to be approximately ~$800K
What is the best way to proceed. My wife and I have too many properties under our names to get a conventional loan, or a vacation home or second home loan. Looking for creative ideas as to how you would recommend structuring a deal?
1) Purchase the land (The seller wants his number, and will not do seller finance - he just wants his price and get out)
2) Building loan (We currently work with a small bank and and have a fairly large project going on with them, so they will not lend us more until we're up and running with our 4 townhomes that will generate 250K in short term rental starting in June 2022.
Thank you in advance for your advice!
Patrick & Mychele