OFF MARKET land for Multifamily Construction - What should I do?!
I have a question for my Bigger Pockets Community friends. I have found a prime piece of land in Myrtle Beach SC that is not on the market in my area. Near everything, 1.1 acres, zoned "Highway Commercial" which could be office buildings or changed to residential for apartments/townhouses I've been told by a builder. There's a new apartment complex now beside it and Townhome neighborhood with clubhouse on the other side - both within a few feet. Upscale area where everyone wants to live and nearby apartments are all filled. Full sewer etc right there, just hook into it.
I got hold of the land owner yesterday who is also a home builder. They've held the land for several years to build an office and model home on it, but have decided to go for a bigger piece of land as they've boomed in growth since. He is willing to sell to me. If you were in my situation, would you try to get a hard money lender to purchase the land and hire the owner to build the units on it? Or maybe work out a Seller Financing deal with him on the land, get a construction loan or hard money loan to have the owner/builder put units on it? What would you suggest to pull off building townhome units on this? I have downpayment money (probably the 10% - 20% to get started), but personal credit score took a dive during first 3 months of COVID...working on that/paid off all my debts in June/and have no income to report to a lender.
Do you have any general suggestions on this? It is a good location that I've had my eye on for 5 months, now he asked me to make an offer on it. It could work as apartments, multifamily, or a townhome community. Thanks for your advice!