Financing Tiny homes/cabins
My husband and I are interested in potentially creating some cabins on a piece of land to create a short term rental business. They would potentially be simple with no plumbing (central bath/shower house). So far our experience includes the home we live in (which we flipped ourselves) and one other rental property (long term rental). I've only talked to a couple of lenders, but they both told me we'd need more experience under our belts to take on a project like that. Has anyone done this successfully early on....or are we crazy? :)
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You will need someone on the borrowing entity that has experience with ground-up construction. They don't necessarily need to be involved past that for you to get accepted but they need to have an equitable interest in the property.