Outside Analysis of my Airport Condo Hangar Proposal

[Byron G Adams]

Hello BiggerPockets!

This is the first forum post that I have ever tried to write in my life and I wanted to start here because at the end of the day, I feel I have a large opportunity but I cannot find anyone in my area who's done a deal quite like this before, and has no experience in this type of real-estate.

Setting the Stage

I live in a more rural area on Washington State, yet we are within a 2-hour drive of Seattle, WA.

I have boughten 4 acres of airport frontage in our local airport and I own it almost free and clear, I only owe $50,000 left on a property valued at close to $800,000, according to the county.

Currently, it's bare ground with, power and internet to the property and I would need to bring out the city's water and sewer to the property.

Proposal

I'm proposing to build up to 8 (maximum allowed by FAA per acre size) condo hangars with direct access to the airport itself. And renting/leasing them out for close to $2,500/month

I currently have a list of individuals who would want to rent/lease a condo hangar from me. So I can show that I'll be cash flow positive the day construction is finished.

I'd want to use the equity in the land itself to finance the construction of the condo hangars.

Hurdles

I'm currently struggling to make sure I get off on the right foot. I have the property under an LLC and want to find blueprints, builders, etc but am not familiar enough with this side of the business to get starting. I'm wondering if any of you have any advice on how to start coordinating, finding builders/general contractors and then eventually getting a loan to build this, when the property is listed in an LLC that currently isn't generating any substantial amounts of income?

I'm currently getting analysis paralysis by the large hurdles I see in front of me. Just looking for some tips on how to go about finding reputable builders and whether I should act as the general contractor or have the job be taken on by someone else.