Development Advice_NJ

[Vincent Priore]

Hello All,

I am new to BP and a relatively novice investor with 4 properties currently, two 2 family homes and 2 small commercial properties.

Commercial property A is doing very well, I have a solid amount of equity and cash flow.  Commercial property B is doing OK, decent cash flow, but holds a lot more potential.  Currently, it has a 2 family home and several parking garages that I rent out.  However,  I have already met with the building inspector in town and he agreed that I can put a 12 unit apartment complex on the property.  This is in Montclair which commands very good rent.

I have a "day job" but really want to build my real estate portfolio in the coming years.  I know this will be a big project and want to understand all of the ins and outs before committing any serious time and money to the project.  I understand the basics of a construction to perm loan and don't believe I currently have the capital/equity available to move forward.  I need a better understanding of the process and potential financing options out there.

Thanks in advance for any advice and resources,  looking forward to becoming an active member of the community.