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Updated over 7 years ago,
How to develop a lot. Need note paid, demo, subdivide, build.
Greetings. My first post here.
I have a building on a 12k sqf lot. Three former city lots were combined and someone build their dream house on it.
I would like to demo the house, re-subdivide and build three or more units on the new parcels. one of the three was multifamily before. The others were SF.
I am in a hot market and the lot has a killer panoramic with the skyline view. Each building would be worth more than the one currently on there upon completion. I would sell off one to pay for the debt (or most of it.) Current value with existing building is about 2.5m including the existing structure. Each new building would be 3-4m.
I need to pay off the remaining note of $480K that is currently on it before I can subdivide and then would need funding to build. I have bought houses and flipped them, but never done developing.
Where do you start with something like this? With an Architect? Bank? (what type) How do you find a good builder etc.
Any help appreciated