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Updated over 7 years ago,

User Stats

5
Posts
2
Votes
Marc V.
  • Investor
  • Seattle, WA
2
Votes |
5
Posts

How to develop a lot. Need note paid, demo, subdivide, build.

Marc V.
  • Investor
  • Seattle, WA
Posted

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

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