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Updated almost 7 years ago on . Most recent reply
Sweet Deal.. How can i get a loan on this
Hi Everyone. My family is fortunate enough to own some real estate in the LA area.. so my goal is to take these properties to the next level..
one property we own is an amazing lot in a great upcoming neighborhood.. I know both neighboring owners and have discussed purchasing their lots... the catch is I don't have the money to buy them! They're not down for owner financing... i've spoken to a couple banks and they don't see the value in the purchase because they said they need a valuation on the property alone and not with the connecting properties (makes no sense to me) so now I've turned to Bigger Pockets and I need some suggestions.
Breakdown: 1 Neighbor wants $1.3 million and the other i can get for 900k both of these + my land brings total SF to around 18k+ sf of land.
projects in the area have sold - just land value for approx $300/sf this lot would be far superior given the location and it becoming a full city block... so this project would be worth minimum $5 million..
Advice Please