5 acres for $50,000
I have some land about to be under contract where I plan to clear it, reinstall the utilities, and either build on it or have a smaller new home built on it. I'm having trouble finding someone to lend on this. I am confident the land will appraise by itself as smaller 1 acre pieces are going for 20k a piece right next to it. I've called a couple banks and they say they don't lend that low or they want 35-40% down, which would take away from my working capital and slow down the process. I am gathering some investor friends now to go in, but was hoping to do this small development without giving up equity.