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Updated about 17 years ago on . Most recent reply

User Stats

15
Posts
2
Votes
Whitney Blaine
  • CA
2
Votes |
15
Posts

Need advice for great opportunity

Whitney Blaine
  • CA
Posted

Found a great piece of property, where I live. it is already in the process of being split into several 1 acre lots. lots in this neighborhood start at 1 mil. and average 1.5 and up for the lot only. We want to buy the property and finish the split. and sell off the lots. We would have to put in a road, and all utilities for this property and would want to make an nice entrance...since thia is an upscale neighborhood. We can't afford to buy it without selling our home...and we still wouldn't have enough. what is the best way to go about this? Do we borrow the money from a weathly realative? If so, what do we offer him? to buy the property and finish devolping it, would be around 2.5 tops...that is the purchase of the land and all improvements. i'm estimating high...we could probably buy the land alone for 2 mil. after the property is developed the lots on the very low end would be worth 1 mil each,,,but more likely 1.5. (there are several smaller lots listed for 1.6 down the street.) We would be doing all the work...what is a fair return to give someone for investing in a property like this....?

any ideas or thoughts would be helpful.

thenks

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