New Construction Funding Options

[Lindsay Diven]

We are securing our first investment deal in Cape Canaveral, FL. We are purchasing the land through seller financing. Part of the deal for the land, is that we don't have to pay the seller any mortgage payments for 5 months while we are constructing the building.

We will be building a duplex on the property and are going through the survey and engineering now to present to the city the week after we close on the land. This way we can start construction immediately. The goal would be to get tenants in there on or before our first mortgage payments are due to the land seller.

My husband is a GC and will be managing the build. He does commercial construction for his day job, but will be able to use that expertise to build the units.

We were planning to pay cash for the construction, but now I am thinking that maybe we should get some funding for construction (part or all) so we can use cash as a reserve and/or other investments.

We do not plan on living in the units. What are some other ways in which we can fund the construction? Should I just go to our local bank?