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Updated over 7 years ago,
Guidance in the Philadelphia Area for Newbie REI on construction
Hi everyone,
I am new here :). I work in Technology and looking to gradually move off that path into fulltime REI. I want to start by raising money through Land Purchase, development and selling immediately post-construction. I am not sure how to start. I know that certain neighborhoods are experiencing MAJOR growth in Philly...I mean people are making like $70k profit and all on new construction of single family homes
I found some lots and need guidance on how to work this out...I want to do 3 or so Single Family Constructions within the next 12 months...to raise funds...After which I plan to get a FourPlex (owner occupied).
How do I find right Land - lender? - permits - i have found a contractor though. One lender said they only give construction loans to ppl with building experience. I have start somewere, right?