New construction 4 plex funding questions in Sioux Falls SD
I am in the process of putting together a 4 plex project in which my company will be building. The goal is to have between 25-30% equity in the project when all said and done. I then plan on adding this property to my portfolio as a rental property. My questions for you all is:1) have any of you recently done a project like this and if so how did it turn out for you, 2) I am planning on funding this by Private Money(PM), with all your expertise what should I expect to pay for borrowing funds, 3) as for an exit strategy from PM how long would I typically have to wait to convert this to conventional financing, given that I will have 25-30% equity in the property. If I have the property fully leased for 6 months and it is cashflowing strong would that be suitable or would I be more realistic with a 1-2 year of rents collected? Thanks ahead of time for all your replies.