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Updated over 3 years ago on . Most recent reply
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How do I get a Loan to buy land and build 7 units ($2m)
I just turned 20y/o and I'm having trouble finding a bank to loan me $1m to buy Land and another $1m to build 7 units. I have $200k with the ability to get my hands on another $200k but don't have 2 years of tax statements that say I'm making $600k+ a year. Is there any way to make this happen that doesn't involve crowdfunding? New development is my dad's and I's Bread and butter, we can build for supper cheap and really fast with numerous projects to prove it. If that can help me in any way to convince the bank.
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bp rookie again- but this sounds like a GREAT problem to have, I'm learning as I go here since I have yet to do a partnership (did BRRRR's 15 yrs ago b4 that was a term...). So yes-- a KP could be thru BP or maybe a self-directed IRA mixer, or meetups have fundraisers/community stuff where accredited investors are in attendance... If your #'s, projections, analysis look good, see it as a golden opportunity that someone would be blessed to have!!-. The law of attraction-- you know you have something great/wonderful - yes you need funding but you have something just as great and necessary- a killer investment along w/ your skills/talents.