Funding New Build 12 unit Apartment

[Eric Martin]

Hello,

Was hoping to pick everyone's brain and get some insight. I have an opportunity to purchase a chunk of land ($100,000) in a very desirable spot in my hometown of Amherst, WI. This is the last piece of land that is zoned for residential rental units and is allowed up to 12 units on that piece of land. Right across the street a newer 8 unit apartment that went in in 2019 and each unit in there gets $1300/month in rent. What I'm curious about is funding the deal and construction. How do you go about raising capital for a project like this? How do you structure how to pay back investors, etc? Any input or advise on this would be super helpful! Thank you!

[Frederic Babeux]

@Eric Martin

Why not just go straight for the 12 units? I'd rather have one building to maintain than two and it's probably cheaper on a per unit basis to go straight for the 12 units.