Need financial advice for my first power move! Financing a new build out! Southern Ma

[John Hanewich]

Hi all, 

This is my first post seeking some advice on my scenario. I'd like to give my background and goal and then long term goal and niche space I am looking to go into. I am in the Southern Maine area if that matters

Goal and costs : So I am looking to purchase land and build a 50x100 metal building for dry storage which will on average produce 10-15K per month profit after expenses. If this project goes well I would like to be able to recycle my money some how and build another to keep this process going. Eventually I'd like to be able to keep finding property and building these metal buildings for commercial rentals . I will have a small apartment in the building too so it would be a primary residents if needed I am willing to move there. I don't want to use a business loan as it seems like so much red tape.

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Current Funds:

Primary Home : Owe $226,630

Available Equity : $193,167, maybe more if they appraise my home with the 3 car garage I built cash.

Credit: 700ish

401k Funds: $90,000, I don't think i should touch this

Current Cash: $40,000

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Budget/Acquisition:

Land: $50,000-$99,000 this is anywhere from 3-10 acres in towns I am looking

50x100 metal building : delivered installed (40 a square foot) $200,000 which this can be shopped because the building itself is only $80,000 delivered.

Foundation : $40,000

Septic: $10,000

Well: $10,000

Electric: $15,000

Rough cost : $200,000 $270,000

Excavation: $5000 or less, my friend owns his own equipment and business, I also ran equipment for awhile.

Permits: 3000?

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QUESTON:

What is the best way to leverage this? Can you advise me what surprises I might run into with either option like loan seasoning? How to get my down payment back/recycled? I feel like if i can build this shop for 250 it will appraise for 300k+ in todays market. I just need seasoned advise here! I just don't want that heloc sitting on my primary forever. I would do my best to stream line the construction so its done within a year.

HELOC : Best way to use this ?

Construction/land loan?

Hard Money ?

Should I structure an LLC when buying the land?

Should I buy the land first/separate and use that as leverage some how too purchase the build out? 

I know everyone's situation or approach is different just looking for feedback by folks who have done something similar.