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Updated about 9 years ago,
Is it hard to get financing with equity and a good business plan
I own the land in Maine near a major city with a value of about $42,000. I am looking into building 4 seperate cabin units at a cost of about $195,000. I talked to a local realtor he thought it was a great idea, that the area is condusive to it with the colleges and hospital near by. It would be a inc business/ accomodations ran like a motel of short term fully furnished housing. At 30% occupancy it would bring in about $60,000 a year; upwards to $200,000. Cost of running would be estimated around $36,000. on low end. And as a escape route it could be rented as monthly houseing in bring in about $6,000 a month, which would well cover a loan and cost.
Not to mention the value of finished units would be around $500,000-600,000 giving it a high equity value.
Will these factors make it more marketable for finding financing?