Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

3
Posts
0
Votes
Angel Riley
  • Investor
  • Corinth, KY
0
Votes |
3
Posts

Can someone help me find funding for this project?

Angel Riley
  • Investor
  • Corinth, KY
Posted

I'm looking for financing for a project that I'm working on getting under contract. I currently in the process of buying 37 acres that I'm looking to put nightly/executive rental cabins on. There are currently 3 single family rentals on the property that are producing about $1,500 a month that will be phased out as the property gets closer to finished but are currently producing income for the property. What I'm looking for financing/ bridge loan for is construction of 8 rental cabins that will when finished produce around 16,000 a month in rental income, and getting the property ready to build on. I'm looking to borrow 3,000,000 short term with a future value of around 7,000,000. I have about 35% of my own money and the property.

The three mobile homes now $1,100 a month= $13,200 a year

The 8 rental cabins annually $576,000 gross monthly (If used as vacation rentals @ $200 nightly as I stated in my previous email at 100% rented and before operation costs)

$460,000 gross at 80% rented + $13,200 = $473,200

$403,200 gross at 70% rented + $13,200 = $416,400

$345,600 gross at 60% rented + $13,200 = $358,200

$288,000 gross at 50% rented + $13,200 + $301,200

If at any point they fall below 50% for more than 2 quarters the property will be either a listed as a business and all sold together or B subdivided and listed and sold which ever will bring the money in the quickest.

As executive rentals ( the operation cost is a lot lower here than with the nightly rentals so the profit margin is a lot smaller)

$230,400 at 100% rented + $13,200 = $243,600

$184,320 at 80% rented + $13,200 = $197,520

$161,280 at 70% rented + $13,200 = $174,480

And would have the same exit startigy in place as the nightly rentals if falls below the 70% mark for more than 2 quarters.

Would you be able to get this done?

Loading replies...