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Updated over 2 years ago on . Most recent reply

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4
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Cody Simmons
2
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4
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Cabins for contract mechanics?

Cody Simmons
Posted

I have 3.5 acres of wooded land In a beautiful area in Central Georgia. 10 minutes from a high-school that just doubled in size, 25-30 minutes from 2 airports where lots of contractors go to work on aircraft.

It's a beautiful twisty curvy drive out to this very wooded lot. City water, power, needs septic tanks. Undeveloped except for a rough driveway.

I'm planning to build three 500sf furnished cabins and rent them out to contractors in the same way as renting to travel nurses. Not sure what the going rate is, but I was thinking about 250/week.

The land has been under contract for 42k, but the buyer backed out. I think the cabin could be a great investment, but I need funding.

I'm think a construction loan using the land value as collateral might work for the down payment? I'm thinking I could do everything for under 100k.

I have a list of companies to do the various needed improvements. I spoke with planning and zoning, they said to bring them a detailed proposal.

My question is:

What is the best way to get funding and get started with as little out of pocket as possible?

Thank you all in advance

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