Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. 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.
Short-Term & Vacation Rental Discussions
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 about 2 years ago, 10/04/2022

User Stats

4
Posts
2
Votes
Cody Simmons
2
Votes |
4
Posts

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

Loading replies...