New Here

[Jeff C.]

Hello, I've been reading posts on this site for a while and have finally signed up today. I'm in the construction industry - used to build large homes but have been doing strictly commercial remodeling for the past 10+ years. I'd like to build a small community of single family cottages but I guess I should give some other details first. Have $240k cash. Have 2 family, fully rented at $850 each unit, fully paid for and valued at $110k. Have 4 family, fully rented, about $45k equity. Owe 135k, worth $180k. Have single apartment with shop/retail space. $700/m and worth $120k, paid off. Apartment rented but shop empty (was our business shop but we moved. Getting ready for rent or sale) Have 7 family, shop space (where we moved business to), barn (few hundred in rent a month), 2 airplane hangers ($900/m). Have $130k equity and owe $370k The last property mentioned was bought for our construction business office and shop. It came with an active private airport that we had to decommission because the insurance costs were higher than the rental income. Airstrip is 2000 ft long and the lot is 500 feet long. I was interested in developing a community of "cottage" style apartments on this lot. I talked to the town and was told that I already have commercial/mixed use zoning and the town welcomed the idea (there are tons of trailer parks in the area that the town doesn't like). My initial thought is to build 50-80 small, stand alone cottages that will be used as rentals. The design would be that of a horseshoe shape with a park/playground in the center. A self storage building would also be placed on the property for tenants to rent. I am thinking of building in 6 phases because of the size of the project and town approvals. I will be self performing all trades outside of utilities. My questions: Would I be better selling off all of my properties to be able to pay for the first couple phases in cash? Would I be better off financing the entire project,or completing each phase in cash as I have it? Does anybody have a decent plan for an 800 square foot 2 bedroom cottage with loft? I found a small community in NY (a couple hours from me) called Boice Cottages. Does anybody have experience with these sort of communities? http://boicevillecottages.com/