1st commercial investment

[Audrey Pham]

I’m looking at the commercial vacant land that cost about 225k$ for a 1.2 acre. I can pay cash for the land but I don’t have enough money for the 6 units at 1500ft2 constructions. The construction costs is about 130$ psf. Would I be able to secure a loan that high if I can get 2-3 people to commit? Our family average income is about 135k per year. Is it a wise choice to do this development? The average cost of rental is17$ psf in the area for new construction.