Creative ways to get the $$ for property development

[Tiffany Royal]

I swear, this isn't a scheme and scam LOL. Just trying to see what other options are out there for getting cash in hand to build a rental property, aside from just saving X amount every paycheck for the next few years. 

I own an empty city lot in Western Washington, west of Seattle. I'm struggling with developing a site plan that meets the city's codes, but regardless of when/how that happens, the real problem is cash to build, of which there is none right now. (My initial plan when I started this was that the construction loan would cover everything, but b/c of changes to the house plan, and well, everything else, i.e. pandemic, costs have tripled). 

I qualify for a $194K construction loan, but it only covers the cost of the house build and excavation work. The rest (permits, insurance, fencing, appliances, paint, landscaping/driveway, electric pole install, sewer line upgrade, likely replace failing retaining wall on property line of next-door property which I also own) comes to about, oh, likely 40K.

I can't re-fi property next door to pull cash, as that's what I did to purchase this empty lot.

I could go back to the construction loan covering the majority of the cost of the project, but that would mean building a cheaper home. 

I looked in to pulling from my 401K but my plan doesn't allow that. 

Pulling from IRA, I don't have enough to pull out to cover this.

Any other creative ways or tools out there to explore? My ultimate dream would be not be 40K in debt when I finish the build.