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Updated about 3 years ago,

User Stats

9
Posts
4
Votes
Patrick Bisson
  • Investor
  • Colorado Springs, CO
4
Votes |
9
Posts

Single Family Home - Land Purchase - Recommendations how to?

Patrick Bisson
  • Investor
  • Colorado Springs, CO
Posted

Hello BP friends. We have an opportunity to purchase a piece of land to build a house that will be used for Short Term Rental and generate as solid annual return. 

The Land cost is 300K, and the build cost is going to be approximately ~$800K 

What is the best way to proceed. My wife and I have too many properties under our names to get a conventional loan, or a vacation home or second home loan. Looking for creative ideas as to how you would recommend structuring a deal?

1) Purchase the land (The seller wants his number, and will not do seller finance - he just wants his price and get out)

2) Building loan (We currently work with a small bank and and have a fairly large project going on with them, so they will not lend us more until we're up and running with our 4 townhomes that will generate 250K in short term rental starting in June 2022.

Thank you in advance for your advice! 

Patrick & Mychele