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Need advice on raising money for a high end spec house, New York
Hi - this is my first time on the forum, so I apologize if I have miscategorized this post. I am looking for advice on raising money for a spec house in a high end neighborhood in Bedford, NY (Westchester County - about an hour from NYC). I have built custom homes, flipped houses and renovate my own investment units. I also work at a hedge fund trading currencies and have discussed this with contacts there. It would have seemed possible to me, before this process, to talk an investor into a strong risk/reward profile, but it has not turned out to be the case.
Are there other channels that lend to spec house building? Certain types of funds or platforms that I am unaware of? I have found that you can not simply talk to someone with a lot of money, because if they aren't sophisticated in building homes from the ground up, they back away. Everyone in my area seems to think it is a better idea to fix & flip, but with the right land price and construction crew, the return on a spec house is a considerably more favorable risk/reward. It is very frustrating to not have the entire amount to do it myself - and I would love to hear how some members here have pulled off similar projects.
Any advice is greatly appreciated! Thanks