All Forum Posts by: Annette A.

HI Steve, thank you for the info. so far I have paid for a complete survey and have $2,000 funds set aside- plus $500 a month that gets added every month to put towards other costs.  I still need to do a soil test, get a plan in place and look into the permit. so yes i intend to pay alot of these upfront cost out of my pocket. And I will be going to an attorney to Inc. the business name and set it apart from my personal affairs.

I am working on pulling together a business plan.. i have ran alot of general numbers for the area and talked to various people of authority. I am waiting on a comp from a local realtor for the area rent and for the potential value of the property after... to get a better idea. I am also waiting on a couple of cabin companies for some estimates before i see a contractor to compare cost and see what he can offer. 

Hopefully in the next couple of weeks i can pull more of it together and complete a more acuate business plan.

:D I am excited with the people i have talked to and look forward to progressing further.

I would appreciate any suggestions or info you may have to offer, and what options you may have. 

thanks Ned. I can and will pull real numbers before as i build my business plan. I still have to talk to town code officer- last I knew and heard there arent much code in this town, evern the realtor said that. I still have to get numbers from the two cabin companies i have talked to... and a contractor to see what actual cost may be.. it may be that i can onlly start out with 2 or 3 and add the others later. That's ok too. I have a realtor pulling comps for me for the area...  

then i found this site and am checkiing to see if i am being realistic in thinking i can possibly get a loan to finance this deal. I am feeling good about all that i am hearing... and i appreciate everybodies take on it.

also the equity value of land after with 4 cabins would be valued around $500,000-600,000.  a realtor told me a houose in that location would be at least worth $180,000 upwards to $260,000 or more. so there would be some play in there if I can build cabins for under $300,000. it would then have $200-300,000 equity value. Does that help in financing?

Hi David, yes i own the land. its valued somewhere around $42,000. 

thank you very much George. Your answer was encouraging. i have been sitting on my land for years now and would of done something sooner but i did not have the confidence. I just finished 2 yr degree in business and interned for a Texas company.  I have been making needed contacts and research... with lots more to do to pull together a business plan.  I have been checking my options and after talking to a local realtor and you I have made up my mind to try.  again thank you george. :D

exit route would be to do monthly rental and that for the area is around $1200. at the least of $900. x 4 = $3600. and as a straight rental the expenses would be cut as they would pay all utilitlies... so it would at least pay for itself... and i could if i wanted sell a unit for about $180,000. according to realtor. :/  

Thank you Tammy. no its not for the Waterville area but near Augusta and short distance from hospital. I talked with a local realtor who gave me numbers, and i researched other like kind housing- as well as rental rate for the area in a new house with 3bdrms.

thank you Brent. yes those numbers are real based on the area... and talking to a local realtor. the low end of $50,000 a year is for all four units combined... and one 2-3 bedroom new home in the area the realtor told me would sell for $180-280,000 each. so my projections are shooting at the low end. each cabin would be on 1 ac of land. 

the realtor also told me i could get $1200-1500 a months straight rent out of one unit. 

also i have an option that I can add my son to the business as he has a great income, decent credit and is military.

I own the land in Maine near a major city with a value of about $42,000. I am looking into building 4 seperate cabin units at a cost of about $195,000.  I talked to a local realtor he thought it was a great idea, that the area is condusive to it with the colleges and hospital near by. It would be a inc business/ accomodations ran like a motel of short term fully furnished housing. At 30% occupancy it would bring in about $60,000 a year; upwards to $200,000. Cost of running would be estimated around $36,000. on low end. And as a escape route it could be rented as monthly houseing in bring in about $6,000 a month, which would well cover a loan and cost.

Not to mention the value of finished units would be around $500,000-600,000 giving it a high equity value.

Will these factors make it more marketable for finding financing? 

I am waiting on a quote on a cost of 4 cabins from two companies.  It may cost any where between $175,000-295,000 for 4 cabins which would after have an increased value for the area to be in the park range of $500,000-$650,000. Wouldnt the income and the high equity help bring in financing?