Greetings from Cary, NC. My name is Alex Walker and I am new to real estate and this forum. However, I come seeking advice on a project I’m pursuing this year.
I am developing a concept to up-cycle shipping containers for multiple purposes; short-term rentals, long-term rentals, and my primary residence.
While the concept is not new it will be new to my targeted area for the flagship location.
Here's the good news:
1.I’ve found the plot of land that fits the criteria for the project but I’m unsure if the city will allow us to build there despite the "non-traditional" building materials. There are other homes in the county with non-traditional materials so I don’t see this being an issue.
2. Invested in market research on AirDNA.co and have revenue potential of $76K annually with LOW operating expenses.
3. I plan to establish this as my permanent residence and travel in the off season. My targeted area is great for individuals seeking weekend getaway always up north, water sports, but also a huge ski town. I’m not fond of the winter so plan on really capitalizing on skiers needing a lodge.
4. All of the other rentals in the vicinity are old and outdated so I plan to make it modern and outdoorsy to invite younger families or young professionals.
Here's the BAD news:
1. traditional lenders likely won’t have an appetite for the project, despite the relatively low cost (Approx. $200K including land)
Challenges:
1. Will it be considered a "dwelling unit"?
2. It's an "investment property"? This is a gray area...
3. I’m using shipping containers.
4. I have a healthy income from my day job but fair credit( low 600s)
5. there's risk listimg it as an AirBnB
Suggestions on how to fund this is much appreciated!!
