All Forum Posts by: Benjamin Lingo

Hi Robert, 

I was hoping to view the video, but it says it is unavailable. Would you be able to send me a link to it? 

Quote from @Chris Seveney:

@Ivan Dudley

You will not find a lender for acquisition and horizontal development.

You will either need cash or bring on an equity partner. Way too much risk for a lender to loan on this.

Hey Chris,
If you don’t mind sharing, I am interested to know what makes it higher risk than other real estate investment models? I was hoping to do something somewhat similar. And if there are risks that I have not considered then I certainly want to be aware of them. I’m not doubting your statement that it would be too risky for a lender to fund. I just don’t personally see how you could lose if you did your homework and found the right piece of property, in an area with the right demand. My intention is not to be argumentative, but to be educated and learn why it is too risky. 

Best regards,
Ben

Quote from @Shafi Noss:

I may be able to fund this

Hi Shafi I will send you a message with my phone number and email address if you would like to discuss. I haven’t reached out to any lenders yet but have a short list of them compiled. I suppose they would be able to help me figure it out but I’m still trying to determine what is the best way to fund something like this and would it be better to sell off the entire purchase once split into separate parcels or is there a way to structure a deal as to where I could sell off some of the land to repay the loan/investors and also retain a portion of it to develop with my own short term rentals. Potentially even visa versa since putting a few short term rentals would immediately generate some income and then sell off the parcels either with or without an income producing rental already in place. Hopefully you will be able to help me answer a few of these questions.

I look forward to speaking with you. 

Quote from @Mya Toohey:

Wow that sounds like a huge project!!! Good for you jumping in like that!  Have you looked into mobile home parks or tiny home villages.  With the lack of housing and the cost of everything going up, more moderate practical housing spaces might be a thought.  You would basically offer the same set up utilities but you would have a residual income monthly by renting the plot to the owners of the space.  I am in the Tampa Florida market and they make a killing here and are worth their weight in gold to the owners of the community.  

I have actually. I’ve even priced several models from different manufactures and found what I think would be the perfect piece of land to where if I could get the funding my bigger plan was to divide about half the acreage into 8 or 9 parcels which would be enough to pay back the investors/loan and then take the other half of the acreage and place tiny homes around each on their own couple acres. Idk how cut throat people are on here so I’m afraid to say anymore and give too much away but if you know anyone that would be interested in investing or funding part of this project please send them my way. Thank you for the willingness to offer up what I consider I great idea. We must think alike. 

Thank you for the recommendation @remingtonlyman. I'm unsure if it makes a difference, but I plan to focus more on rural land development since I was raised in the Hocking Hills, a hot market recently. Since I am most familiar with SE Ohio, I plan to start my search in Perry, Vinton, Hocking, Athens, Meigs, and Jackson counties, if you have any contacts in the area or deal with properties yourself in this niche market. Hocking, Vinton, and Perry counties would be my first choice when purchasing a property. I will certainly look into them though, as I'm sure that group still has its benefits.

I’m looking for advice on funding and or partners in the Ohio market. Ive done some exploring of different options for funding specific properties in Ohio but with little experience in real estate I could use some help. I have a degree in civil engineering and 15 years construction, site development, and short term rental experience and am looking to shift my focus/career towards real estate development, mainly raw land although if there were a house on the property could include fix and flip.

I plan to purchase 50+ acres of raw land with 1000+ feet of road frontage, have it surveyed and split into separate 5+ acre parcels for re-listing. I would make improvements to the property only when doing so would cost less than the value added to the property. Examples could include but are not limited to installing new/ improving driveways, clearing overgrown trails/ build sites, demolishing abandoned buildings, property cleanup, extending or having utilities pre-approved, etc.

Any advice or recommendations for funding, mentoring, partners, real estate brokers or attorneys would be most appreciated.