Greetings BP Community,
I have inherited land (3.26 acres) in
Myrtle Beach, SC. My partner and I would like to place MHs (rental
property) on the land. We have also approached my uncle about
purchasing his lot (2.6 acres) that's next to ours. We can place 6
structures on our lot & another 4 on my uncle's (with rent
estimated at $700-$800). We are in the very early stages of
development (many calls/visits to Planning & Zoning, Land
surveyors, county water & sewage dept, etc). We had hoped to be
able to finance our project with money from a property that we've
sold. However, we are starting to realize that this project is going
to be way more expensive than we anticipated.
We have enough money to prepare the
land (road, water/sewer, electricity) but not enough to purchase MHs,
have a reserve, and pay off my uncle (who is, however, willing to
accept payments) and . We've recently purchased our first rental
property in CO with the intention that that rental income will go
towards the project. However, that still isn't enough. So, we thought
maybe we could get financing for our project. We've reached out to 4
lenders. Two we haven't heard from and two stated that they don't
offer loans for land for MHs. We are at a crossroad of sorts. Should
we:
1)
Go forward w/ funding our own
project. Preparing the land and slowly purchasing MHs.
2) Purchase more rental property,
with the rental income slowly funding the project.
3) Keep searching for a lender who
would give us a loan, because...they've got to be out there
somewhere, right?
4) A brilliant idea that we haven't
thought of because we're new to this whole thing.
What do you think? Any and all
suggestions greatly appreciated.
