Quote from @Anthony French: I’m relatively new to real estate development, having completed only one fix-and-flip project.

Have you used the income approach for the current rents and the projected rents? 

Currently I work as a Project Supervisor, we do rehab in multi-family units.

For those who’ve used it, what strategies or sources have worked best for you when covering the difference between your loan and the total project cost?

However, my true goal has always been to develop, buy, and manage real estate—something I’ve dreamed about since I was 12 years old.

What kind of ROI i should look at, considering project completion will be 3 years roughly?

In my experience, making on-time payments and making it clear that they are the first lender I am calling to fund a project have been necessary to building a strong relationship fast. 

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.

What is your average rent amount for all properties managed?

Can anyone share a breakdown or budget for a similar project in a similar area?