Maybe lake visitors, but not really close to the lake. 

Ask if you title company can do a double closing and if they know what assignment of contract is.

Totally understand that those things don't closely mirror the BRRRR model too closely, but that's what I'm seeing right now. 

The great part about contacting the CDC directly (and a large one such as TMC) is they can make referrals to banks that would be interested in your project (i.e. banks that have been actively doing SBA hotel loans)...rather than you having to chase down the bank first, which can be very difficult.Regular commercial lending requirements are applicable (will vary by bank):1 - no bankruptcies2 - no foreclosures3 - FICO > 7004 - net worth >= loan amount5 - post closing liquidity >= 12 months of P&IIf this works out, you are going to be glad that you made this post.

We only manage our own portfolio right now, so the bottom line is close to my heart.

Quote from @Devin James: In one of our development projects, the City staff asked us to remove 40 units from our concept plan.This wasn’t requested by the City Commission at a formal hearing, it was the opinion of the staff.Our original concept already proposed fewer units than the current zoning would have allowed.Here’s what erasing 40 units means:- 40 fewer homes for buyers- Over $1M in lost profit for our team- Fewer tax dollars and impact fees that could’ve benefited the City’s infrastructure & servicesWe gotta get betterEveryone wants more affordable housing, but not everyone wants to do what it takes to achieve it we never listen to the recommending bodies. we move for city approvals and work closely. the other thing we do is keep going back to the same groups over and over and over and over every month on the same agenda and make very small reductions like 2% or 4% and that reduces and beats them down eventually they accept what you want. it's just before beating a dead horse. we keep tabling until they give us something we all agree on then we go to vote. in our city in columbus we have to get recommendations but that's our strategy. we used to come out as aggressive as possible. we typically study developments in the area and keep it very similar in terms of density. we have a track record of very controversial projects and litigation and not taking no as an answer. after a year of that haha I can tell you it's not worth it. now we are more relationship based and buying the right kinds of plots of land. if the numbers don't work on the front end don't do the development. 

Comp 1-2bd with 1-2bds and not 3-5bdsStep 2: columns in Excel - total sq ft, abv grade sf, below grade sf, % abv grade, % below grade, sold priceStep 3: average in Excel - avg ppsf above grade, avg ppsf below grade, avg ppsf totalStep 4: below grade finished 50-60% of above grade ppsf, below grade unfinished 25-30% of above grade ppsfThis will get you close.

If you swing for the fences, don't be surprised if you strike out.

There will likely be dozens of follow-up calls so don't be discouraged if you can't close someone upon first contact.All the best!

We also have many unique buyer incentives where an investor can get up to a 10% price reduction to come into immediate equity, or get that 10% as a cash back at closing to reduce your down payment and increase your ROI, or buy rates down into the low 4s on 30yr loans to maximize cash flow.