I am looking for cash investors to help fund a development project that I am looking into. I have a lot that I am trying to acquire that is listed for 700k but my offer will be 600k max. It is 22,000sf lot that will be sub divided into 3 parcels totaling 7000sf each . I have plans to build three 2000 - 2500sf homes all with different looks. Construction cost will be around 200k - 250k each home. Average sales price in high range is 750k, low 550k. My preliminary figures are 300k - 600k profit after marketing and sales cost.
I am looking for some advice on this project… Hopefully someone out there can help me.
BTW- this is in Los angeles, North Hollywood area.
Thanks
Do you have you have your plans drawn, feasibility study, environmental Phase 1 & 2 done. Soil and Geology study. Land use and zoning with the city
1 Project/Property Description Overview
2 Pictures & Map of the Property
3 Preliminary Title Report (if available)
4 Copy of Purchase and Sale Agreement (if applicable)
5 Business Plan (if applicable)
6 Use of proceeds
7 Repayment Plan / Exit Strategy
8 Existing Appraisal Reports (if available)
9 Other Existing Third Party Reports
(Environmental/Engineering if available) Phase 1 & Phase 2
10 Comparable Rentals or Sales (if applicable)
11 2 Years Operating Statements of Business (if applicable)
12 Current Rent Roll showing concessions (if applicable)
13 2 Years Tax Returns of Business (if applicable)
14 Company Organizational Documents (if applicable)
15 Zoning Information (if available)
16 Permits/Status (if applicable)
17 Principal(s) Personal Financial Statements
18 Principal(s) Resume or Bio.
19 2 Years Personal Tax Returns
20 Copy of 1st Note, 2nd Note (if applicable)
21 Completed Application Form
22 Signed Commitment Letter
23 Good Faith Deposit