Hey everyone! I’m a construction project manager looking to start a new real estate development. I need $8 million total, split into four $2M rounds. Here’s the deal:
I’m planning to build 16 townhouses in a coastal area. Each unit will be about 1500 sq ft, 3 bedrooms, selling for around $500k. The plan is to build in phases:
- Phase 1: $2M loan, build 4 units in 6 months, sell for $2M
- Phase 2-4: Repeat the same process
The timeline is flexible. I’m estimating 6 months per phase to account for delays and inspections.
The cool thing about this project is we can adjust the finishes based on budget. We could go from basic countertops to fancy marble if we’re ahead of schedule.
The market here is hot! Units are selling before they’re even finished. Ocean views, tall trees, growing population - it’s a sweet spot.
I’ve got detailed budgets and years of design and construction experience. Just can’t get a bank loan without more equity. Any feedback or interest? Let me know!
yo, sounds like a solid plan! have u thought about bringing in some local investors? might help with getting that bank loan. also, maybe start with just 2 units to show proof of concept? could attract more interest. good luck with the project, man!
As someone who’s been in real estate development for over a decade, I can say your project has potential. The phased approach is smart, allowing you to adjust based on market response. However, have you considered the impact of rising construction costs? In my experience, material prices can fluctuate significantly over a two-year project timeline. It might be worth locking in prices with suppliers early on.
Also, while the market is hot now, it’s crucial to have a contingency plan. I’ve seen projects stall when market conditions shift unexpectedly. Perhaps explore pre-sale options to mitigate risk? This could also help with securing additional funding.
Lastly, don’t underestimate the power of local partnerships. Engaging with community leaders and businesses can smooth the way for permits and generate positive buzz. It’s been a game-changer in some of my past projects.
Hey there! Sounds like an exciting project! Have you thought about crowdfunding? It’s becoming popular for real estate ventures. Could help you reach that $8M goal and create buzz. Plus, potential buyers might invest too. What do you think about that approach?