Proposal
Greetings family and friends, I have had a desire to have my own business developing properties since 2009. I chose Houston build in because I saw a place that has a good culture of quick and effective property development. Now that I'm working on plans and soon financing for the construction of my first property, I am looking for a few investors to help with the roughly $30K for the construction loan down payment. I will make it worth your time. A return of 10%, maybe more if the sale goes really well.
The Property
Located at 2025 Thonig Rd. Houston TX, in the Old Spring Branch neighborhood of north west Houston. The neighborhood is in transition to larger homes on smaller lots from small homes on large lots. Currently, the home is three bedroom, one bath, and open concept living of around 1100sft. Many properties nearby have already gone through the transition. The opportunity for redevelopment is ripe!
The Development Plan
The plan is to build a two story modern farmhouse style of roughly 3000sft. The house will have a two car garage, four bedrooms, three and half baths, and open concept living. Improvements to the front between the street and the front of the house are also part of the plan.
Interior finishes are going to be in the mid-range. Not too expensive but not cheap junk either. Wood floors throughout. Ikea kitchen. I want to put more effort to the exterior finishes for the sake of durability. Brick, quality windows, doors, and garage door.
I'm going for a build-out of 100-150K.
[to be updated for more accurate numbers from contractors]
The Goal
Home prices for new homes in the area are easily 400K. There is the possibility of selling higher than that. I'm shooting for 400K which with a build-out of 150K plus what is owed on the house (77K), I am confident I can sell for at least 100K over cost.
[update after bank appraisals of plans]
Conclusion
This is a great investment for a good return that will help me get a business started building two or three houses a year.
[add gofundme or simular?]