Need Funding Information

Asked by Tashonda, Norcross, GA Mon Dec 3, 2012

I own a property left to me be a family member. We are looking to clear it off as well as purchase the lot next to it to put several mobile home units on it for extra income. We are in the process of getting quotes for the land clearing/preparation and need advice/direction for funding. We DO NOT have 20% to put down (it is my retired mother and I am a full time student in pharmacy school). Is there an investor who is willing to be a silent partner for the funding? Any help is appreciated as it is dire that we get moving on this project.

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Gerald Ross…, Agent, Tuscaloosa, AL
Tue Dec 4, 2012
Depending on exactly where the property is located it may or may not be wise to develop the property is such a way. What I mean is, with the Tuscaloosa Forward initiative many new guidelines and restrictions have been placed on properties developed in the tornado path and of course much of 35404 was in that path, you may not be able to do what you are wanting to do and even if you can it may not be the best use of the property. My advise would be to seek out a real estate professional in the area and let them guide you with their expertise and knowledge of the area. It may be a great plan but I would contact someone that works in that area, just if I were sick I would contact a physician before I acted on my own.
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The land is located in the city of Holt (I said Tuscaloosa because most would recognize the name). The area it is in was not affected by the tornado. and there are actually several (if not most) of the homes are mobile homes. I know the area pretty well as I spent most of my life there. For that neighborhood I know it would be a good choice (building a new home there would be a waste of time and money). I already have been in contact with the VA for their homeless vet program to get families in the properties as most apartment complexes are no longer accepting their vouchers. So the income will be there, I just need the financing to get started instead of allowing the land to go to waste. But, thank you for your advice.
Flag Tue Dec 4, 2012
Gladys Webb, Agent, Tuscaloosa, AL
Tue Dec 4, 2012
Hi Tashonda, As Gerald mention below you may want to reconsider that plan due to the zoning changes that have taken place in certain parts of Tuscaloosa, Now I have a few ideas for you and I also have a few Investors you could speak with, If you need more help or really interested in seeing how I may be able to assit you with your planning needs feel free to contact me.
Gladys Webb, Realty Executives
Tuscaloosa, Al 35401
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