We are looking for an investment of about $600,000- $700,000 , paying a fixed return of 10% on the money, payable at the end of construction (8-10 months). I am willing to work with multiple investors.
We have approved plans, issued building permits, contractor under contract, active course of construction insurance. This is a shovel ready project that can start within 2 weeks of funding.
The project tears down a 125 year-old single family residence and replaces it with a 2-units, a total of about 3300 sq ft. The primary unit is a 2-level 4 bedroom house that I intend to live in as my primary residence. The basement is a 1000 sq ft apartment with 2 master suites. This kind of apartment currently rents for about $2200/month in Salt Lake City. The house is in the desirable 9th&9th neighborhood. An existing oversize 2-car garage with solar panels will remain on the property.
Appraisal for bank from April 2022 shows a post-build value of $1.4M.
I am bringing nearly $300k cash to the project. Current contract has building costs of about $750,000 - cost will fluctuate based on market costs of materials.
My wife and I have FICO scores of 795+ and annual income of ~$135,000. We will have anticipated rental income of ~$26,000.
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