I've been looking at property after property being sold in our area as mortgagee sales and I've found one that's too perfect to pass up. It's 4 acres and it's already cleared. It has D.A. approval for 22 cabins in place so we should have no trouble getting 2 homes approved.
My biggest unknown is how we go about financing the deal. A friend and I are both renting with a strong rental history (never paid late) over the past 5-6 years. We're paying $900 per fortnight and they're paying $770 per fortnight so affordability isn't an issue.
The land should be around the $300k mark and we'd also like to borrow another $100k to $120k each for a kit home. The kit itself is around $56k and the rest would be required to finish off the kit so we're looking at around $500-$550k all up (Around $250-$275k each). If this is slightly out of our lending capacity, we can include another 1 or 2 families we trust, but would prefer to keep it as simple as possible.
Any assistance would be greatly appreciated.