I currently own a park in Illinois that has been built and owned by my grandparents since the '70’s. The park has been vacant since roughly 1991. There are a few old, dilapidated homes that will need to be removed from the property before the rehab work can take place. The park is currently licensed for 9 lots, but the layout is far from ideal. The park has city water and septic tanks for sewage. The plan is to clear the ground, install new water lines, and septic tanks to accommodate the added lots. With a new layout I believe that a total of 30 lots could easily be achieved in the front part of the property alone. Over half of the property is wooded, but could be cleared in the future to make room for additional lots.
The property and everything on the property is paid for, so the only expense are taxes. I was wanting to get some information on where I should even start to find investors for this type of project or if I would be better off trying to get a loan through a bank. The majority of the demolition, and ground work will be done by myself and a few colleagues to save some money. The septic tanks and water lines will need to be done by licensed professionals to satisfy the state. Any help with this matter will be greatly appreciated.