Family Real Estate, LLC | Application Preview
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General Information
Business Registration Number: 852697381
Location: Milton, DE, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
I would like the opportunity to purchase 10 lots, being sold by the same individual, in a rural area of Baldwin County, Alabama. My intention is to build multiple, green and environmentally friendly, affordable housing. Lower Alabama is struggling with housing that fits the elderly, single parents, and lower income households. I would like the opportunity to help that change, one project at a time.
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Business Plan
The initial project will assist in growth for projects to follow. The proceeds from the sale of the first homes will generate funds to re-invest in either affordable rentals or additional homes. If the current properties I am interested in were wider, I would consider a duplex or triplex so I could offer more homes in the area. Baldwin County has many rural areas but the housing market is not friendly to persons with lower or limited income levels. I would like the opportunity to change that, one project at a time. For 30 years, I had a government position where I specialized in property acquisition, negotiations, deed and title research, relocation assistance, new construction and many other aspects of construction. Since we were from the area, currently retired, and relocating back to be with adult children and grandchildren, it gives us an opportunity to devote 100% of our energy on developing this idea into reality. In addition, for the past two years, I have done research (locally) in finding sustainable and green products that can be used, hurricane resistant products, sub-contractors, and a general contractor who is very excited to work with us no this venture. Everything is in line but the capital to fund this first venture.
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Self Identified Competition
After viewing the Housing Authorities in the area, the closest is in Foley, AL. There is an incredibly limited market for low cost housing in Baldwin County and it needs to change, sooner than later. Baldwin County is the 7th largest area of growth in the United States right now. There are hundreds of workers and families that contribute to this growth but, sadly, can't afford to live close to where they work. In addition, you have elderly persons who may not be ready for dependent living but want to be close to family. They are being priced out of the option to live in the area. To be honest, I am not confident anyone else is attempting to develop lower cost housing in Baldwin County. Currently, the average home price is $385,000 to $400,000. With the current average wage being $10 per hour in the area, non-professionals cannot afford to live where they work. In fact, the minimum wage in Baldwin County is only $7.25 per hour and has not changed since 2009. There is no way that a person making this type of wage, with no annual COLA can afford to live, much less own a home. Ultimately, the goal is to develop low income, obtainable homes for sale and then move onto both rentals and sales. I'd like to work in both areas to address the needs in the area. Since my family and I are going to reside in Baldwin County in a few months, I would like to be an active part of assisting others in having their dream of living there, also.
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Contact Applicant
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