New guy here with an odd strategy
Hello y'all, I'm new here on the forum as well as to real estate investing and mobile homes. I found this site via a google search while trying to justify a particular idea to myself.
I live in a small yet booming community in south central Texas, La Vernia Texas to be exact. After a Dave Ramsey "moment" I have found myself debt free, 39 years old, in a rental (as I haven't fount the right deal on the home and property I want to own) since selling my last home.
I'm in an area that has EXPLODED in value due to recent oil field activity and a shortage of homes for sale, much less for rent.
My initial thought was to continue looking for that 50 - 100 acre property to build a home on so that I can leave my kids that "legacy" that many of us in Texas dream of.
My thought process has changed as I can't afford it in this area and school district anymore.
I'm considering buying 10-15 unrestricted acres and buying a mid sized mobile home to live in for 2 years while continuing to save for that bigger property and modest country home to live in.
I'm watching single wides on 1 acre rent for $1500 per month in this area and double wides rent for $2,000 + while larger stick built homes rent for $4,000-$5,000 per month as the oil field workers will "split" a 4 bedroom home at $1,000 per month each without batting an eye.
My thought is to buy this property, put the double wide on it, live in it for a couple of years while adding a single wide rental or 2 per year in the process.
This oil activity (The Eagle Ford Shale) is expected to be a "20 year play".
I can pay cash for the property, as a conventional mortgage would likely prevent me from "splitting" the property into 1/2 -1 acre tracts with mobile homes if I wanted to.
My thought is that if I can buy this property at $10,000 an acre, put a used yet remodeled double wide on it for $60,000 - $70,000 to live in temporarily while adding a few $25,000 (after utilities, septic, pads and driveways) single wides that would rent for even $1200 per month I could fund and cash flow my goal of that 50-100 acre "home stead".
Have I lost my mind? My wife thinks that I have and would rather use that money to build what we want on the property that we desire with that $5,000 per month mortgage..