I'm trying to get into real estate investing. I would like to start with purchasing my first home and I want and need to be creative. I am a landscaping contractor and have experience in just about every area of construction. I want to buy some land and put a few mobile homes on it while I use a portion for my construction business and rent a portion for horses to supplement my income. Unfortunately i am approved for only a FHA loan for approximately 150k so I am having problems finding property in my price range with an existing home, or even one with the utilities on it. From my limited knowledge I can not buy land with an FHA loan. Also if i did afford the loan for the land i wouldn't have the credit for the first mobile home/ installing the utilities on raw land.
I hope this made sense. Thank you for any and all input.
Nothing you mention above has anything to do with investing. Buying a house to live in is not an investment, it is a liability you have to work for, pay taxes on what you earn, then feed with what's left just so you can keep on living there.
Building a mobile home park is pure speculation. You know who makes money on mobile home parks? The 2nd owner.
If you want to be an investor, you need to change the way you think.
My suggestion, Do some direct mail marketing or networking to find some seller finance deals that may fit your criteria. If you are not familiar with the many different kinds of seller financed deals, then I suggest reading Bigger Pockets "No or low money down" book. There are few other great books on Amazon as well.
In terms of trailer parks, thats a great idea. They can be very lucrative. Just make sure wherever you buy land for that project, you are able to get the proper zoning. Also, I suggest, if it's your first trailer park, either consult someone who has done it or partner with someone who is experienced.
I believe the best way to start out is get an understanding of how to find or create a great deal, find that deal through sweat equity, partner with someone who has been down that road before even if they offer you a minority share, and get the experience under your belt on what to do from A-Z. Then, go out and find your own deals.
Best of luck to you. I hope to hear of your future successes.
IF you want to be an investor, then you cant be thinking of using FHA or conventional loans. Thats just buying a house. Start looking through the forums and blog posts here to expand your understanding! Then once you create a way to build capital, then you can come back to this idea of a mobile home park and a horse ranch.
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