Is this a good opportunity for a first deal?
I have been educating myself on REI over the past year and now have $13,000 saved up. I've been looking into buying a single-family housing or duplexes but I also have a possible opportunity that might be a better option for a first investment that I wanted to get some opinions on.
I have a family member that owns 2 acres of property they have been sitting unused for about 15 years. Each 1 acre lot has a septic tank already built into it in both lots have been well-maintained(mowed).
My idea is to purchase brand-new pre-manufactured homes and put them on the lot since they already have the septic systems in place and rent them out. Then give my family member a certain percentage each month for their land.
My family member seems very open to this because they don't want to sell the land but is just sitting there not making them any money.
A lot of the newer pre-manufactured homes/mobile units seem a lot nicer than traditional trailers that I remember from whenever I was a kid and I think that maybe this would be a nice first deal, I don't know if you knew or units are worth it or not because of some hidden installation and delivery fees. Is it harder to finance A pre-manufactured home then a traditional house, especially if I don't own the land?
Can anybody give me their advice in this possible deal or have ever had any experience in doing anything like this before?
Looking for enough things to consider before I fully pitch the deal.