Mentors Input Wanted
Riverside County California
Mentors Input Wanted!
My Goal:
Generate income from as many properties as possible and retain ownership.
What I own:
2 contiguous raw land residential lots in a subdivision north of Palm Springs, California along Hwy 111. Market Value $45k total
3 lots in Lake Elsinore, CA. Two contiguous along Hwy 74 and one lot on the northeastern section of the lake with a lake view. Market Value $60k total
My Plan:
Sell the contiguous lots in Palm Springs. Use profits as seed capital to construct foundation (water, sewer, electric, etc.) for some type of commercial operation on contiguous lots along hwy 74 in Lake Elsinore. = retained ownership commercial lease income.
Finally, obtain construction loan collateralize by leased commercial lots and lake view lot to build a vacation rental on parcel with a lake view= rental income, retained ownership
Mentors let me know what your thinking!!!
Thank you