What would you do with 60k

[Lee Griff]

Greeting everyone. I've been in the background here for a long time and wanted to revisit my situation.

I own free and clear a 60x80 lot zoned c3 by a main hwy. 

option 1 is to put up a 30x50 steel building , complete it'll cost me right at 60k ready to go to lease.

option 2,They actually have 2 mobile homes nearby so the city will let me change zoning to mobile home, and get a decent used one, complete it'll cost about 25-30k ready to lease.

I understand it's not ideal to go from commercial to residential but I'm looking at low startup.

The idea is to get passive income from my first rental. The 60k I have is from a heloc for 84 months at current market rate 7%. Interest only until maturity date but of course I'll pay both interest and principal..

I also understand ill have more equity with the land plus the steel building vs the mobile home .

[Nathan Gesner]

Quote from @Lee Griff:

You've only told us what it will cost. We need to know what they would lease for, as well. And how easy is it to lease a 30x50 shop vs. two mobile home lots?

I am guessing the two mobile lots would be easier to get into, easier to rent, and easier to keep rented. You may even get a better return, even if it's a smaller one.