First deal advice

[Ted Jackson]

Hi guys and gals I am excited because I am in the process of completing my first deal! To give you some background on it, I own a vacant piece of land that I want to place 2 to 3 mobile homes on and rent out (about 1.4 acres). Since the land is doing nothing for me vacant, I figured I would put it to good use. Now the land I already own, I spent 2500 on the mobile that will have to be rehabbed (3500 to 4000) and moved (1450) and septic tank placed (2300). The rent will be $425 a month, but everything will be paid for. If successful I will take out a land loan to pay for the other units to be place on the land. In addition, I am also searching for a nice deal on a single family traditional home to rent out. The single family hunt is going a lot more smoothly becasue there is less work to be done. However, I figured that land was doing me no good sitting there, and I did not want to sell an asset, particularly when I could own it outright. Feel free to leave me suggestions, advice??