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Updated over 7 years ago,
Perfect place to start...now what??
Great site, I have been browsing here for almost an hour. Finally signed up. I'm trying to decide the best road to take to get into some form of properties that will lead me to a good retirement and start some extra cash flow before then even. I have looked into storage units, duplexes, building homes, RV parks, trailer park development, and a few other options. I'm in an excellent time to jump into this. I'm 28, single, 800 credit score, self employed in construction with an average gross income of 50-65K per year, including a sandblast business I own on the side. The only debts I have at all is a truck (15,000 owed) and a house on 10 acres (35,000 owed, appraised a year ago at 80,000). I save money easily, normally around 1,000-1,700 dollars per month, sitting at about 9,000 savings at the moment. My current idea is purchasing a lot, and financing a house build, and renting, but then I have to save the 12,000 for the lot each time I build a house, which is not very time effective. I could build a house to sell, and use the profit to buy 2 lots, build 2 more houses, one rent and one sell, and repeat, that's the only way I see to keep this rolling consistently without waiting periods for savings. Or if RV parks or self storage units are great, then would they be a better business to look into building for starting? Risk does not bother me, I'm mainly wondering what advice you, a person that has been in the business already, would suggest for me to get started in that could build without pausing for savings all the time, or could build itself. What would you do in my situation? I'm definitely open to ideas to look into. Thanks, great site, and looking forward to your comments.