out of state investment

[Jody Roussel]

hey there!! 

does any one have experience in investing into Maine real estate?

Due to covid a lot of lower credit score requirement lenders have pulled back from the fha 203k loan programs. I've researched  the possibility of hard money lenders/interest only payments with amortization after 24 months. Most of these lenders are now requiring a project minimum of 100,000 and 20 percent contribution from seasoned flippers and 30-35% to newbies! Since I fall in the category of the latter I fall short only 5k for this proposition. 

Ive decided to look out of state and homes i can purchase cash or 50% down and seller carried finance and or local lender/ hard money lender for foreign national to buy and hold.  

Ive found a few properties in maine selling for under 50k with 20+ acres. my hopes would be to excavate and build by selling off acreage to fund purchasing building a prefab home on the land.

Does this seem like a solid idea and goal, just trying to find something to get my feet wet in this current drought

thanks