Trying to move forward with purchasing land for billboard

[Nick Cooper]

So I found a deal I’m looking to buy. It’s strip of property along the interstate for $475,000. It’s able to erect 2 digital billboards.

The owner is willing to owner finance to me, we haven’t really spoken terms yet but he did say he would try to make sure the income would allow me to pay the payment.

The billboard is 19’x30’ digital with 2 sides. I would finance it for the price of approximately 130k after taxes and would pay about 15k to have it installed (which can be financed with the board as well)

The billboard company hasn’t given me a down payment amount but I’m thinking I can get it around 5-10%

The location is right by the exit for a large casino that is already willing to rent. And there are no other nearby billboards.

The estimated income would be $1,250/mo for each slot and there are 6 slots each side so fully rented it should be $15k/mo shooting high

I’m looking for any advice that I should know. This will be my first investment of any kind.

Thanks for any info you guys can share.