Considering Raw Land/Home Construction

[Ben Theriault]

Hi All!

I am still a newbie to real estate investing. My goal, like many others, is to invest in multiple buy and hold multifamily properties (probably spread across southern Maine) until I can replace my W-2 income. However, with my lack of experience in property management I am hesitant to have my first investment be 2+ hours away. That being said Northshore MASS is far from buy and hold friendly. 

While I still eventually want buy and hold properties to be the bell cow of my portfolio, in this market it seems to make sense to instead buy raw land and build new properties on it. I have experience as a project manager for heavy construction projects and I enjoy the management process. 

Raw land is really the only property around here that within my initial budget ($150k range). If I could use a USDA 524 Loan, construct a duplex, refinance when project is complete with a traditional mortgage, and then sell/rent the other side while I live in the property then it just may work out for me.

This is a brainstorming  session for me and I was wondering if anyone had any tips at all or if this strategy seems viable? 

Also any books/articles anyone recommends are more than welcome!!!

Thank you,

Ben Theriault