Just a little about me.

[Carroll Lee]

Hi everyone Carroll here, I am about to turn 40 this year and I am looking to build and hold rental property.   But before I get into what I want to do a little about my history.  Due miss management of self-employment taxes I am at least 40k in the rear with the IRS. I am working with a tax accountant to apply for a offer in compromise but  the results of that wont be known for at least a year.  I am also about 40k in credit card debt.  My debt is peaty well managed I am paying it down at the rate of about 1000 a month.   Most of it is at 0% apr at least for the next year and I have a plan to shift at least 10 of 14K to 2% apr before it goes to 20.49% in may.  My credit score is 734 if thats relevant. 

My first investment attempt was a tax lien in Washington DC. Three years later on the second to last day the trusty for the estate paid it off so I did peaty good on the deal even without claiming the home.  My next tax lien was for vacant land and 4 years later I got it. 3 lots connected Lots in Washington DC, totaling 7500sqf.  Total cost of the tax payoff and the lawyer was 50k which is where my credit debt came from.  I  have had unsolicited offers of 150k, so I am in a good position if I just simply cashed out.  But that is not my plan.    

The neighborhood is a mix of single family, townhouses/brownstone and a spattering of 4 unit apartments.   Its a 250k neighborhood but its moving to 350k and thats on 2500sqf lots.  Rents range from 1000 for a 1 bedroom/studio to 3k for a 4 bedroom.  1400-2200 seems to be the norm for 2-3 bed.  I am a slow burner on this project. My plan is to buy a modular home for 50-100k on one lot 2500sqf and rent it for 2k.  Pay off my construction costs in 3-6 years and use that to leverage 8-10 units.    I dont want to move to fast because my wife is paranoid about the whole idea and my property is 250 miles away now that we live in NJ.    What do you guys think?