Mentors Input Wanted

[Jason Arnold]

Riverside County California

Mentors Input Wanted!

My Goal:

Generate income from as many properties as possible and retain ownership.

What I own:

2 contiguous raw land residential lots in a subdivision north of Palm Springs, California along Hwy 111. Market Value $45k total

3 lots in Lake Elsinore, CA. Two contiguous along Hwy 74 and one lot on the northeastern section of the lake with a lake view. Market Value $60k total

My Plan:

Sell the contiguous lots in Palm Springs. Use profits as seed capital to construct foundation (water, sewer, electric, etc.) for some type of commercial operation on contiguous lots along hwy 74 in Lake Elsinore. = retained ownership commercial lease income.

Finally, obtain construction loan collateralize by leased commercial lots and lake view lot to build a vacation rental on parcel with a lake view= rental income, retained ownership

Mentors let me know what your thinking!!!

Thank you

[Steve L.]

From my understanding there is quite a bit of land on Hwy 74 available. You would rent is a contractors lot or what is the highest and best use? I think these tenants are hard to find, they typically stay a decent amount of time.

How many vacation rentals are there in Lake Elsinore? It sounds more like a build and sell property to me. Does building pencil right now?