All Forum Posts by: Jesse Lewis

Good morning 

    I hope we are all well. Today I want to figure out how to generate revenue from vacant land that I own. I have about 5 acres of rural land. Previously farm land. This land has not been used for a while and as of right now, I am not putting it to any productive use. So I have 5 acres of land that I have no use for. 

Goal: I would like to be generating $1000 or more in profit per month starting in the next 30 days.

Ideas: I am thinking of the following possible uses for this land.

1. Rent out space as campsites. (VRBO, Airbnb, hipcamp)

2. Self storage

3. Rent out space to farmers.

4. Rent out space as a gun range.

5. Rent out space to people who raise animals/cattle.

Challenge(s): The biggest issue is not knowing where to look or start.

Where do I find farmers? Where do I find companies and individuals looking for what I have? What questions do I need to ask that I have not thought of? Who would/should I look to as a mentor paid or unpaid that would know what to do?

I am open to any and all ideas.

@David M.

No I appreciate the insight. This post is apart of the process. I'm aware that there are things I don't know. For example, I wasn't aware that a mortgage cant be put on a trailer. I am still going to check. But now I know its something to know.

As far as the land, utilities, and permits, that's already done.

@JJ Harris thank you very much. Im still looking but I am starting to understand the job is more problem solving than anything lol

@Hamp Lee III good evening.

I am going to look up this website tomorrow and let you know what I get done. Thank you very much for reaching out. I appreciate the extra step on your part.

Hello everyone,
I am trying to accomplish a few things and I am not sure how to get from point A to point B. I want to be a multifamily investor, real estate agent, and a hard money lender. I have terrible credit, no money, and I have bad debt that I am paying off. I've wanted these things for a long time and have come across life issues that I generally let derail my plans. So, here is my current plan.....

1. Reduce my monthly expenses by a minimum of $1000.

2. Use Monthly surplus to accelerate bad debt pay down.

3. Increase income by 20-50% year over year.

The biggest piece to this plan is to reduce my monthly expenses in an effort to eliminate my bad debt. So, I want to buy a trailer for $70,000 or less. I worked out the numbers and if I have a monthly mortgage on a trailer with a purchase price between $50,000-$70,000, my monthly payment will be between $200-$600 a month. The challenge is that I do not think I will qualify for a conventional mortgage. I have been denied other loans before in an attempt to consolidate my bad debt. The $200-$600 a month mortgage would mean a $200-$600 a month reduction in living expenses. My current rent is $800 a month. So 800-600=200 or 800-200=600.

Here are some things that I think could work in my favor.

1. I own 2 acres of land that are worth roughly $14,000 (no debt on this land)

2. I am an Army Veteran. (VA home loan might be possible if I can solve the credit issue)

3. I have a place to put the trailer. So it will not cost me more money for land or lease fees once I can get a trailer.

4. I make $25 an hour at my full time job.

Questions:
1. Are there programs or products that could help in this situation?2. Am I missing any options that could or would help me to accomplish my goals?3. Am I asking the right questions?4. Who should I be talking to?5. Is there a product that would base my ability to pay a mortgage on my current monthly rent?

Determined to figure this one out.

 Thank you very much.

 I can not tell you how spot on everything you wrote is. Thank you for the confidence and support. I can not wait to connect. 

Hello everyone.

It's been a while since I've visited my BP account. But I have reached my bottom and now I am taking action. I've always wanted to invest in real estate and never have for one reason or another. But now is different. So, I'll be posting my plan and progress in the forums. 

The current plan looks like this.....

GOAL: Purchase first real estate investment before the close of 2023.

Steps:

1. Borrow against land I own in order to fund the purchase of a 2-4 unit rental property.

2. Reacquire my real estate license in the state I am in.

3. Figure out how to tie the utilities into my cashflow.

4. Make offers on properties that meet my criteria. 

These steps (with the exception of the real estate license) are to be completed by the 28th of February 2023.

I will acquire my real estate license by the end of March 2023.

If you read this post, please don't be shy about reaching out. If you have advice, questions, or anything at all, please reach out. I am always looking to connect.

I would also like to mention, I am looking for a local REIA meet up in the Gulfport, MS, Louisiana, Alabama, and Florida areas.

@Jon Hill

Ive purposely only set 2 goals for 2020.

The reason is that I am using 2020 as a launch pad to set goals for the rest of my life.

1. Buy my first owner occupied home.

2. Make 1 sale as a new real estate agent.

These 2 goals feed my 1,2,5,10, and 20 year plans which is why I'm using 2020 to gauge the who, what, where, when, how, and why.

Starting my prelicensing course TODAY and getting prequalified for a mortgage in 3 weeks.

@Bryan Scott

Thanks again.

I agree and Ive already told my broker the same plan. We are definitely on the same page.

As far as something to fall back on...I will continue my fulltime job until a point that either being a realtor makes it unnecessary or investing does.

So we are of the same mind there.

Again I seriously thank you for taking as much effort as you have to give me this much input.