I am 18 years old and currently attending The Citadel in Charleston, South Carolina. Before I left for school, though, I did my first real estate deal. This site helped me a lot in my doing this deal. Here is how the deal went.
There was an area in my hometown that is low income, and all of the lots in the area are exactly the size for mobile homes. I searched around and found out there was water and sewer in this area, but no one else seemed to know this. So I sent out letters to all of the owners who lived out of town. I received about five replies back. I ended up buying from three.
I closed on eight of these lots and then preceded to clear them off. In all, it took about $22,000, and I will have about ten mobile home spaces to rent. After the loan payment and with vacancies added in, I will be receiving about $1,800 cash flow a year from the properties. In five years, the loan will be paid off.
This is great considering the bank loaned me the full amount! Even better is that the neighborhood looks way better, and I am supplying better mobile home lots then are currently available in the area.
Thanks and keep posting great real estate investing articles.