I am a mid-twenties professional who is just getting started out in NC. I have an idea to partner with a friend. We hope to save $10,000 total and purchase a single lot, which we will then rent for $200-$250 per month. The lot would hopefully pay for itself in 4 years, and we could then reinvest this money into purchasing more and more lots.
Is this a viable strategy? We are both concerned about the difficulty of finding a lot with water, sewer etc. at this price (and how to find it), as well as whether or not we could actually find a renter. I like the idea because it is low maintenece and seems like a safe investment, but I am struggling to get a grasp on whether or not it is truly viable or not.
I have seen a lot of material here about buying trailer parks, but never about just buying one lot. Does anyone have any tips or advice?