Does This Deal Makes Sense For A 1st Deal?
Hi..I'm very new to this and my gut feeling is that this deal makes sense but I guess i'm looking for some reassurance. I'm thinking of purchasing 2 lots in NY, one of which can be further subdivided, for $210,000. My plan is to then put up 3 modular homes. I estimate the total cost to be around $620,000. I don't have to put in a well/septic as it can hook into town water/sewer. In this area the new/newer homes (also modulars)have been selling for $419,000-430,000. Even assuming I had to get a HML to finance the deal at say 15%..I figure I would still make enough to pay for a house for myself along with some cash. I guess my question is, does this sound like a good first opportunity or is it too complicated to start with. Also, if I go to a HML, will they give me a LTV based on the value of the houses after they are put up?..Thanks in advance 
Sounds good to me. As long as you are not in over your head. also think and be prepaired for the most realistic worst case sceneario. If the risk is reasonable, by all means do it.