Skinnee has it right. Don’t get confused on what a deal is. $20k/acre where I live better be in a neighborhood that doesn’t allow trailers, $20k/acre on the water down on the coast is an sell-your-soul to get it moment. Don’t buy a trailer-ready acre in my area for $20k.
Personal loans are easy to come by if you’re credible. Get enough to turn the property so fast that it starts making money before financially need to really have a mortgage on it, then refi it, but have all of that worked out ahead.
I would think a lot on Johns Island where their are already trailers, and with the kind of schools it is zoned for will likely never appreciate very quickly. If I was going to tie up that kind of cash, I would go ahead and buy a lot near a great school. Even if it was 2.5 times this price. Location, location, location. Never in a million years if I had to borrow for it.
Keep in mind, most land loans are 20% down, 10 years max, and likely 6% plus. Not the same kind of loan as house. And a lot of banks want to do an adjustable interest only loan if it is an investment property, and not something you will be getting a loan for a house on in 12 months.
