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Lazy Homeowner

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Living off about ~$10,000 - is this plan financially viable?

>earn money
>buy land
>build a kit house and a granny flat
>live in house
>rent out granny flat
>live off rent

The only problem is that I don't know how to earn the money needed to buy the land, kit house, and granny flat. I'll be single, so consumption won't be an issue.

>land = ~$150,000
>kit house = ~$70,000
>granny flat = ~$30,000
>total = ~$250,000

Rent in my area would be about $200 weekly. About $10,000 yearly.

My question is: how would I go about earning the money for this plan, and is it viable to live off the $10,000 in rent?
>Weekly rent
what the fuck? lol. I've never heard of rent being due weekly in my life.

Anyway OP, you might be better off starting with buying up preexisting houses to rent out.
My dad's friend does this, he took out a loan, bought his first house that was a real fixer upper, fixed it up and started renting it out.

I think he then takes a mortgage out on the house, the rent from the tenants pays the mortgage bills, and he buys a new property to rent.
After some time, it'll begin to add up. Don't think he does the mortgage anymore, he just has the cash to buy up cheap little 50k broken down houses.

Trick is you have to learn how to be a handy man and fix everything yourself. The more you have to hire other people to do it, the more money you're losing.

Also look into areas surrounding universities. No university in all of the US has a dorm that is cheaper and nicer than any rental. That's why they contractually force you to stay in their dorms for at least 1-2 years in order to go there.
My dad has a rental house in a college town, dropped 60k on a 3br house in need of serious repair. Fixed it up, is renting it out for 1000 a month to college kids. College kids are always looking for cheap housing so tenants are always flowing in and out. When he's done with it, due to the renovations he's put into it, he'll be able to sell it easily for more than the 60k he bought it for. Meaning all of the rent he's making is pure profit.
It's usually for people who are only in the area for a short time, but don't want to live out of a hotel. Railway workers really like weekly rent.
No. You have to maintain the property, as well as pay property taxes. You can do whatever you want in your house, but repairs to electrical, AC, and Plumbing requires a skilled tradesmen, who charge 60 dollars per hour, plus whatever materials are needed. So, say a pipe bursts. You're gonna be out thousands. AC unit breaks? Hundreds at minimum.

You would also have no job to provide insurance, which means you would need to pay for it. Even if you farmed, you'd still need to purchase food.

Ah gotcha. Just have never heard of such a thing, because you're right, sounds more like a hotel/bnb than anything lol.

Anyway, rest of that stands. You need to start small. It's like how most people don't just start a business by themselves from the ground up for the first time. They usually buy someone else's business that they've already grown, they just take the reins and use it to learn the business.

You probably will want to buy up houses that are already established first before you go building one from the ground up with little to no start up money.
>kit house = ~$70,000
I don't know where you're looking or what you're getting out of it, but trailer houses are much cheaper than that.

$10,000 a year isn't bad when you minimize your monthly expenses. I've been working towards such a plan that goes like this:

>$100,000 = several acres of land outside a medium town
>$50,000 = modest trailer house
>$25,000 = startup costs for part-time self-employment
>$15,000 = well drilled for water
>$10,000 = initial costs for subsistence farm

So, I need about $200,000 for a modest life in which I have no house note, no water bill, and only small, occasional food expenses.
>Rent in my area would be about $200 weekly. About $10,000 yearly.

Christ man. The flophouses and rent-a-rooms around here start at about $60/wk. Second, why would you rent weekly unless you plan on moving constantly? It's the most expensive way to rent. Even 3-6mo leases are cheaper.

If you want to rough it while sucking dicks behind the truck stop gas stations just spend $250 on a Planet Fitness membership ($150 if you plan to stay in one place, $250 good at any franchise in the country if you travel) and spend that $5-10,000 for a decent used RV or sleeper van.

You boondock at night, and use PF for free wifi and running water, showers, bathrooms 24/7. Rent becomes free. Utilities become free. Every dollar you don't spend on food and prostitutes that you earn goes into savings and you don't look like a fucking hobo because you have the gym.

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