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Good Idea?

Hello, I am 26 years old looking to buy a piece of land in a gated community in an area that has all season tourism. The deal is that I buy the land and then later on I have to build a house using approved builders.

I put 20% down on the land and plan on paying off the land or building in under 5 years.

Looking to build a 5 bed 4.5 bath house on the land in 2 years. This would be a second home vacation rental managed by a rental company at 17% commission per month of the rent. The second home mortgage would be around $2500 per month taxes everything included

I only have one income source, but I have about $40k per year after living expenses that I can save for emergencies/ put towards the financing/bills of this second home. I have a mortgage on my first home of about $2500 taxes everything included.

Other than a couple thousand on a car note and the first mortgage, I have no debts.

So far I have about 20k saved for emergencies.

Can I afford this project? What do I need to keep in mind?

submitted by /u/silentobserver93
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source https://www.reddit.com/r/RealEstate/comments/ij3iff/good_idea/
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