Should I Buy this Mobile Home Park?
I found a 19 unit mobile home park for sale and was wanting some input on whether it is a good deal and some advice moving forward. The price currently is $480,000 and it has 19 mobile homes, 1 single family home(3 BR, 2 BA, 1400 sq. ft.), 1 office building with a one bedroom apartment, and a shop with a garage. I haven't gone out to take a look at the property yet, but from the pictures that are listed with the property it looks like everything is in order.
The mobile homes and single family home are making around $11,000 a month. The person who rents the single family home is currently a maintenance man for the mobile homes. The office apartment could be rented as well along with the shop possibly. All homes are currently rented out and have tenants lined up. All utilities are currently paid for by tenants.
So my questions are should I pursue this property? I have a friend who is a real estate investor who thinks it is a good deal. This would be my first property purchased as an investment. I currently have a mortgage on a single family home that is $1100 a month and have a yearly salary of $67,000. If it was a good deal, can I get a loan showing the homes rented out? Or would I need to find the funds from someone and then go to a bank after purchasing the property? Any advice or opinions are welcome! Thanks in advance!