Hello. I am looking at an opportunity in my local area where there is a multiple unit mobile home park for sale. The listing shows that it has the potential to cash flow around 5K per month after paying for the loan. Where do I start? This would be my first transaction. I have started an LLC. Should I reach out to the seller for more financials and documents so that I can speak further with the bank? With the appropriate documents and proof of income, is it possible to qualify for a DSCR loan and not have to come out of pocket? Thanks in advance for any guidance.
Lender · Denver, CO · Member since 2022 · 467 posts · 230 votes
2y
Rein,
First, understand legal framework and financing options first. Then, I would assess the income potential using each option. Remember, mobile home park investments can be complex, especially for first-time investors. Take your time to thoroughly understand the opportunity and don't hesitate to seek advice from experienced professionals in real estate investment and mobile home park operations.
Awesome Ty! Yes sir, 100%. Thanks so much for taking the time to post. I think I will first reach out to my bank and maybe another individual that has experience in such properties that I know. Thanks for your help!