Looking at my first investment / MHP - where to start???

Looking at my first investment / MHP - where to start???

Member since 2024 · 5 posts · 3 votes

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.

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  • Ty CouttsBusiness Member
    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.

    Ty Coutts - Aslan Home Lending 544 Reviews
  • Member since 2024 · 5 posts · 3 votes
    2y

    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!

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