I am brand new here & seeking advice on how to purchase a Mobile Home
Park in a different state. I have no real estate investing experience
but have long wanted to get started. Here’s what I know: 20 unit MH
park on 3.5 acres, asking $300K with a gross monthly income of over
$5K - all older SW mobiles. I just called the realtor, not knowing
what questions to ask & didn’t get much information either, other than
the seller is unwilling to provide a schedule E? Not sure what a
schedule E is… (I am that green) but it sounds important & sounds
like something that should be provided to the buyer?
I don’t know what type of loan is required for RE investment property?
Strong possibility of securing a private loan at a high interest rate,
I’m sure. We are willing to sell our home ($100K equity), but before
taking any drastic steps towards a deal that seems to be too good to
be true, I’m thinking I should consult a real estate attorney? Any
advise on what questions to ask the attorney, the realtor,… myself??
Thank you all who take the time to read & advise…I appreciate your help