1st [Possible] Rental Property, A Mini Trailer Park Lot

[Maksim Easley]

Hello all. I’m fairly new to the BP community. I am 21 years old and wanting to begin real estate investing and building up my portfolio as soon as possible though. I have not yet made a deal yet but have been searching at possible ones. Lately one deal that has stuck out is described, “L-shaped property has 3 trailers on site 2- 3 bedroom 1 bathroom, and 1-3 bedroom 2 bathoom. Also has metal 18x24 garage with concrete floor. Single wide 3 bedroom 2 bathroom needs completely renovated or replaced. Other 2 trailers are rented with tenants. This is a project! And i have it priced accordingly. Right now all trailers are connected to 1 water meter that i pay but there are 3 new meters installed just need to finish running to each trailer then tenants would be responsible for their own water bills.” Average MH lot rent is $450. The amount the owner is wanting for it is $30,000. I was wondering if anyone could offer me some advice on how to properly evaluate this deal and what to possibly expect. I am interested in mobile park investing and feel like a small property like this can help get my foot in the door but I’m not 100% sure. I also need some advice on how I would go about funding this deal. I have $10,000-$15,000 that I could put down on it but don’t know how to come up with the other $15000-$20000. I was always taught that credit cards are “bad” so I didn’t get one until recently so I’m currently trying to build my credit score so conventional bank financing isn’t an option.. Should I wait until I build up a credit score that will allow me to get bank loans or try some other options that don’t require credit scores? If so, I’d really love to find out about different ways of financing an investment that doesn’t require a credit score. Thank you all in advance!