First time REI looking at a mobile home park

[Ryan W.]

Hi all,

I found a 17 pad mobile home park for sale about 30 miles away from where I live. The park owns 11 of the units and then charges a lot fee for the other six. I'm hoping to make it up there soon to look at in person. Obviously, I won't make any moves until I've looked at it. One of many questions I have is are mobile home parks a good first real estate investment?

The asking price is $850,000. I'd offer $650k but with my offer structured like this:

$200,000 downpayment - $2,000/month for 24 months of seller-financing - Balloon payment on the 25th month of $402,000.

Is this a realistic offer? Pardon my inexperience!

Thanks!

Ryan