Short Sale Mobile Home Park V.S. Buying several houses cash Gary, Indiana

[Kyle Craig]

My business partner and I have a Mobile Home Park under contract in Tuscon, Arizona.

The bank is completely done with the property they want nothing to do with it.  We had it under contract at $300,000 with about $40k down.   Now they are saying they only want cash, they basically want it off of their books. 

We are now entertaining the idea of starting out in buying some single family homes in Gary, Indiana as John and his fathers close friend has been buying a ton of homes out there and cash flowing each one of them about $700/mo.

My question:   Should we focus on getting this mobile home park or another larger mobile home park first,  or should we buy several of high cash flowing properties and then turn around and then take out a portfolio loan on those to go get the Mobile Home Park of our dreams?

We both have credit scores at or above 700, both have pretty good paying careers $40k+ per year and have between $20,000 to $30,000 capital available right now to start with if needed, we are just a little unsure of where to start.

Thank you in advance I am so greatful for any advise or any wisdom from the real estate investing community!! :-)

[Shawn Holsapple]

I don't think I would buy anything in Gary, IN - it's the armpit of the Mid-West and very depressed.

Look at Indianapolis [my favorite] or Kansas City instead - IMHO

As mentioned above, it sounds like a smaller park and managing it from afar would be a challenge.

Since the bank is sick of it - maybe go back with a cash offer of $175k to see what they say?  Clean it up and then flip to another local buyer at that point...just a thought.