MHP deal in NY

[Jonathan Gardner]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $450,000

We bought this park for $450k. The appraisal came in at 715k. 38 pads, 23 trailers, 100% tenant owned.

What made you interested in investing in this type of deal?

Less overall headache+ instant equity.

How did you find this deal and how did you negotiate it?

Off market and the new the owner used an agent so I reached out to the agent and made an offer

How did you finance this deal?

Local credit union.

How did you add value to the deal?

Bought under value and currently adding a couple more homes and have brought two new tenants in as well

What was the outcome?

Net worth and cash flow