Buy and hold Upstate NY

[Megan Haggerty]

Investment Info:

Mobile home buy & hold investment in Liberty.

A 15 unit Public Water and Public Sewer Property just two hours outside of NYC. I love it because of the public water and public sewer- currently converting the Park Owned Homes into Tenant Owned Homes.

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

I have been flipping and buying mobile home parks for a bit now and this was just a great little deal. Even though it was much smaller than what I'm looking for, the numbers really worked.

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

One of the boys who worked with me found it and I did everything after he brought it to me.

How did you finance this deal?

All ca$h deal

How did you add value to the deal?

Currently adding value- renovating the homes, and looking to see if we can add more units, etc.

What was the outcome?

So far, cash flow is up and we're increasing the profits.

Lessons learned? Challenges?

Challenges is getting people to pay on time!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not with this one.