All Forum Posts by: MJ Calabrese

@Cornelius Charles Amazing Job! Congratulations!!!

Greetings All! 

  Don't worry, I don't plan to bore you all with a sad tale of seller's remorse. Instead, I'd like to share my story of how I have evolved as a real estate investor. I'm a buy and hold investor and have a considerably smaller portfolio than many of you (for now!), but after being approached "cold" by an acquaintance who, to his credit, was wise enough to want his first home to be a duplex to live on the cheap/free. 

  Talk about Deva-vu all over again, this guy was literally me six years ago....Young, hungry, looking for information, and ready to start my investing journey! I listened to his pitch, explained every upgrade and detail about the property, and settled on a price. Not only am I gaining a huge return (earned from sweat/blood/tears equity) but am also helping a young investor get started on his personal investment journey (Obviously I told him make BP his home page!!). 

    I plan on using net gains on another real estate investment, starting another project and journey, this time buying a new home for my family and I! I will still stick to my "One house a year" buying strategy, but when an opportunity to not only help another investor get started and having the deal work out for all involved, I'm no longer a strictly buy and hold investor! 

Cheers to all and best wishes in everyone's endeavors,

MJ

I am interested, please message me on BP and include photos and if the delinquent taxes have been paid (liens removed). Thank you!

Photos?

Pictures please?

Judah Hoover I see your point clearly. My goals by doing things like the dog park et al is too build a community within a community and offer things that (A) My perspective competitors don't (B) creates a desire to be and stay there, and (C) gives potential residents space while building a "community within a community" (hokey I know but it's the best way to describe what I'm thinking off. Not to mention the future valuations of having a unique park with the amenities. Thank you for your input, this is exactly what I'm looking for, knowledgable people who have been there and done it and know what they're talking about!

The property is not in Geneva, it's in the Town of Phelps, the land is zoned properly and all due diligence has been done as I alluded to in my original post. Sorry for the confusion on location.

Greetings All:

For the last year or so I've kicked the idea around of building a new MHP. I have been doing due diligence in regards to feasibility and are competition,  and I think I'm going to take the plunge. All the parks in my area (upstate NY 40 minutes each way to Rochester and Syracuse) would be considered 1 or 2 stars. All are old, stacked on each other (15/acre average), and not for sale. Additionally, none of them have any amenities and are all on septic/wells.

Here is my idea and please tell me if I'm on the right course or if my head is in the clouds. I think everyone in the area is outdated and offers nothing more than a parking space and I've located 152 Acres of land on a state road directly between two villages, less than 2 minutes to the area hospital and literally across the street from the high school (best school district in the area comp wise). The lot has access to municipal water, sewer, cable/internet, and gas and electric. The town will meter each lot individually for water and sewer as will the electric and gas company. (The town is on board and is willing to offer tax incentives for the development). 

I will not own any of the MFHs, only lease the land to minimize expenses and because honestly it's not worth my time to deal with it. I plan on having amenities such as a dog park, community gardening area, community playground/pavilion in order to market it as a community and attract prospective tenants. I also plan on having 8-10 lots per acre. Obviously I am not going to use the all the land at once, but I will develop it so that it can be expanded in phases. (Having one side be a 55 and older park and the other open to the general public is one idea example). 

Am I wasting my time/money with the amenities and larger lot sizes? This would undoubtedly be the best (newest) MHC in a 100 mile area. There are plenty of local jobs and a high volume of low income multi-units and MHs in fields in the area. 

All of the numbers point to yes, I should do this (even if I develop the land and sell it to a competitor I'd triple my initial investment) I just need some reassurance! 

Thanks for your thoughtful and brutally honest recommendations! 

Best Regards,

MJ

Hi @GregBaker, they are all in the city except for a lake rental I have in the town. The city taxes are the highest in the area, including ROC burbs (Just surpassed $47+ per 1k assessed.) Geneva is indeed a melting pot, I am sure the socio-economic challenges you face in Lyons are not too dissimilar to Geneva. Surprisingly, the rental market in Geneva is great if you have the right properties in the right locations. I cater mostly to HWS Students and visiting scientists at Cornell's Expiramental Station in the form of furnished apartments and homes.  

@Elizabeth Colegrove thank you so much for your response and all of the information! I know I'll be spending a lot of time exploring here! 

@Larry Turowski       You're welcome to pick my brain anytime! I grew up here and was a police officer here for 10 years, I know the ins and outs, and would gladly offer any solicited information!