All Forum Posts by: Michael Miner

Looking for a refinancing on a 22 lot trailer park with a commercial store front. Lot rents are $425 and store rent is $1,100. City water, city sewer and natural gas. Total balance owed is 450,000.00

 These are a dime a dozen here. I just closed a sub-to deal with 10k out of pocket total owed price of 32k for a 2bedroom 3 bathroom (yes more bathrooms than bedrooms) completely remodeled 5 years ago. Rent is $1,200 a month market value around $135k. 

Look for areas near military bases, national employer etc, something that ensures a solid workforce for your tenants. People knock NY but we are a welfare state. Section 8 will pay $1,800 for a 4 bedroom apartment. So you can get cash tenants or system tenants. Buy cheap and rent high. I have not found another place where this works so well. 

Hello

We have dozens here in Central NY and the Mohawk valley. I picked up a 3 bed 1.5 bath for $25,000 with $38,000 rehab. I currently have it rented for $1,800 per month. Grabbed a trailer park with 18 units ($425 lot rent) and 4 vacant lots for $140,000 with a commercial store front ($1,100/m) with city water sewer and gas. I've been selling real estate here for over 20 years and started investing in 2015. Something to look into if you are serious about adding doors.

Investment Info:

Other wholesale investment.

Purchase price: $195,000
Sale price: $365,000

This was a quick flip wholesale deal for a local motel.

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

The potential of a wholesale opportunity

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

I went to the establishment and asked them if they wanted to sell it. Once they contacted the primary owner we negotiated a sale price.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $10,000
Cash invested: $8,000

single family home in east rome

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

This was a great area close to the baseball and football fields as well as the pre-k school.

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

word of mouth

How did you finance this deal?

Cash

What was the outcome?

This has become a great long term rental

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $36,000
Cash invested: $2,500

Single family rental

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

It was a great neighborhood and the rehab was minimal

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

word of mouth

How did you finance this deal?

hard money

What was the outcome?

I was able to secure the property and have held onto it as a long term rental. Since this purchase the values in the area have risen to over $150,000 so this was a great equity purchase.

Lessons learned? Challenges?

This was a great pick up. I bought several in this area over the years.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $25,000
Cash invested: $5,000

This is a 4 unit residential building, city water, city sewer and all separate utilities.

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

This was a 4 unit with potential for a good cashflow and a lot of future equity for the ARV.

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

Word of mouth
As a real estate broker I negotiated on my own behalf
I took the ARV and the rents after repairs value and used the income approach to figure out the value. Subtracted the 30% equity I wanted to have and the cost of repairs and holding fees. From there I figured out the max I was willing to pay for the property.

How did you finance this deal?

Hard money with repair cost added in to the loan.

How did you add value to the deal?

I used hard money which is similar to the same as cash to get the price down to where I needed it to be.

What was the outcome?

I was able to purchase the property and get the repairs completed and have owned this property since.

Lessons learned? Challenges?

Being a brick building this property was a little challenging on some of the interior repairs ( adding high efficiency furnaces and drilling through the brick, wiring, plumbing was a little different and walls needed to be furred out and insulated)

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

I am a real estate broker

Investment Info:

Mobile home buy & hold investment.

Purchase price: $140,000
Cash invested: $20,000

This purchase is a trailer park and a commercial store front located next to the Griffiss and Technology Park which has seen significant growth since this purchase.

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

Location and cash flow were a large factor. I also liked that all of the trailers of the park were owned by park residents and all owner occupied no tenants. This park also has city water, city sewer and natural gas.

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

I found this through word of mouth and I negotiated directly with the owner.

How did you finance this deal?

hard money and I used one of my rentals for cross collateralization.

How did you add value to the deal?

I was willing to buy the park as is

What was the outcome?

Currently the park is worth $800,000 so I was able to not only create the passive income but it was a very good equity purchase

Lessons learned? Challenges?

Upstate NY gets very cold in the winter and you have to pay very close attention to frozen water lines and broken pipes to prevent high water bills. I also learned over the years that every spring to drop 2 dumpters to allow the tenants a chance to clean out their units as it prevents added trash around the park.

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

I'm a real estate broker so I managed this deal myself.