Longshot, I know. We are considering buying one and would like to hear from anyone regarding pitfalls, pros, cons, etc.
PM would be best. Thanks!
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Longshot, I know. We are considering buying one and would like to hear from anyone regarding pitfalls, pros, cons, etc.
PM would be best. Thanks!
It's not the one in Canon City is it?
RCCrawler on here has experience with those kinds of properties. We were interested a few years ago and I reached out to him but we never ended up actually taking.
Sometimes to evict tenants, you have to call a tow truck.
My old shop Forman retired to buy and run one in Missouri I can put you in contactQuote:
Originally Posted by GilpinGuy
The one off of 46? Rumor is the cop was an AH.
Shoot me details. You know the routes. Might be interested in helping.
Quote:
Originally Posted by Irving
No, this one is out of state.Quote:
Originally Posted by Ah Pook
is that Base Camp and is it for sale? That place has to be a gold mine. KOA, gas station, liquor store.Quote:
Originally Posted by Ah Pook
If you're new to property management, I suggest you find a local real estate professional that manages properties in that county, buy him/her some lunch and get some inside track on how that county handles things like evictions and other legal processes that you'll be dealing with. You want someone that's experienced it all from broken deals to evictions.
Also, is this a true 'RV Park' or is it a trailer park with long term residents? The latter requires constant management.
Find some other nearby RV Park owners and get friendly. Just stop by and say hi, ask for contact with the manager/owner as a potential peer.
Lastly, the lower rents are the hardest to collect.
Actual RV park/campground. Not a trailer park.Quote:
Originally Posted by battlemidget
I'd start at the main money issue. Insurance. Who cover them, what is or is not covered, etc. A lot of people look at the potential income versus actual monthly expenses. A liquor store on site will run more insurance wise than 1 w/outQuote:
Originally Posted by GilpinGuy
Yeah but if ypu habe a solid business plan the proceeds from the liquor store would pay for the extra insurance and any additional associated costs.
A good business plan is always nice. However one cannot predict the foot traffic, to cover expenses.Quote:
Originally Posted by def90
Look at the small business that have about folded, or did fold during the virus. All due to their foot traffic / tourist going form packed / fill up, to dead stop.
Sure, but a benefit of buying an existing business is that you get to go through their business records and see what their historic occupancy rates are. Also good research on the area should be able to come up with some pretty sound numbers on what to expect, people do it every day.
As for the camp ground industry, it has exploded with the corona virus thing. People are buying campers and RVs like hotcakes and campgrounds are over full. It should be expected to remain at above average levels until people start feeling safe to fly again.
As for buying an RV Resort/campground goes I have thought about it briefly then my experience as a business owner myself and also having worked in hospitality years ago brought me back to reality. Unless you have a great staff and run a tight ship your life will consist of dealing with idiots, assholes and people looking for a refund.
You might start with the owner that is selling.
Try to get a candid conversation going - why selling, what problems do they encounter, what benefits do they enjoy.
If they are evasive or reticent to answer your questions, then you can try alternative courses.
I have found that legitimate sellers that want to retire or have had enough of the grind, will tell you.