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noisy

Alaska

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Joined: 05/23/2013

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Posted: 12/01/13 12:17pm Link  |  Quote  |  Print  |  Notify Moderator

Does anyone have experience, private or otherwise, in purchasing an RV park? If so, what types of things do you address on the formal offer that may differ from buying a typical single-family residence?

My husband and I are preparing to take the giant leap into campground ownership. We feel we've done our homework and have a huge advantage in having lived at the campground for several months, and worked closely with the owners. Not only do we trust them, but we've seen first-hand how things operate, at least over this timeframe. We'd both like to do this as a private sale, as we've both been burned in previous real estate deals by so-called "professionals". We're comfortable in doing this, as is our banker, who was also their banker. There's a well established history, and we've had complete access to financial and repair records for the past several years. There's also a current appraisal on file, as they just did a re-fi a couple of years ago, before their grand-child had the nerve to be born in another state.

Bumpyroad

Virginia

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Posted: 12/01/13 12:21pm Link  |  Quote  |  Print  |  Notify Moderator

how long a season do you have in Alaska to bring in money? Another fella and I were considering buying a fishing camp on a lake in Canada. after we figured out just how short the season was we abandoned that idea.
bumpy





B.O. Plenty

Minnesota

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Posted: 12/01/13 12:46pm Link  |  Quote  |  Print  |  Notify Moderator

Don't try to do this on your own! Hire a competent Real Estate Attorney to help guide you through this...or be willing to pay the price down the road. This is too complicated for the average non-real estate type person to correctly write a contract accurately. There is a lot of money at stake. No offense but if you are asking for legal advice on this forum you obviously are lacking some knowledge. Why cheap out and try to do it yourself?

B.O.


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Poppy & Nana

Upstate New York

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Posted: 12/01/13 12:50pm Link  |  Quote  |  Print  |  Notify Moderator

Bumpy is so right on this.....what is the length of your camping season, how many sites do you have, what is the cost of the campground.....those are all things that you need to consider! If your income cannot support your expenses...then run away!

We purchased 9 cabins on the Fulton Chain of Lakes in the Adirondacks, we bought at the right time and right price...BUT their reservation books/records where a scam....needless to say, we made a successful business out of it in a years time.....when we put it up for sale, with a price that the rental income could not support.....someone with money bought it.....I felt bad for them, our books where up front and honest...they saw "something" that wasn't there - needless to say, they lasted one year and sold to someone else...who has been operating at a loss for about 5 years now (these are her words)!

Both of these buyers did not use an attorney, who in my mind was soooo wrong.....any good attorney would have looked at the books and saw things that they did not include; ie. business name, website ownership, PO box; email addy, phone # - sooooo many things - GET YOURSELF A GOOD ATTORNEY AND HAVE ANOTHER BANKER LOOK AT THE FINANCIAL END OF IT TOO!

Make sure your looking at this with your eyes open.......


Leo & Kathy
Upstate, NY
in the Adirondacks

2013 Rubicon 2900 Toy Hauler
2008 - Ford F250 Super Crew 4x4



BobR

Aurora, Illinois

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Posted: 12/01/13 12:54pm Link  |  Quote  |  Print  |  Notify Moderator

Before finalizing a contract or sale, hire an engineering firm to review the campgroundā€™s infrastructure. The cost to re-build an electrical, water or sewer system can be staggering and delay the ability to be profitable for years. It is in your best interest to have any deficiencies addressed and corrected before the sale.

ol Bombero-JC

USA

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Posted: 12/01/13 01:05pm Link  |  Quote  |  Print  |  Notify Moderator

noisy wrote:



Does anyone have experience, private or otherwise, in purchasing an RV park?



If he doesn't reply to your thread (might not see it), try a PM (private message) to "westernrvparkowner" - he's on the boards and dispenses "wisdom"(?) regarding parks, etc.

Western RV Park Owner

Believe his park is somewhere in Montana.

Good luck with your venture.

.

Francesca Knowles

Port Hadlock, Washington

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Posted: 12/01/13 01:27pm Link  |  Quote  |  Print  |  Notify Moderator

ol Bombero-JC wrote:

noisy wrote:



Does anyone have experience, private or otherwise, in purchasing an RV park?



If he doesn't reply to your thread (might not see it), try a PM (private message) to "westernrvparkowner" - he's on the boards and dispenses "wisdom"(?) regarding parks, etc.

Western RV Park Owner

Believe his park is somewhere in Montana.

Good luck with your venture.

.

Didja miss Western's "I'm done with this Forum" post, Bombero?
I'd be surprised if he'll even receive P.M.s...

For owner expertise/feedback, I'd recommend that this O.P. ask SDCampowneroperator...he's real knowledgeable and a lot more patient with Noobs!


" Not every mind that wanders is lost. " With apologies to J.R.R. Tolkien

Jack_Diane_Freedom

Milton Ontario Canada

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Posted: 12/01/13 01:31pm Link  |  Quote  |  Print  |  Notify Moderator

Do a complete due dilligence process with an attorney complete with infrastructiure inspection/assessment and environmental disclaimers. Make sure you know what you are buying, challenge everything.

Jack_Diane_Freedom

Milton Ontario Canada

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Posted: 12/01/13 01:33pm Link  |  Quote  |  Print  |  Notify Moderator

Oh ya, don't forget to do a complete worst case scenario cash flow analysis/projection and business plan including capital requirements.

donn0128

Pronounced Ore-gun

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Posted: 12/01/13 01:38pm Link  |  Quote  |  Print  |  Notify Moderator

Hire a lawyer. It will be money well spent.


Don,Lorri,Max (The Rescue Flat Coat Retriever?)
The Other Dallas


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