Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

5
Posts
1
Votes
Jennine Booth
1
Votes |
5
Posts

Purchasing land with all the utilities available

Jennine Booth
Posted

Hello, I am trying to find ways that I can purchase land for an RV campground and convince a lender that this is an excellent idea. there are so many ways to monetize it. 
for instance: 

Rv storage, personal belongings storage units, boondocking, full/partial hookups, laundry, showers, bathrooms, RV wash stations, monthly clubhouse fees with gym equipment swimming and party pavilion access, camp store. etc 

what are some platforms/avenues i can take to raise say idk 375k and maybe a little extra for start up cost? how can I convince a lender that I can do this? Are there cool tricks I can use like a dscr loan but for land and this situation?  

FYI: it is already zoned correctly, it is off two major interstates. All utilities and internet present, beautiful surroundings.  I just literally need the funds to purchase this thing and I have several free apps and websites to get it occupied along with other social engineering tactics.

Most Popular Reply

User Stats

46
Posts
25
Votes
Mark Lawson
  • Real Estate Broker
  • Chattanooga , TN
25
Votes |
46
Posts
Mark Lawson
  • Real Estate Broker
  • Chattanooga , TN
Replied

I build a lot of parks and there are a few things to consider. The SBA will not loan on real estate speculation so the park must be for overnight camping only or at least a large percentage of the income must come from nightly rentals. I own over 800 pads and I can tell you our average stay is close to 5 months so that makes SBA loans very difficult. Your local lenders or partners are your best bet on the finance side but most lenders will want more than 20% down and it is hard to find lenders who will even loan on them. Independence bank finances the KOAs but you have to have experience. 

I am building one now in east TN and it was appraised for almost double what I paid for the land and I still had to pay 50% down and I have a lot of cash and experience so it is hard to get them financed. If you are not just dead set on that particular parcel of land I will tell you a trick. Look for a run down mobile home park with junk trailers in a county close to a major metro that has no zoning. If they have income you can use the income to get the loan approved and then convert it over to RV's. I have done this many times and you will save hundreds of thousands of dollars and a lot of time. 

Loading replies...