Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime

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...