Butterfly Grove RV Park

[Janette Hampton]

Investment Info:

Other buy & hold investment.

Purchase price: $400,000
Cash invested: $400,000

This is an 8 Acre RV Park that we are completely redoing and making it a destination to go to when coming to Granbury. We plan on having Park Model homes and RV spots, along with pickleball courts, a clubhouse and other cool amenities. I have one business partner. This is the 1st of many new parks that we will create.

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

I have done my research and went to countless conferences while on vacation. I have been wanting to do a Tiny Home Village for the last 2 years and this RV park was right where we needed it to be to make it work in a big way! I have also been the project manager of building high end homes and we built 3 at a time. I have also managed building a 3 story apartment complex, so I bring that knowledge with me.

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

I am a Realtor and my Sister is too. I had been looking but my Sister found this listing through a friend who is also an agent. We did walk away from it after our 1st offer and they wouldn't come down on the price. They took a 2nd offer and that company walked away also. They finally dropped the price the amount we asked them to and we made another offer.

How did you finance this deal?

We paid cash for it.

How did you add value to the deal?

I know all the ends and out of managing property, and how to look at the ROI, managing Airbnb's, and marketing the property. My business partner is a pro at marketing and branding. This will be our 1st of many that we do here in my home state of Texas.

What was the outcome?

We are working on the project now. We just hired the planners and they are flying out to walk the property and meet with the county. We have already contacted all the contractors and will be managing the project ourselves.

Lessons learned? Challenges?

Do your due diligence and then some. Walk away if they won't come down on the price. It's hard to make up the difference if your to far apart on the numbers.

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

I am an Real Estate Agent and I had my Sister who is one represent us.