Real Estate Deal Analysis & Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated 5 months ago,
55+ (senior) parks are a dream investment
Investment Info:
Other commercial investment investment.
Purchase price: $1,400,000
Cash invested: $300,000
Chimney RV park is a 5 star retirement park in Mission Texas. City water and sewer, 55+ parks are a dream investment. This is a 20 acre park that had 270 spaces when I bought it. Boat ramp, fishing, watersports, 5,000 Sq Ft. clubhouse, pool, jacuzzi, shuffleboard, and more.
What made you interested in investing in this type of deal?
Senior parks are amazing. The residents do not cause problems, they are generally on social security so if you give them a 5% discount they will pay their rent a year in advance, and they will host fundraisers to improve "their" clubhouse.
How did you find this deal and how did you negotiate it?
I looked at hundreds of parks. I liked this one the best because it's on a river and has great weather.
How did you finance this deal?
Bank financing.
How did you add value to the deal?
It needed better marketing. I built a better website and improved the digital marketing reach.
What was the outcome?
I owned this park for 15 years. It was one of my favorite investments of all time.
Lessons learned? Challenges?
This park is on the US & Mexican border. Although there were never any problems during the 15 years that I owned it... literally none, zero, nada the 2016 candidate lied and said the "entire" border was unsafe & the gov't took my land to build the border wall.
After $200,000 in legal fees I finally got the US Gov't to pay me a fair price, but it was devastating. I sold what was left and decided that I would never again buy property where the government could lie & turn against you.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Barron, Adler, Clough & Oddo (based in Austin Tx) is an exceptionally skilled eminent domain firm that knows how the US gov't lies and does not play fair with the border wall. I highly recommend them when the gov't takes your land for eminent domain issues.
