RV Park in Tennessee

[Carlos M Dominguez]

Investment Info:

Mobile home buy & hold investment in Buchanan.

Purchase price: $900,000
Cash invested: $200,000
Sale price: $997,000

Eagle’s Nest RV Park, a value-add, 32-unit RV park is just
down the road from the 840 Acre Paris Landing State Park
in an area known as The Land Between the Lakes. The
state park has fishing, hiking, boating, an 18-hole par 72
gold course and a marina. Kentucky Lake is the largest
man-made lake east of the Mississippi. A brand, new
marina with 60 dry boat storage spaces and 80 covered
boat slips is currently being built next door and will be
ready summer 2021.

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

RV's and boats have seen a huge up tick in purchases during and post pandemic. The urge for people to get out of their house, social distance and enjoy life is unbridled. Being in south Florida I realized that dockage for boats is very limited (especially for larger boats). So, RV parks would probably be at capacity as well with all the new RV's out there, exploring.

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

Via a Mobile Home Park for sale website. I'm still in the early stages of getting details of the ordinary income and expenses.

How did you finance this deal?

Not at that stage yet. But will seek a traditional commercial lender.

How did you add value to the deal?

There are several add on features to the property as far as additional rent and storage opportunity as well as a banquet hall and re-opening a small cafe on site.

What was the outcome?

Currently Evaluation NOI

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

I'm working as the buyer's broker, have 2 investors joining me in this JV which I will be a part of.