All Forum Posts by: Belinda Lopez

Build vs. is a common question. just b/c you own the land doesn't you'll be allowed to develop it into a park either.  Lots of potential hurdles but it can be a great investment AND fun!  I'll send you my ebook on Building an RV Park so you can get an idea of the pros and cons.

I personally love the RV Park business model.  I put parks into two categories; resort or residential.  Resort are the destination type parks while residential are just Mobile Home Parks full of RVs. Resorts can be seasonal so you need to plan your cashflow accordingly. Residential can be cash cows if managed correctly. They don't need any amenities other than being clean, safe and near an area with either large construction or in need of affordable housing (which is almost everywhere.

As Don mentioned being overleveraged is a problem if the owners don't understand how to manage the park and have true financials instead of trying to base off of pro formas.  New Park owners often underestimate how long it can take to build and then fill a park.  Existing parks, even with bad reputations, can quickly be turned around with the right management and ownership.

Remember, "The Park takes on the personality of the owners" so if you treat it like your personal ATM and let maintenance go,it will show.  If you run it like the business it is and realize you are in the Hospitality and/or Housing industry then you can realize double-digit returns easily -well, if you buy it right.

It sounds like you got a great location for a seasonal park. Check out nearby park rates and occupancy to start your due diligence and also become extremely friendly with local permitting authorities.  Meet with any pre-development team you can to get a feel for what they would require from you.

There is a site called "hipcamp.com"  that lets folks rent or stay on private land.  Some are just primitive camping, others have RVs or cabins.  It's kind of like airbnb but for camp sites.  Lots of considerations but don't let anything hold you back if that's what you want to do.

Good luck!

Why is it a game changer?  For you or the Seller?  Is there something unique about the park that makes it a game changer? Just curious as to what makes it so.

Several creative ways to separate yourself from the other offers and they all come down to really listening to what the Sellers want. Multiple offers and the fact that this is taking a long time mean they're just not after the best price.  This park sounds like one of their kids and they want to know the new owners will not destroy it.  They may be friends with several of the tenants or want a legacy for their own kids in terms of cashflow.  They might understand that a cash buyer means getting a less than 2% on their profit once they put that money in the bank.  Let them know the terms of your loan and that may sway them toward financing for you if you are offering a 7% return.  Allow them to inspect the park several times a year to ensure their investment in you.

Good luck!

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Check with Joe Sapp and Allstate on Baker Rd.  I also used Harris County insurance on Rollingbrook.

Wow, so many negative people in this thread!  

The folks who are really successful in AirBNB/STR are the ones who either have a great location or a great experience. I know an investor in Waco, TX who has an incredible Airstream that she rents for about $125 night plus cleaning fees for about 365 nights a year. It's not just a travel trailer, it's an experience.

So yes, you need to know you market.  airdna.co will give you great stats on STRs in your area.  But you don't have much to lose in this one.  Buy, even better see if she will owner finance it to you, then make it unique.  Decorate it amazingly, select a popular theme, give it a kewl name and market it like crazy.  

Is it near a University or Hospital? Traveling nurses are a great market as are folks coming in to visit students. What is unique about your place over every other STR in the area? This investor had an outdoor shower and the created a private patio with a fire pit and other amenities around the trailer so folks had a great experience.

Is there a market for this in your area?  Are there lots of construction or other workers needed affordable, temporary housing?  Run some test ads, try listing it and see what sort of inquiries you get.

The worse thing you can do is do nothing!

Good luck!

I consult on this topic often.  Yes, there are a ton of restrictions and you might have to modify your land search to areas further out or you might consider purchasing an existing small park.  In Texas we budget in from $15 -$20k per space to develop from raw land.  It can take two years to get through the red tape so we do a ton of due diligence upfront before even putting a property under contract.

Even a small, ten space park might be large enough to give you a small income and minimal management overhead.  Most developers want huge park and profits but there are advantages to building small.

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I read a blog post by a very successful Marketing Coach.  She detailed just how expensive and how much time it takes to sustain a $1mm a year business.   When it was all said and done her take home was about $250k.  $750k to make $250k!  By staying small you can make the amount you can make the amount you want without the heavy overhead.

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