Hi
New to forum. 1st timer getting started. I appreciate everyone's input on this. Not really even sure where to start on my current thoughs to here it all is...
I own a house NE of Dallas in a rural area not in city limits. Looking to downsize in the next year or two since daughter is in college and son is HS freshman. I have a $100k HELOC to contributed to college. Not planning on using most of it, but went ahead and got the mas HELOC I could. I can net between $180 and $200k from sale of house.
As part of my plan to downsizie, I recently purchased a 2.3 acre corner lot (about 1.5 acres useable due to creek) about 1.5 miles from my current house. It has city water and electric and an outdated septic which would have to be replaced in order to put a house on this land. The land payment is $789, I used about $20k of HELOC for downpayment.
Currently, on the land I purchased, there is a small mobile home on it that is currently being rented out at $600 a month plus water and electric with a least due in November and tenant will renew in 6 month increments.
Now the RV part. There are at least 3 10-30 pad RV sites in my area that are full, one was just built and filled up as soon as it was done. There are no industries around, I believe it is due to demographics and people not being able to afford to buy houses/propery but wanting to live in the area due to proximity to Dallas and or other cities close by which are booming.
An RV park I am talking about is NOT like most of the ones I see on the other forum questions. There are no amenities such as fishing, laundry, showers, rec areas, etc, just pads approx 30x60, an electric pedestal, and water, with crushed rock.
I have an idea to put some RV pads on the land I bought and rent them out. I have contacted a Sanitarian who used to work for the county appraisal office, he said he has quite a bit of experience with RV parks. One concern I had was septic. He did say that a setptic designed for up to a 3k sq foot house would service quite a few RVs. I would have to intall new septic any way if I build on the property so I see that as a wash.
A few other factors:
I am handy with electrical, plumbing etc.
I have 6 acres of land at current house, and can get a good supply of fill dirt.
I own a large tractor with a box blade and loader that I can work pretty well.
A neighbor has a dumtruck to haul fill dirt, and there is a place that delives crushed rock not too far away for a decent price.
Need some advice, any questions welcome.
thamks!
ds
