All Forum Posts by: Lee Gilroy

I would love to see some of your projects. Let me know where I can get more info

Thank you

Quote from @Don Spafford:

Congratulations!
Looks like a great property. The map appears to have more than 52 sites as your post mentions. It's great to see other people buying campgrounds. It is a great niche

Thank you Don! we're looking forward to getting the upgrades and get more people to discover our riverfront resort.
Do you also own a campground ?

Hi Jay, thankfully we did not get affected by the fires. We still have lots improvements and upgrading to do, but we up to a good start and the area is amazing. Lots of cool plans for the long term tenants side and building a glamping/resort.
I also fly, but need to get a more capable aircraft to go there more often:)

Here is the website for it:
https://www.fluxriverresort.com/

and Airbnb for the Glamping tents
https://www.airbnb.com/rooms/922476597432569386?guests=1&...

Investment Info:

Other commercial investment investment.

Purchase price: $900,000
Cash invested: $550,000

52 MHP/RV park (Full hook ups) in a 12 acres campground by the Trinity River.

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

The long and short term MHP/RV park, the campground that allows us to add very fun Glamping options, etc...

How did you finance this deal?

Cash and Seller financing

Hello

No, it is in Bakersfield, California 

Thank you, I’ll give the community banks a try when the interest rate goes down a bit to do a refi.

Thx for the input 

Quote from @Mitchlyn D.:

Very nice and congrats!  This park is in San Diego as well?

Hi, no it is in Bakersfield, CA

Investment Info:

Single-family residence fix & flip investment in San Diego.

Purchase price: $840,000
Sale price: $2,350,000

Incomplete stud project, with expired permits. Had to completely redraw the project up to latest codes. New design and almost a new construction. Sold Dec 2022

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

The challenge, design and opportunity .

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

Off Market.

How did you finance this deal?

Hard money loan and a lot of cash

How did you add value to the deal?

A lot of work, design, money, grey hair and grit!:D

What was the outcome?

A very successful project, for us, the neighbors and the new owners.

Lessons learned? Challenges?

Permitting is taking at least twice as long as before the pandemic.
Expired permits with multiple code changes cycle are very challenging to overcome

Investment Info:

Mobile home other investment.

Multi unit complex, RV/Trailers and mobile home Park

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

I was always interested in this asset class. I wanted to use our experience in real estate to turn this property around, modernize it. use technology to manage it and provide a nice living community to existing and new tenants.
The Tax benefits were definitely a consideration in purchasing this property, but it is mostly a test run before buying much larger MH Park.

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

We found it on loopnet, after it fell out of escrow. We did some serious DD and negotiated a pretty decent purchase price/cap rate.

How did you finance this deal?

We tried to get seller financing, but seller did not want to do so and we ended up paying cash.

How did you add value to the deal?

The Park was pretty neglected. We trimmed and cleaned up all the trees, added light for safety and esthetic purpose, remodel the empty units inside and out, added security cameras, new laundry room and equipment, new fences, new signage, online marketing, increased rents (that were way below market) and added new tenants.

What was the outcome?

Still in progress, but going very well and cash flowing.

Lessons learned? Challenges?

Refi cahs out that makes sense is challenging at this time.