My family and I have been going to this kind of rustic cabin campground for a few years now. The place does well but the owner is old and wants to sell. well, because he knows me and my family, he has offered us an amazing deal on this property.
Here are the specs:
20 acres
On site manager's house
8 cabins with A/c and running water
Sits on a river
Many many areas for improvement to raise prices. (kayak and tube rentals, laundry, place roads, etc.)
Sale price - $450,000
Rental prices:
Cabins - 2 - $215 per night
- 1 - $175 per night
- 2 - $145 per night
- 3 - $125 per night
Primitive Camping - $30 per night
This place also doubles as a hunting lodge during hunting season.
Has private river access.
Here is the dilemma. 3 years ago I had a personal foreclosure, so I'm no longer eligible for a normal mortgage...well, not for another 4 years. I know this is an amazing deal due to the price that the owner is offering me and my family, but I've reached out to all of my family members and none of them are really in a financial position to help with the purchase. I personally have about $20,000 to put down on this. Are there any types of loans that people know about for making a purchase like this that I don't know about? I'm very new to the investing game but I know this is an outstanding deal and I don't want to miss out!
