All Forum Posts by: Nechelle Vanias

Thanks Bill, following are the answers to your questions:

The marina was built in 2006.
The majority of the slips are in the dry dock storage; no boathouses
The facility is fully leased with a waiting list.
There is a full time onsite supervisor and full time seasonal staff.
The Lake is municipally zoned.
My partner owns three marinas, I'm the business operations part.
Insurance is $18,000 per year, with all expenses, including insurance, taxes, payroll, HOA, legal, etc. It's net cas flow is $368,000.
Ancillary income comes from winterization, detailing and Pontoon boat rental during the season.

I too like netting out of the marina up front, delivering an 8% CAP for investors and still receiving cash flow from the ancillary income generated. The seller has two more marinas for me to get if this one closes promptly.

6:30am to 10am

Woke up (finally after literally 4 years of wanting to wake up early to get my day started, I actually am)

Began to strategize on days activities

Chatted with my new Full Time Social Media/SEO/Web Designer in the Phillipines

10am to 6:30pm

Time with Family. With 5 kids, we had to start getting ready to leave the house at 10 for a 12:30pm departure. We went a Black History month celebration at the Hilton and then went to my 12 year old daughter's volley ball games.

6:30pm to 1am (and counting)

Following up with investors on my marina deal

Calling/Emailing investors to find an end buyer for our rented flip in Columbia, SC (we always have a tenant in place on the day we close because we choose our renter first, have them select a property from our specific list and on the day our renovation is done, the tenant is moving in)

Reviewing posts on BP, CREOnline, Facebook and Craigslist and doing some posting

Tomorrow much of the same but add a few investor meetings.

I have an opportunity to purchase a marina on Lake Norman in the Charlotte, NC Metro area. The sellers were already preparing to covert to a structure similar to a dockominium, which they are doing a lot of at marinas in Florida and South Carolina.

Purchase price: $4,500,000
Net Cash Flow: $368,000

By selling lease hold interest in most of the boat slips, will generate $4,500,000 in cash. That gives me enough cash to purchase the marina, $1,500,000 in my pocket and another $100,000 yearly in cash flow from ancillary income.

Want to know if anyone has had experience in dockominiums that they can share so I know I'm checking the right things.

Thanks.

NC is a landlord friendly state. We are investors in Charlotte, NC and having come from NYC maybe every state is landlord friendly in comparison, but we certainly appreciate the differences.

Invest in the Charlotte, NC Metro area. It is the second largest banking town behind NYC. The Carolinas are the most likely place for retirees to move if Florida doesn't work out, as it is the half way point from the North. Over half of all listings on the MLS for 3/2 properties under $150,000 are under contract. The market is hot.

Turnkey properties are the only deals we would recommend to our out of state/country investors. Don't be lured by the very low priced properties with "super hero" sized returns, those are in very depressed neighborhoods where collecting rents and renters taking care of your property is a crap shoot. If your property is delivering 8-12% then that is a really great return on your money compared to any other place it could be sitting right now. You want recently renovated and rented properties. You might benefit from Section 8 tenants as the majority if not all of the rent is sent directly to you as a direct deposit in most cities.