Found a RV park lead, now what?
I have found a mom and pop owned RV park that is willing to sell. It is located near Portland, Oregon. I don't even know where to begin.
My experience;
My wife and I managed a 16 unit apartment complex for three years.
The park;
about 50 units, 385 per space, 4 park owned homes (2 double wides, 2 single wides) most of the rest are RVs. Long term renters, just under 10 acres of property. Located on a main road.
City water, city sewer, (don't know right now if it is all separately metered)
WIth some of the formulas I have seen thrown around
lotsxrentx12x0.7 operating expense/0.1caprate= rough ask price
50x385x12x0.7/0.1= 1,617,000
Does that seem right?
I approached my lenders, but with my lack of experience in mobile home parks, they said NO.
I didn't exactly give them the best presentation regarding the opportunity, but I thought I would post today and see what suggestions some of you may have.
Thanks,
Joe Young