RV Park & Storage, Novice developer, seeking advice...
First time investor here, taking equity out of my home (bad idea?) to buy land and develop RV Park for long-term guests and/or self storage... I'm looking in a rural place called Cave Junction, OR. Depressed area but in DIRE need of low cost housing AND also self storage... So question is... which of the following is a more solid plan? Which would you choose and why? I'm leaning toward the RV Park AND Self Storage just to be diversified. Hope I haven't shot myself in the foot by giving out the location but I'm thinking you all have bigger fish to fry anyway, lol! TIA
RV Park AND Self Storage
~4 acres, commercial for $120K (google maps link)
Pros: In city, city water & sewer nearby, city allows both rv park AND self storage in Commercial zone, ~$50K worth of timber on property
Cons: Neighbors nearby, traffic visibility not as good here, land needs to be logged/cleaned up - not a big deal really
Self storage constructed probably out of shipping containers
~3 acres, industrial for $135K (google maps link)
Pros: clear flat land, higher traffic count between the coast and I5, seller will carry loan
Cons: zoning does not allow for RV Park, city services unavailable