New to Real Estate · Wittmann, AZ · Member since 2013 · 14 posts · 0 votes
Hello all. First post on here for me in a while. I have a odd situation. I have a 10 acre horse property that has no liens on it. I have a snowbird horse/team roper camp at this facility where I have 12 rv hookups. I also use one park model camper in one of my rv spots as short term rental also. I give lessons and board and train horses as well. This is a seasonal business that is working out for now and is decent cashflow. I want to be able to invest in more short term rentals but need down payments for the mortgages. I have 820 credit but my taxes only show that I make around 40k last year. I do have payment on my place but it is secured by some land of my families. With these payments and truck and trailer payment my DTI ratio is still hi since showing not much income on taxes. Trying to find bank that will do a LOC on my property which would sell for well over 500K. I am not having any luck with this. I know I should probably check with more credit unions and small banks if I can find any. Thanks for any input. Stoney
Contractor · Sheboygan, WI · Member since 2016 · 917 posts · 266 votes
6y
@ Ston
@Stoney Fred how many of your RV hookups are being rented? Do the hook ups include water, septic and electric?
You already have STVRs on your property! Find investor to finance 10 RVs. Either lease them from him or form partnership. Let me know if you can t find investor.
New to Real Estate · Wittmann, AZ · Member since 2013 · 14 posts · 0 votes
6y
@Todd Goedeke Well the spots are full from Jan thru March each year. Yes they have Water, power, and septic. They are seasonal as no one wants to be here in middle of the summer when its 115 degrees. I do have some spots filled in nov-dec too. I get $1100 from each spot per month and they board horses with me as well. My one Camper spot worked well and was getting 112 per night which includes utilities. Comes to over 3k per month. Just not sure if I can keep buying more campers and repeat process yet or not. I want to take this camper up by Flagstaff where its cooler for summer and see if I can have any luck with STR. Need for Covid to break first though I would imagine. If that all works i will buy at least one more camper for next year here.
It just seems crazy to have a property worth over 400k and not be able to pull 100k out for whatever i need. I could use some operating money for this place plus use as down payment for another cash flowing property.
Contractor · Sheboygan, WI · Member since 2016 · 917 posts · 266 votes
6y
@Stoney Fred why buy rv campers when you can have an investor buy them? Lease campers from investors for 10 years at $500/ month. Pull campers to Flagstaff campground for summer season. Do seasonal Lease for $2400/ 6 months per camper from Flagstaff campground. Do weekly STVRs only @ $500 per week.
Pay someone 5% of sales to do marketing for you rather than relying on Airbnb . Using this approach you should be able to net $9,000/ yr per trailer that you did not have to buy..