Conway wedding, event, and camp project.
Investment Info:
Other buy & hold investment.
Purchase price: $648,000
Cash invested: $125,000
Purchased 4000 sqft home on 55 acres that will be owner occupied. Convert the 2 run down barns to a 10 car garage/storage, and the other as a new “rustic” look barn for weddings and events. Open 2 wedding/event venues (1 barn wedding, 1 in the grass field in front of a pond). Build a few short term rental cabins and glamping tent sites. Allow photo shoots and other activities on land.
What made you interested in investing in this type of deal?
Price, potential, and location.
How did you find this deal and how did you negotiate it?
MLS.
How did you finance this deal?
Bank funding.
How did you add value to the deal?
Converted 1 rundown barn to 10 car garage with electric, water, new roof and doors. Extensive landscaping, drainage, irrigation, roads, camping platforms and areas, treehouse cabins, and rustic barn rehab.
What was the outcome?
Still working on it. Most major land work and infrastructure complete.
Lessons learned? Challenges?
Very few banks will lend to large size parcels of land. Over 10 acres it drops significantly.
Whole new set of rules and regulations when it comes to commercial builds vs residential. (ADA, Zoning, Building/ wind codes, fire codes and fire suppression needed etc..).
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Nancy Degan
