All Forum Posts by: Chadwick Hill

Hey all - 

Recently purchased an ~8-acre piece of land in Florida that is zoned for 30 RV sites with the county, with it currently having 11 sites active with the infrastructure (which is really just electric and sewage (no pads, dirt road, etc.). The property also came with a double-wide mobile home which I've fixed up as well. I paid $400k for the entire property, but I'm unsure how to allocate this to my depreciable basis without doing a full cost-segregation analysis (which I wouldn't think is necessary given the minimal infrastructure outside of the mobile home). Any thoughts from the experts? It looks like similar land is selling for anywhere between $75,000 to $250,000 depending on location, which isn't overly helpful (could obviously dig into this deeper with my RE agent as well to get more specific comps if I go this route).

Thanks!

Hey all! I have 50/50 ownership with a relative RE agent who is managing the RV Park and we are trying to determine the FMV of her services. The RV park is 30 spaces, no amenities (pool, etc.) and most of the tenants are long term (all pay monthly and sign one year leases, although we do let them leave earlier if needed). I'm short, this isn't a daily or weekly RV park, but more long-term in nature.

What is a fair way to compensate the manager, more similar to a property management fee (8-10%) or rent, or something different? Any real world experience would be much appreciated!

Hey everyone - I'm looking for an agent / quote for a mobile home I just purchased near Jacksonville, FL (investment property that will be rented). The home was built in 2007 and had a new metal roof put on in 2017. Any recommendations would be greatly appreciated!

Hey all - recently closed on a small 10 site RV park with 1 MH on the property. I am looking for some general liability insurance, but not sure the best way to go about finding it? Should I find someone who specializes in RV parks, or more someone for general business liability insurance? There are no amenities at this park, just a spot to park your RV and the common hook-ups for electric, water and sewage. More worried about getting sued va anything else. Thanks in advance, and a bonus if anyone has a general sense of the annual cost (~$6k per month revenue if that’s helpful).

Hey guys - appreciate the feedback, a few clarifications / responses from my initial post. 

The mobile home will definitely rent for a minimum of $1,000, it’s 5 bed/3 bath, and I have three other MH on 1 acre each in that area and they rent for $900-$1,000 each, so I’m fairly comfortable with $1,000 worst case scenario.

We did receive statements showing rent collection, again these are long term tenants, so somewhat comfortable that we can collect from most if not all, but definitely building in late payments and delinquencies into the model.

For the new sites, this is my real unknown. We’ve got a quote to add an industrial septic tank that will cover the additional 20 units (and more if needed) for $30k, or about $1,500 / unit. The remaining cost is just running electric and water from the current well, as there are no landing pads or anything similar.

No water bill as everything is from existing well.

Overall I think the conservative estimate all in would be ~$500k which will yield 30 sites and the large MH. Total rent (when full) would be $14,500, so haircut that 25% for vacancies and other unknowns, still over $10k. Electricity is about $50 / no / rv, so $1,500, then taxes, maintenance, etc., have a full set variable model if anyone is interested. I also just sold a similar mobile home on 1 acre in this area for $240k, if that’s any indication of value here.

What else am I missing or have wrong here? Thanks all!

Hey all - first time poster here! I’m in the process of closing on my first RV park and wanted to get everyone’s thoughts on the overall deal and see what I may be potentially missing here.

The property is selling for $400k and includes the following, it will be an all cash transaction and the idea is all long term tenants with a family member managing the property for me (who does real estate in the area and is a co-investor with me):

1) ~8 acres of land outside of Jacksonville in a small rural community.

2) 10 established RV sites with electrical and septic tank, fully leased (annual leases) at $450-500 / site / month, which includes electricity and use of an on-site laundry. One site gets free rent to do all the maintenance and cut all the grass.

3) double wide mobile home that needs approximately $10k of work and will rent for ~$1,500 per month.

4) 20 additional sites approved by the county which will need to be added, including all electrical connections and additional septic. My estimate is this will cost on average about $2-3k per site, but again this is my first time so I may be way off.

Any helpful knowledge, links, etc. would be amazing as I try to work through this deal! Also, we will have to evict the current tenants of the mobile home, anyone have experience there in FL with advice??