All Forum Posts by: Mike Reynolds

We have a 10 acre RV park in the mountains of East TN if a very popular golfing area. The park generated close to $150k in gross rent last year with around $80k in net but has had a mostly absentee owner so the park is under preforming.  The park is currently 41 pads but has lots of room to expand or add amenities. There is lots of value add to the park. 

Willing to either sell the park (or assign it) or if someone is looking for a passive investment we are willing to set up a syndicate and our company will operate it. We do have experience and our office is about an hour from the property. Priced in the high $500k range (depending on if it is assigned or we close).  

@Alicia Marks as with nearly all my deals, my 2022 purchase was on the MLS, and it was a property that fit my needs, but it had oddities that drove other buyers away. 

In my experience, success in this difficult buyer's market often comes down to being able to see value/opportunity in a property that isn't readily apparent to most buyers. For instance, I have a spot that had a very weird floorplan when I first bought it (which drove buyers away), but I could see that with some relatively minor work, the floorplan could easily be changed to be much more appealing, and much more functional...the property was turned from a 2 br 1 ba into a 3 br 3 ba, which transformed it from a cashflow negative property to a significant cashflower.

With prices so high and deals so hard to find, value add strategies are often the way to go!

Hi everyone,

First post ever here. My wife and I are early on in our real estate investing journey and looking to grow our portfolio. We are based in Texas and recently saw an early 1900s historic property come onto the market. The exterior of the house looks to be in pretty good condition, but the interior definitely needs some work. We're are looking at this through the lens of turning this property into a short-term rental (provided we could stay within the city and state regulations). I'm looking to get some advice from folks who have either gone through this process or have done some research into this fairly niche area of investing. A couple of brief things that I have found based on my preliminary research (and please let me know if any of this is inaccurate): 

- Restoration/repairs can be quite costly simply given the age of the home and the changes in code & technology since the home was built. It seems like there are some trusts or other funding programs that consider contributing to restoration and repair projects, but we'd like to operate on the assumption that we will not be chosen for these types of grants, just in case. It sounds like an archaeologist/restoration specialist may need to be involved, or at least that is what is recommended.

- I've seen opinions on either side regarding appreciation/resale value over time on historic homes. For those who have followed this trend, what have you generally seen as compared to  the performance of newer builds?

- In needing more extensive restoration/repairs and having to navigate the various local and state government rules, project time and holding costs are expected to be higher. Is anyone able to share their experience with this? 

Thank you to the Bigger Pockets community for providing such amazing content and value. Looking forward to reading any insight y'all can share!

I will submit an LOI on an RV and Boat Storage Property in the next few weeks. To complete by underwriting process, I need to understand better the loan terms I can get on this type of investment/property. What kind of a lender creates loans for this type of property? Do you have any other advice when approaching a lender? How should I go about finding a lender?

I have two vacant lots that I would like to put mobile homes on in Pine Bluff, Ark (about 45 minutes outside Little Rock). Based on feedback from the zoning department I'll need a scaled site plan showing the placement of the structure on the lot and the location of required parking. 

Location: 2405 N Center St, Fayetteville, AR 72701 (Washington County)

Currently Zoned Agriculture with Commercial on 1 side and Residential on the other.

Broker:

Williams, Anne
Arkansas
(901) 620-3600
License: PB00066390

Will provide Offering Memorandum upon request currently out to a short list of investors/developers at this point. Could be a great self-storage location, Enclosed Boat & RV, multi-family, or retail.

Investment Highlights
9.2 acres of flat land with few trees which will make it easy to develop
The site has over 600' of road frontage on Center Street with traffic counts of
11,000 per day
Elkins is currently growing at a rate of 7.36% annually and its population has
increased by 62.47% since 2010.
Three Fortune 500 Companies located 15 to 40 miles of the site, including Wal-
Mart, Tyson Foods/Tyson Chicken and JB Hunt Transportation
Northwest Arkansas is rich with lakes, parks, mountains and SEC Football
which are all strong demand drivers for boat and RV storage
Located approximately 3 miles from the areas elementary, middle and high
schools

FAYETTEVILLE, AR-MO
The Fayetteville metro is best known for being the home of the University of
Arkansas and several Fortune 500 companies. The Fayetteville metro encompasses
Benton, Madison, McDonald and Washington counties in northwest Arkansas and
southwest Missouri. The region offers residents many recreational activities at
nearly 4,000 acres of parks, lakes and rivers. The market is expected to add roughly
50,000 individuals over the next five years, notably outpacing the national rate of
growth.

ECONOMY
METRO HIGHLIGHTS
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

CORPORATE GROWTH
Several corporations are based in the metro, the largest being Walmart. The company employs
more than 14,000 workers in the area.

MANUFACTURING
A large manufacturing sector includes Delta Group Electronics, Elkhart Products,
Marshalltown, Pinnacle Foods Group and Pace Industries.

YOUNGER POPULATION
The Fayetteville metro’s median age of 34 years old is lower than the United States median. The
younger population is attributed to the area’s university.

ECONOMY

 Corporate headquarters are a significant part of the metro’s economy. In addition to Walmart, Tyson
Foods and J.B. Hunt Transport Services, Inc. are based in the area.
 Fayetteville is home to Arkansas’ largest state university, the University of Arkansas. More than 29,000
students attend the university each year. The university is also one of the area’s largest employers, with
more than 2,700 full-time faculty and staff.
 Another segment important to the local economy is health care. Major hospitals include Washington
Regional Medical Center and Fayetteville VA Medical Center.

I am building a tiny home on wheels with the help of a licensed general contractor and sub contractors for plumbing and electrical. In my area you do not have to have a permit for this type of build. I plan to rent it out as an STR but am worried about the liability if someone where to get hurt on the property and sue on the basis that the build is not up to rv code. What is the best way to protect myself from this and and attorney recommendations would be appreciated.