Potential Buyers

Discussion in 'Park Management' started by sminker716, Jul 15, 2021.

  1. sminker716

    sminker716
    Expand Collapse
    Member

    Joined:
    Jul 15, 2021
    Messages:
    1
    Likes Received:
    0
    So…. My wife and I are strongly considering purchasing an RV campground. We have been RVing for years. Started with a pop up, then TT, and now a 5th wheel that is parked on a seasonal site in the Lake of the Ozarks that we use literally almost every weekend during the camping/boating season.

    We are looking at a place a little more south since this would be it for us. We have around 650-700K in assets we could liquidate. 500 of that is from my 401K that would be used for the down payment. My goal is to use 300K and less for initial upfront investment. So a park around the 700-1Million range based off most down payments.

    This would literally be it. All our eggs in one basket. We have a ton of experience with hospitality, managing people, and running a business. I’m currently a store manager of a business that does over 1 million a month in sales and have been there 20 years. I also grew up with a father that is a general contractor so I’m pretty dang handy with maintenance, remodeling and also computers/networking. My wife is the same, same company for 20 years and retired 2-3 years ago once she hit her 20 year mark. Technically she “quit” since we are in our mid 40s. We would be going in with no debt except the business loan and a Nest Egg of around 200-250K after taxes/penalties from the 401K early withdrawal.

    The only thing that is really scaring me right now is health insurance. We would have 2 kids 16 & 11. I’m not expecting to be a millionaire from this. My wife has an LLC (quilting business) for tax purposes so I’m very familiar with what constitutes as legal business expenses. Then once we are really ready to retire we would have a business to sell to fund our real retirement. Which doing something I love, it could be another 20+ years.

    We are tired of the typical 9-5 BS and feel like this is what we should be doing with our lives. My wife is a social butterfly and I’d be great with day to day operations and upkeep/maintenance.

    Anyone recommend any consulting firms on this? I’ve been doing a ton of research but really need some clear guidance so I don’t “screw the pooch”.

    It’s scary thinking that I could potentially be quitting a guaranteed job with good benefits for something that could be a flop or a great investment. I just feel like a zombie every time I press that “clock in” button at work. I don’t fell like I can do this for another 15-20 years. I need to be doing something I love.

    Thanks for any help.
     
    #1 sminker716, Jul 15, 2021
    Last edited: Jul 15, 2021
  2. weighit

    weighit
    Expand Collapse
    Member

    Joined:
    Aug 31, 2006
    Messages:
    79
    Likes Received:
    20
    Don't have an answer to the question on the consulting company, but think your on the right path to owning a business and planning for the future. Hope your able to find something in your price range and in the area you like. So far on this 3 month travel we have met the owners of 2 rv parks that had recently purchased. They were rv'ers over the years and decided to jump in and make the new life style they had wanted. Best of luck to you. Let us know how things progress.
     
    Paythebill and sminker716 like this.
  3. SandyandMark

    SandyandMark
    Expand Collapse
    Member

    Joined:
    Oct 30, 2015
    Messages:
    2
    Likes Received:
    0
    Contact Louanne Hoagland for insurance. She and Colleen Elkins are awesome and their insurance is only for RVers. [email protected] Tell her Sandy sent you. (just a friend, no referral fee or anything like that.) I recommend them to workampers and they love me for it.
     
  4. NYDutch

    NYDutch
    Expand Collapse
    Member

    Joined:
    Jul 31, 2009
    Messages:
    1,040
    Likes Received:
    544
    Paythebill likes this.
  5. newkcmoedoe

    newkcmoedoe
    Expand Collapse
    Member

    Joined:
    Dec 25, 2007
    Messages:
    72
    Likes Received:
    72
    Health insurance will be easy and somewhat affordable thru the ACA health exchange in your state. You won't be making a ton of net income with a million dollar park that has a mortgage. And in your first few years you will have depreciation expenses to further offset any income. I felt dirty every time I took government subsidies for my insurance, but they created the game, I only played it.
    As for consultants, Goren+Cohen Consultants and Staves Consulting come highly recommended. Good luck.
     
    Paythebill likes this.

Share This Page