I am currently looking at a park in Missouri. It has 6 rv spots all separate from the MHP and on its own city utilities. I know for the majority, to run an RV park successfully you really have to be on site to avoid being ripped off. I don’t want to scrap the RV part because it is the only park in town and anytime the city does work of brings in contractors, they stay at this park. Is there a way to make the payment of the RV spots electronic only? I really do not want to have to worry about the manager stealing what money does come in from that portion of the park. Has anyone done this? My thoughts were maybe to require to book the sight online or have some kind of kiosk or something the manager does and runs the card instead of taking cash.Thanks in advance
Better yet, just put in a video camera that can see all 6 lots, and you can confirm who’s there every day and that they paid. It would eliminate (nearly) the risk of embezzlement.The kiosk idea is a bust. You might be able to get paid by MC, but many won’t have it – then what would you do?
Frank, as always, you are my saving grace!Thank you for the input
It never amazing me the troubles of absente owners or a manager that might steal money 25 years ago I made the decision not to own more than 3 parks or more than 15 miles from my home. So in the process I sold excellent properties but wanted a hands on operation. For the 4th of July we had over 400 people that had a wonderful time that I enjoyed with them. Our rural setting made a great place for life long memories and met many new friends that are bring their friends. To me life is more than just collecting money and becoming wealthy from strangers I like to become wealthy from friends enjoying our resort type properties or a WIN-WIN SITUALTION. I can make a 15% return on my money in the stock market with disciple. Owning one or two outstanding properties and operating them full time will provide an out standing living and life style. I am trying to show people NEW to the business being an absentee owner might not be the only way to own parks. With the former say I probably better not leave my phone number but I would help someone that leaves a message. I HATE to RETIRE and sell since in the last 20 years being an owner operator has been a blessing and privilege and a joy for tenants. It is better to aim and try to hit a target and miss than never to aim! Most newcomers will never success since they have never learned time management, been responsible, lack common skills or common sense or have a work ethic beyond 40 hours per week. Money will not fix the last sentence. Being raised on a farm was special.
Carl with the type of parks you buy it may make more sense to be more of a hands on owner.
I, however, am just starting out and with what I have to work with, I can’t afford to be so choosey. I have to make it first before I can be in a situation to be able to choose between only owning parks close to me or taking whatever I can get wherever that may be.
Trust me, I would LOVE to own any one of the 8 parks in my city but the owners aren’t giving up $800-$1000 lot rents with 100+ plus sites.
dmaxwell, You need to be very choosey that is how great returns happened. Example, 35 years I left Michigan had graduated from two universities but as a school teacher my family was just surviving although I was working on homes at night to have money to buy farms. My neighbor a farmer said I needed to look at a property at Mission, Tx. since he was staying there in the winter. Three months later I moved my family to Mission and with $40,000 down bought a rear gem at $235,000 which I sold 2 years later for $425,000 and with that bought another park and a farm in MO. I am not a flipper but was asked to be a poll watcher since there was no other registered Republicans in the district and could not substitute teach since I was not bi-lingual and was under constant threat of thief so I moved back to the heartland to raise my family. Yes own and operate so you really KNOW how parks operate and if comfortable move up to bigger properties. Buying your first park no more than 1 hour away–why??? I have made more money buying farms and in the stock market than parks so there is more than one way to be wealthy!!! Remember I NEVER TOOK a CLASS or paid someone $2000??? to understand the business–my first park the former owners stayed with me 12 months and what I learned from so-called uneducated people give me a foundation that was beyond an expensive boot camp. Find a great park where retiring owners will be by your side and owner operate.
You definitely did well Carl. Unfortunately here in CA around me there is nothing for sale. I can’t uproot the family either just yet (I’m working on the fiancé, gotta convince him @-) ). The park I’m looking at now is one of those opportunities I don’t want to pass up even though I would need to be an out of state owner.
Thank you for sharing your experiences with me that is the best part about this forum, seeing this business from so many different angles.
There are many opportunities in OK and the law favors owners over tenants. Again for you first park be an owner operator to find if that is a comfortable niche and if comfortable with owning parks go for the goal line with passion. Do you really understand what you are looking at??? From experience with in two hours of being on the property and seeing some KEY INFORMATION I know if it a buy or walk away. If this is your first park what numbers do you trust from the seller. Never fall in love with a property just your children and mate.
Carl - I sent you a PM I wanted to ask you about your lake parks.
Haha Carl good point. I don’t trust any of the numbers the seller has given me. I’m very willing to walk away from this park if the numbers don’t work.
I am amazed at muti-park owners wanting to see my P&L since my form of owner operation yields probably a 25 --40% greater net than an absent owner. There are some costs like insurance that is neutral with either type of operation as are taxes although I have had the local tax office cut them in half with a little diplomacy. Even looking at tax returns can be questionable as well as books and bank statements. If the seller is saying he is not reporting all his income to the government–thus lower taxes–run and do not look back. If he is willing to defraud the government he will do it too you also. 25 years ago I could believe 95% of what sellers were saying today??? To Toben we are on Grand Lake and if I knew of any other outstanding parks for sale here I would have owned then when they were on the market. My 136 site park is for sale that caters to retires and weekenders with second homes.