probably going to sell this park within 1 year. Great property, steady income, mostly nice tenants … but I’m tired of the Ohio grind and want to move on to greener and warmer pastures. Plan is to take money (the park has no mortgage or other liabilites) and use the money as a down payment on another park or a large RV park property in another area.
The sewer plant needs rebuilding …there is a recent EPA order to either connect to public utilities (which is economically and logistically unfeasible) or to rebuild…basically rebuilding totally. I have rough estimates of 100,000 to 120,000 to rebuild.
but it will give the capacity to expand the park into the unbuilt area…I don’t really need more lots right now, but the park will be full soon with a couple of POH’s
As I understand it from my operator the order is to submit a plan to rebuild/connect now with the time frame for completion being 36 months. The plan will be submitted shortly.
so do I price the place to sell without the improvements or do the improvements and then list?..I see advantages both ways.
although the connection to sewers is economically unfeasible to me, it may not be to a buyer and they may wish to connect …in that case, not rebuilding would offer the buyer the option
rebuilding would be a asset upon sale, and perhaps attract more offers from buyers who would not want to undertake the project themselves but I do not think I would recover the cost in the pricing of the property
I’ve been mulling this over for over a year and it’s one of the things thats keeping me from pulling the trigger and listing the property…and if I wait too long, the properties that I want to purchase with the proceeds may just evaporate.
so, what would you do?