RV lot purchase

[deciccocpa]

My wife and I have checked out a few RV resorts selling lots. Does amyone have experience? Would you buy it again? Is it an asset that appreciates or does it just burn cash? Are HOA fees excessive? Does the HOA work for nemefit of all of the owners or are there "good old boys clubs" What are the most bothersome restrictions? We looked at two RV Resorts and found the HOA ran the resort and the developers maintained the right to overturn any decision of the HOA. In essence, the devloper controlled everything

[TitanMike]

Originally Posted by deciccocpa

My wife and I have checked out a few RV resorts selling lots. Does amyone have experience? Would you buy it again? Is it an asset that appreciates or does it just burn cash? Are HOA fees excessive? Does the HOA work for nemefit of all of the owners or are there "good old boys clubs" What are the most bothersome restrictions? We looked at two RV Resorts and found the HOA ran the resort and the developers maintained the right to overturn any decision of the HOA. In essence, the devloper controlled everything

As for it being an asset that appreciates, probably not. Unless the "lot" is a piece of property recorded by the County as a separate tax parcel, it's merely a portion of the owners property.

Like your last sentence, the developer will essentially control everything as the property will be in their name.

If you actually do have a separate piece of "recorded" property, the HOA "Declaration" will govern for most likely the next 30 years. Only way to get developer out of the HOA's affairs is usually when they don't own any more lots, the last one having been sold.

If your investment is an a popular area and it's likely that it will remain, even grow, in popularity, it might grow in value. One HUGE caveat though, what do you do if the HOA decides to install some expensive amenities and assess all the HOA members for the costs? Same if the HOA get's sued for any reason.

One horror storry from not far from my house, a small community (with HOA) had a landslide take out their only access road. Since it was a private road it's the responsibility of the owners to repair/replace it. So far estimates are a couple million $$$. An RV park may not risk this but what to do when the authorities mandate special water treatment systems (potable or waste)?

Be sure to think of all the possible pitfalls before writing the check. If you don't then the possibility of one occurring is much higher.

Another thought. Compare purchase price with annual rent/lease using the number of years you are certain you will be able to, or want to, use it.

[deciccocpa]

Originally Posted by TitanMike

As for it being an asset that appreciates, probably not. Unless the "lot" is a piece of property recorded by the County as a separate tax parcel, it's merely a portion of the owners property.

Like your last sentence, the developer will essentially control everything as the property will be in their name.

If you actually do have a separate piece of "recorded" property, the HOA "Declaration" will govern for most likely the next 30 years. Only way to get developer out of the HOA's affairs is usually when they don't own any more lots, the last one having been sold.

If your investment is an a popular area and it's likely that it will remain, even grow, in popularity, it might grow in value. One HUGE caveat though, what do you do if the HOA decides to install some expensive amenities and assess all the HOA members for the costs? Same if the HOA get's sued for any reason.

One horror storry from not far from my house, a small community (with HOA) had a landslide take out their only access road. Since it was a private road it's the responsibility of the owners to repair/replace it. So far estimates are a couple million $$$. An RV park may not risk this but what to do when the authorities mandate special water treatment systems (potable or waste)?

Be sure to think of all the possible pitfalls before writing the check. If you don't then the possibility of one occurring is much higher.

Another thought. Compare purchase price with annual rent/lease using the number of years you are certain you will be able to, or want to, use it.

Thanks, that's some good advice. We were really interested in one RV lot until we read the HOA agreement. The developer had control of the HOA as long as he owned one lot and that could be forever.

We thought about another location that was developed by an very large company. We found they had the right to overrule the HOA even after all the lots were sold. The park had over 500 lots and was almost sold out. The developer owned the adjoining property which was shown on the new map as future development. I'm thinking the developer could force the existing lot owners to pay for expanding the existing rec facilities.

I'm hoping someone responds with a story where buying an RV lot worked out best for them. For now, it seems they're not much better then a timeshare.

[upflying]

Sounds kind of like a Timeshare deal.

[lbrjet]

Worked out great for us, but was in an older established gated park. Paid 9500 and 4 years later sold for 12500. Only cost 1K per year all in, including RE taxes, HOA fee, electric, garbage, water and sewer. Had to maintain your own lot, like mowing grass and trimming bushes. Could pull out at anytime for a trip or go and just stay whenever.

[deciccocpa]

Originally Posted by lbrjet

Worked out great for us, but was in an older established gated park. Paid 9500 and 4 years later sold for 12500. Only cost 1K per year all in, including RE taxes, HOA fee, electric, garbage, water and sewer. Had to maintain your own lot, like mowing grass and trimming bushes. Could pull out at anytime for a trip or go and just stay whenever.

Thanks, that's encouraging

[dbledan]

Just fyi the whole developer owns a vote for every lot while they own just one is pretty normal. They do it to hoas for houses here all the time. They do it so they can make exceptions without other owners approvals as it helps them sell lots.

You can get an open statement to see how they are handling the cash though. Several developers handed hundreds of thousands in debt to hoas once the home owners take over. Lawn mowing pool maintainence and trash services should be run at break even for homes at worst and not in the red.

Know that things like pools take expensive refinishing every 10yrs or so and standard maintenance like mowing should not be very expensive based on property sizes.

It can work but like most things research is necessary to prevent from making poor decisions.

[whj469]

We have two lots on Lake Huron, UP, MI. Lots are owned by lot owners. Board of Directors runs the place and they are elected by lot owners. MI has strong condo rules and would not let developer have that much control. You pay your own real estate taxes, less then $200 per lot per year. You also pay your share of other cost about $600 per year per lot. RV park is open from May 1st thru October 15th. We love it there. Good Luck

[deciccocpa]

Originally Posted by whj469

We have two lots on Lake Huron, UP, MI. Lots are owned by lot owners. Board of Directors runs the place and they are elected by lot owners. MI has strong condo rules and would not let developer have that much control. You pay your own real estate taxes, less then $200 per lot per year. You also pay your share of other cost about $600 per year per lot. RV park is open from May 1st thru October 15th. We love it there. Good Luck

That's sounds like what we're looking for. It's great to hear they're out there. Keep me in mind if one comes up for sale.
Thanks

[Nastynotchback1]

5 of my friends and I built our own camp ground on about 5 acres. It's the best thing we ever did. We have a community shelter in the middle and a nice fire pit. Community grill. We use it alot and I just leave my toyhauler there since that's where I camp the most.

[Nastynotchback1]

http://<a href="https://ibb.co/XxxTC...order="0"></a>

[Nastynotchback1]

Was trying to post picture but can't figure out how. Anybody help?

[filthy-Beast]

Here you go. you have to use the little post card with the mountains on it tool, not the web link tool.


Nice looking site.

[AlaskaErik]

Originally Posted by Nastynotchback1

Was trying to post picture but can't figure out how. Anybody help?

You typically need to use an image hosting site like postimages.org and then provide a link thru the "Insert Image" icon above, unless you're posting pictures at a site that lets you download your image directly to that site, like Facebook.

[quicky06]

I looked into a lot around here last year. There are several lake communities with lots for sale

A lot of them are 40 year old developments that were built in hopes of being on a giant lake that was never created. So they made their own smaller lakes. But most of the lots have been abandoned and are owned by the county on tax foreclosures. Looked hard and long at them and decided to pass after coming to the conclusion that they would never turn around.

Did look at a couple of lots in developments that are mostly sold or are still seeking by the developer. Then I saw the 3 pages of restrictions and crazy dues. What kind of lake lot doesn’t allow dogs in the lake? The restrictions are insane. It’s bad enough I’m counting down the days until I can build a house outside of an HOA.

So I started looking at small undeveloped land for sale. Couldn’t find any small lots far enough away From civilization. To make me happy.

Talked to some realtors and asked them to keep an eye out for lots going on the market for me. Never got anywhere

So I started contacting sellers of large parcels that had been on the market for a couple of years and asking to buy a small portion of it. Nearly got what I was after and then someone came in and bought the whole property. Funny enough it’s the owner of the company I work for that bought it. He got a good laugh when I told him what happened. Didn’t purse purchasing from him, too much mixing work life with pleasure.

After all that we decide to pay 35 a month to store our travel trailer at a state park about 45 minutes south of us. They have a gated storage facility and the entrance To the park is manned every day of the year. Takes me a half hour to grab the trailer, pull it to a campsite and set it up. It’s good for now

[GoneSouth10]

Originally Posted by Nastynotchback1

5 of my friends and I built our own camp ground on about 5 acres. It's the best thing we ever did. We have a community shelter in the middle and a nice fire pit. Community grill. We use it alot and I just leave my toyhauler there since that's where I camp the most.

Got room for a seventh!?!?!?

[Nastynotchback1]

[QUOTE=filthy-Beast;2282671]Here you go. you have to use the little post card with the mountains on it tool, not the web link tool.


Nice looking site.

Thanks for your help and compliment. It's looks alot better now. That's when I had first built it

[Nastynotchback1]

Originally Posted by GoneSouth10

Got room for a seventh!?!?!?

LOL got room for alot more eventually.