ghost said:
Thanks for the awesome, informative post Todd! Are you open to somewhere in the PNW? I have my capital ready to put down.
We've never traveled to that part of the country (yet). Not that we are 'adverse' to doing so. That location just hasn't fallen into our plans. We'd certainly look into whatever location you had in mind.
Now, you'll want to spend some time researching how exactly you plan to have this 'business' remain an ongoing concern. Maintenance, Repairs and Capital Improvements represent just a few of the items where you'll need 'cash flow' to solve certain issues. After all, you'll need a lawnmower to cut the grass, and someone will have to actually use that mower. You could simply 'assess' the shareholders a certain monthly amount to cover all expenses, taxes, fees, insurance, electrical use (or the cost of building a wind / solar array), but I encourage you to seek out alternative solutions to developing 'cash flow'. Using (once again) the 'Fraternal Example' mentioned in my previous post: Take a look at how this Jacksonville, Florida Moose Lodge chose to solve the issue of 'cash flow.' They not only sell alcohol (as do almost all Fraternal Organizations) and food, but also, they currently host some 100 RV Sites with Full Hookups (including WiFi and Cable)
Mandarin Moose Lodge
Many other Fraternal Groups follow the exact same model. The Eagles, Elks, VFW, American Legion, Moose, Shriners (and a host of others) each sell alcohol (and food) used as a profit center to fund their various activities (such as owning property and buildings and covering maintenance / repair costs). Some of these have seen the wisdom of 'branching out' by adding overnight and longer term camping facilities in an effort to increase their cash flow. People stop, hook up pay their fees, have a few cocktails (and maybe a burger or whatever special is served that day) and then head back to their rigs to sleep. The next morning, the guests enjoy a nice breakfast before departing for their next destination. Occasionally, these 'visitors' become members of the respective organization. Some campground locating apps (RV park is one example) even have Moose and Elks Lodges embedded in their maps.
Perhaps, the above represents too large an enterprise. Perhaps, once you gather the appropriate number of individuals to purchase the location and form the corporation, the 'shareholders' will vote to pay a monthly 'HOA fee' to cover the expenses required. Either way, you'll need a strong business plan to make the whole operation work. Even then, you'll experience issues along the way.
If we can help you while you develop your plan, fee free to let us know. We've done this sort of thing before. Also, keep in mind for the next 4 to 5 years, we'd
rarely use the facility (since we are still in the 'see the world' mode). However, we certainly see no problem 'buying in' once you get all your I's dotted and T's crossed. After all, the corporation could always 'rent out' our spot until we wanted to use it (also improving cash flow).
HTH