Buying an RV Park

BurbMan wrote:

D & M wrote:

noisy wrote:
Wow. Some very interesting replies. I don't, however, recall asking for any of you virtual strangers to judge my competence to make decisions or run a business based on a few brief sentences. I was simply asking what items came up in a formal offer for an rv park that one wouldn't usually see in, say, purchasing a different type of business, or a single family home.

To the individual who recommended a private message to another member, thank you. That may prove helpful. Likewise the individual who mentioned domain name, e-mail, etc. That likewise was helpful, and although something that's been discussed, not something that had yet made it onto paper.

To those of you who eagerly made wild *(( assumptions about my basic intelligence, skill sets, experience and common sense - seriously? Did you really believe you were being helpful, or did you just get a thrill from feeling superior for 2 seconds? Glad I could make your day.

Wow! Hire a manager to be the front man for your campground, because with people skills like yours, you aren't going to attract much repeat business.

LOL this was my first reaction too!

I am siding with the guy buying the park here. He asked for help with the purchase transaction, not advice as to whether he should or should not buy a park, or how he should or should not run one. As for some added advice on the purchase, most lending institutions are going to ask for a "level 1" environmental assessment. This is a basic review looking for things like underground fuel tanks, landfills etc. Probably will cost around one thousand dollars. That should really cover most situations. A survey is a must for most people and will generally be required by any lender. I would have a home inspector look over the buildings, being especially interested in whether there is asbestos in the insulation or construction.
As for financial statements etc., the best confirmation they are accurate would be to ask for utility bills, tax bills and the credit card statements from the park's card processor that correspond to the financial statement. If those match, you have licked about 90% of it. About the only other place they could cook the books would be underreporting wages and repairs/maintenance. And a final thought, if they say they make more money by taking cash and not reporting it to save on taxes, I never count that money. Beating the tax man causes you to lose to the buying man, in my opinion.