- How To Better Manage Your Business Spending For Tax Purposes - November 23, 2020
- How to Make Better Education Opportunities More Affordable for Your Child - November 20, 2020
- What Research Should You Do Before You Start Looking at Houses to Buy? - November 20, 2020
There are many things you can do with an investment in real estate. One possibility you may have not considered that can be both profitable and fun is creating your own RV park. About 40 million Americans go camping with recreational vehicles. There is a lot of money to be made with this kind of business model, but it isn’t necessarily easy. Below are five tips for transforming your real estate investment into a profitable RV park.
Design the Park’s Layout
Part of creating an RV park from a piece of real estate is more technical. You need to design the correct layout for camping spaces, roadways and facilities to maximize comfort, efficiency and safety. For example, a properly designed RV park should have one way roads to limit the number of pedestrian accidents.
Choose the Right Location
Having the right amount of space for an RV park is one thing. However, you also need the right location. RV parks located near popular tourist destinations and roadways frequented by recreational vehicles are your best bet.
You can work with an RV park broker to find an already developed RV park in a prime location that will maximize your profit potential. If you have any other specifications you’re looking for, your broker will work with you to find the best place for you.
Make Money from Additional Revenue Streams
To maximize your revenue, you also need to sell things at your RV park in addition to renting out the lots to campers. Make sure to create a camp store that sells everything from toothbrushes to marshmallows to custom-made souvenirs. You may want to add miniature golf or a similar activity to the property. You could consider also selling gas to RV owners. In some states, you can even set-up slot machines on property.
Create a Comfortable Atmosphere
Running an RV park requires a lot of maintenance and some continued reinvestment to provide customers with a fun, clean and comfortable atmosphere. Make sure the grounds are well maintained to produce great curb appeal. With a few small additions, you can create a fun environment with the appropriate facilities and amenities that will attract families with children and senior citizens alike.
Get the Right Insurance Coverage
While running an RV park can be a great investment, it is not without risk. Bad things can happen on your property. You need to be insured against such risks so you are not bankrupted by lawsuits. Look for insurance plans tailored to the specific needs of RV park owners.
Overall, an RV park can be a great investment. Camping and recreational vehicles are likely to still be popular decades from now. Such an investment can allow you to produce continual revenue well into the future and have fun while doing so. Whether you are considering purchasing an already developed RV park or building your own from your own lot of land, put in the extra effort to help ensure that your park will be a success.
Anita Ginsberg is a freelance writer from Denver, CO. She studied at Colorado State University, and now writes articles about health, business, and family. A mother of two wonderful children, she loves traveling with her family whenever she isn’t writing. You can find her on Twitter @anitaginsburg
All content on this site is the property of Taxbot, LLC, The Profit Junkie Podcast, or the author. You may link to any article that you wish, or share via the social media buttons below. However, please do not copy articles or images for use on other sites without express written permission.