Marinas
I was approached by the owner of a marina I often frequent. He is moving out of state (re: work relocation) and asked if I would be interested in purchasing the marina. Although I have been around marinas much of my life, I have no idea of revenue opportunities and expenses. I also have no idea how finiacining typically works this type of investment. Can anyone help. Thank you.
it a specialty finance project for sure. I have also thought of them as cash cows esp if the demand is high. Then if you have add on service like a marine mechanic, boating and skiing supplies, it sounds like a winner.
Is this on one of the BIG TVA lake/reservoir in your are?
http://www.propertyvalu.com/pvmwi98r.htm
Commercialking
One thing you may want check into is the taxes. Here in Missouri boats are personal property, as I would think is the case in most places. The owner pays the taxes on the boat. The same as for Mobile Homes. However, after going through (and its still at the state tax commission legal department) a situation with a mobile home, the assessor told me that the state is considering requiring owners of marinas and mobile home parks to provide the taxing authority with ownership information on the boats or mobile homes. According to the assessor, if the taxing authority can not pinpoint the owner and get taxes from the owners, then the local taxing authority will have the authority to charge taxes to the marina and mobile home park owner. Doesn’t sound right to me. Charging me taxes for someone else’s property. That’s why I have taken my situation to the state tax commission. Maybe he is just trying to put up a smoke screen. Anyway, just a thought you might want to check into.
Chet,
Somehow I never thought of you as the cheap type. Ah Well.
I would think 50% is too high but it depends on a lot of factors, who pays utilities? Do Taxes pass through? Are there elevators? etc.
Give us a little more information about the type and location of the building and maybe we can fake something.