I got a grade B+ on the CENTS commandments which says with average execution this idea should bring about 10 million but I really want to hear from you experienced people in this forum as to anything I can do better or improve on. We own 105 acres of land (outright) and we want to turn 14 acres of this into ground storage for RV's and boats. I am an experienced entrepreneur as I have run a construction business for 31 years so the business end of this is easy to set up and automate. Our County is already on board to approve re-zoning and we just need to fine tune the plans to put them out to bid and our feasibility study shows it should fill up fairly fast. It will have 550 slots for 12X40 and 12X30 parking and bring in 40k gross/month once filled up. And yes, It will be fully automated freeing me from creating a job as a Prop manager will run it if anyone has any problems getting in the automated gate and do maintenance too. And the price point will be very affordable ($60 for the 12X30 and $80 for the 12X40) as we would be in a mid to lower income area of Utah, average 50k/year. This is why we didn't do covered or canopy parking as that would mean $150/mo and would maybe too high for our income area? And I wanted to make it a no-brainer on the affordability end. And who can't afford $60/mo? Cancel your cable and there it is. Once it is filled we can take the funds and pay off our loan in maybe 2 years so from that time forth it will be 40k gross in our pocket every month.
Any thoughts from any of you on what you think may be improvements or any thoughts on if we should not do this? It is a risk as it is an unknown but in our area the places that have these are all attached to storage sheds and they have only a few RV and boat storage areas and they are all full up. We would have 550 stalls, so not a few. It would be the first of it's kind in Utah for what it's niche market is. Did I mention this is Redneckville where I live where everyone has a RV or 5th wheel? The upside is big as we could sell the business on the 14 acres for 7 million with 2 years of books showing it is full. The downside is we lose 1 million in build cost but we would still own the land it is on? Risk, yes so any thoughts/help would be appreciated.
I wish I had a multiple million $ internet idea but I am a contractor so I have to stick more with what makes more sense to me, which is land and developing it. Please give any criticism you feel or good/bad personal experience relatable to this.
Any thoughts from any of you on what you think may be improvements or any thoughts on if we should not do this? It is a risk as it is an unknown but in our area the places that have these are all attached to storage sheds and they have only a few RV and boat storage areas and they are all full up. We would have 550 stalls, so not a few. It would be the first of it's kind in Utah for what it's niche market is. Did I mention this is Redneckville where I live where everyone has a RV or 5th wheel? The upside is big as we could sell the business on the 14 acres for 7 million with 2 years of books showing it is full. The downside is we lose 1 million in build cost but we would still own the land it is on? Risk, yes so any thoughts/help would be appreciated.
I wish I had a multiple million $ internet idea but I am a contractor so I have to stick more with what makes more sense to me, which is land and developing it. Please give any criticism you feel or good/bad personal experience relatable to this.
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