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Funding a marina purchase
I'm a computer systems architect and have several rental properties on
the side. I'm looking for a life change at the moment. So an
opportunity popped up to purchase a small marina. I'm in the process
of doing the leg work such as talking to the owner, neighbors, other
marina owners, customers, the guy who rents a building and runs a
maintenance business, local inspectors, etc.My question comes as to how do I end up putting together a business
plan to acquire funding to-do this? Are there any known lending
organizations out there who specialize in this? Any suggestions from
other small marina owners? Bob |
bobruddy
May 29
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| Find out if you will own or simply lease the associated tidelands or
lake bottom. In my state, most of that property is owned by "the
people" of the state and is then leased out to marinas, yacht clubs,
boat yards, etc. Every few years the lease comes up, and always goes
up (usually a lot) when it is renewed. The problem is the valuation
formula- the submerged lands are valued at the same rate as the
uplands for tax and leasing purposes. Operating a marina or boatyard
is seldom the highest and best potential use of waterfront property,
from an economic standpoint, but the property is often assessed at the
same rate it would be if somebody tore out the boating facility and
put up condos, offices, a waterfront hotel, etc. All you may be buying
is the good will associated with a sign and the right to pay enormous
fees to the government. The docks, pilings, etc would all need to be
removed if the land under them is leased from a state and the state
decided for some reason not to renew your lease or to force you out by
charging you $$$$$$$$$$ instead of merely $$$$$$$$. |
Chuck
May 29
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| The business plan for a marina is similar to a vineyard. As the old joke goes, "How do you leave the vineyard business with a million dollars?"
Answer: "Start with ten million". |
Wayne.B
May 29
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| Looking for a tax shelter, eh? |
HK
May 29
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| That is just the a smaller version of owning an airlines :-) |
animal05
May 30
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