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A new four plex ??? Good verses Bad ??

BigAl

Gone But Not Forgotten
SUPER Site Supporter
At least for me . I am buying a older building in town and turning it into a 4 plex apartment along with two RV sites and a laundrymat . The laundrymat is already in place though it needs some work . I hired a repair company today to get all the machines up and running .

The building sits on a big corner lot with a trout stream bordering the back . It is a chalet type building with 2 units upstairs and two units downstairs when remodeled . I plan to reside it in 8" natural lodge pole log siding to give it a more woodsy,lodge look .

It is next door to a very nice park and pinic area. I plan to put two nice RV sites near it on the one side . It will have all the hookups for code .

I also plan to add 3 apartments to the building where it use to have retail spaces . This is code legal for the area . This building has never been a big money maker as a retail building and the area does not have a single apartment other than the one that this rented long term above my barn .I figure it is a no brainer .

My thoughts are to furnish the units as the gold drilling company has already indicated that they will rent all 4 units when completed . Since they had been staying at the local motel , I figured I would need to furnish the units . Money is not the issue and they will gladly pay more to have them furnished verses an unfurnished unit . Each man is given a $1500 per diem allowance for housing/food each month on top of his wages .

This has led to few thoughts .
1. How much does a furnished apartment add to the monthly rent verses unfinished ?
2. What is the going rate for RV sites with a trout stream outside your camp trailer worth a night/week/month?

3. I am thinking of paying all utilites( Gas ,Water,Sewer , TV, Internet , and electric) as part of the Monthly rent . The only extra chage would be for private telephone which would be billed directly from the phone company to the renter . This has worked very well on my other apartment unit and the gold company likes the "All Inclusive" price .

4 So , I will end up with 2- 2bedroom units and 2-1bedroom units , a laundry matt with 2 coin pay showers units for hunter/campers , two RV sites and a RV sewer dump .

After some reconsideration , I am thinking $700 month for the one bedroom units, $1000 for the 2 bedroom units. $30 a night for the camp sites with hookups( TV, water,Electric ,Sewer,Internet ) , $6 bucks for coin pay showers , $10 for camper septic holding tank dump fee .
I do not want to overprice myself and there are no rentals in the area to be found .

The building also comes with a ice machine that is big enough to furnish cubed ice to the whole area including the local store and gas station , so there could be another income source .

Any ideas that I have missed ? Give me your thoughts on the prices please .
 
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Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
Al, I'm looking for some 6 to 8 plex buildings. I see houses as being hard to afford for most people but apartments in demand. I think your plan makes a lot of sense.
 

BigAl

Gone But Not Forgotten
SUPER Site Supporter
Al, I'm looking for some 6 to 8 plex buildings. I see houses as being hard to afford for most people but apartments in demand. I think your plan makes a lot of sense.

Thanks Bob ,
I think it will all work well together . There is a nice little cafe right across the street for the campers to eat at and with the pay showers and a laundry matt "on site" I can accommedate all their needs ,I think .
 

muleman

Gone But Not Forgotten
GOLD Site Supporter
The rents seem cheap enough. The campsite fee is middle of the pack. Around here they are getting a lot more in rent and that does not include utilities. The gas boom is driving the prices and rentals are rare. The one drilling company has a modular site being put together that will have 240 units similar to those in the oil fields in Alaska. Campsites are springing up everywhere. I would not want the work and aggravation at my age. Time to enjoy life and work for myself!
 

BigAl

Gone But Not Forgotten
SUPER Site Supporter
The rents seem cheap enough. The campsite fee is middle of the pack. Around here they are getting a lot more in rent and that does not include utilities. The gas boom is driving the prices and rentals are rare. The one drilling company has a modular site being put together that will have 240 units similar to those in the oil fields in Alaska. Campsites are springing up everywhere. life and work for myself!

I hear ya Bill .

This is to be my wife's income source . She is a bit younger than me and I want to make damn sure she is well provided for when I kick the bucket .
I also see it as a possible super growth investment in the future .

It was a good deal and I can do all the remodel work myself .

Beats sitting on my ass all winter . Though it does screw up my Panama Vacation plans a little this winter :unsure:
 

Doc

Bottoms Up
Staff member
GOLD Site Supporter
Sounds real good to me Al. And we know you well enough to know you never take a Panama vacation .... you'd either be working in Panama or Idaho, either way it's not a vacation. :yum: :thumb:
 

Lia

Banned
I hear ya Bill .

This is to be my wife's income source . She is a bit younger than me and I want to make damn sure she is well provided for when I kick the bucket .
I also see it as a possible super growth investment in the future .

It was a good deal and I can do all the remodel work myself .

Beats sitting on my ass all winter . Though it does screw up my Panama Vacation plans a little this winter :unsure:

I shouldn't think you'd be happy sitting on your butt for a week, never mind all winter. You seem to be, like me, and others here, driven. Good luck with the project Al.
 
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