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Description:
Offering and project summary below
pictures and videos below
Fully Developed Pristine Lake Resort (RV)
Purchasing clean title out of Foreclosure
45 minutes from Minneapolis
OFFERING SUMMARY
Appraised Value: $ 6,400,000
Equity Required: $ 1,000,000
Proj. Cash Flow (Yr 1): $ 295,752
Minimum Investment : $ 500,000
Profit Distribution – 70%: $ 1,522,000 (total for 1M)
INVESTMENT HIGHLIGHTS
• Investors may double their investment in four (4) years based upon sales forecast.
• Project forecast being debt-free in just over two (2) years or at the sale of 57 lots. After this time, nearly all operating costs are covered by dues on purchased lots and revenue from rentals on unsold lots giving great stability to the resort. Nearly all future revenue from lot sales would then be net profit.
• Existing pre-sales of $380K decrease risk and provides an indication of future sales.
• Property is being platted as a condominium giving buyers deeds for their lots which significantly bolsters their ability to obtain financing for their purchase.
• Codger’s Cove Resort is a successful resort of the highest quality with existing rental revenues. These rental revenues will help support operations during the transition to selling lots.
• Codger’s Cove RV Resort is a pristine property (www.codgerscoveresort.com) with professional on-site management. The property is full of beautiful trees from the natural preserve, has a total of 103 sites (21 lakefront lots), is only 45 minutes from Minneapolis/St. Paul. The property has a 717-acre lake, its own private dock, as well as a stocked fishing pond for the kids. Each site has full hook-ups including cable service, a picnic table, and a fire ring. There are paved roads and beautiful landscaping throughout the resort. The property also has a log cabin-style lodge, convenience store/gift shop, and restrooms with Corian showers and counters.
PROJECT SUMMARY
OVERVIEW
David Purifoy and Matthew Voelker are co-owners of VP Real Estate LLC, a Kansas Limited Liability Company. On June 9, 2008, VP Real Estate secured a purchase agreement for Codger's Cove RV Resort which is located in Howard Lake, Minnesota. VP Real Estate LLC is converting the property from its current lease-only model to one of purchasing lots.
David has been working on this project since early in 2007. He has worked closely with Mick and Lois Nedegaard of Nedstrom Management who have managed the resort and overseen or completed all of the construction since its inception. David is the son-in-law of the Nedegaards and nephew-in-law of the original owner and developer, Bruce Nedegaard. Through this relationship, David has been able to observe first-hand the building and operation of the resort and become familiar with the financial statements of the business. Matthew, David's business partner, joined him early in 2008 to form a partnership around this project.
HISTORY
Codger's Cove RV Resort was originally developed by Bruce Nedegaard, a local Minnesota developer. Bruce passed away in the fall of 2006. Shortly after his death, his estate filed bankruptcy, and Codger's Cove ultimately went into voluntary foreclosure. The property was recently handed back over to the lender, Lakeland Construction Finance, who took ownership of the property on May 28, 2008. Since this time VP Real Estate has obtained a title commitment on the property.
VP Real Estate has completed a significant amount of work to not only secure the purchase agreement, but to complete all of the legal, governmental, and engineering tasks necessary for the project. A strong team of professionals has been utilized to bring all the final steps to completion with the formation of the association, zoning, and platting requirements.
Investors who see the clear merits of this project, those who know Real Estate Investing, and especially those with interest in RV Resorts/Camping will find this project of great value.
Time is of the essence with this project with a brief remaining window of opportunity.
See pictures (on web) video links below, they speak for themselves.
Videos:
A. Entrance
http://www.youtube.com/watch?v=DjNqa1QzAhE&feature=related
B. Lakeside Resort Lots
http://www.youtube.com/watch?v=EbXVoi4L5YI&feature=related
C. More lots and Shed
http://www.youtube.com/watch?v=SENZF8LB1iU&feature=related
Thank you for your time.
Matthew and David
Images: (Click on thumbnails to enlarge)