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Retirement Income ideas?

2,565 Views | 11 Replies | Last: 7 yr ago by libertyag
GasPasser97
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AG
Looking for some ideas to supplement my retirement savings (if there's any left by then).

I'm about 20 years from retirement, but would like to plant some seeds now so that I'm ready to go (or able to "retire" earlier).

Any general thoughts/advice or specific ideas?

I am a "professional"...but not super interested in continuing in the same sector once I'm able to retire.

Not super interested in web based stuff, either.

I lean more towards real estate, rentals or B&B, lawn services, outdoors/firearms related business...but am open to any ideas.

It's probably a foolish request, since most people would (rightly) sit on any good ideas...but I figured I would give it a shot.


GasPasser97
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AG
Additional background:

- 10K population
- lots of tourism
- 1+ hour to major metro areas
- prefer to do my business/investing locally
mallen
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AG
You mention tourism which means there is demand for short term rentals. If the demand is strong enough I would try AirBnB. I think it would be hard these days to run a bed and breakfast without technology, even more so in the future. I would not be averse to using web based technology.
halfastros81
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AG
I probably don't know any more than you and my retirement time frame is a lot nearer but I am planning to get my real estate license, list a few homes, get the inside track on purchasing rental property, and supplementing my retirement income that way. Will be teaming up with my wife who is taking the real estate license test soon. I hope to work no more than 25 hrs per week on average.
libertyag
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AG
I have had my own accounting practice for nearly 26 years and between now and Monday, will be finishing my last 5 tax returns (well other than my own returns each year!). A few years ago, we bought a small RV park thinking along the same lines you are, i.e., income in retirement.

My suggestion would be to look into RV parks, mini-storage, boat storage, car wash, washateria, something that does not require many employees (or any employees unless you plan to have no involvement at all in the venture).

My fear of rent houses, duplexes, etc. is getting a bad tenant that damages the property. I had a client that happened to, and it was a financial mess for him.

One thing I would keep in mind is that you are not going into this looking to get rich, nor it being something you are getting involved in at age 30 and will try to raise a family from what you make. It is something to supplement retirement income and singles and doubles are fine, swinging for the fences is the wrong approach. Start small.

Bonfire1996
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AG
Good luck libertyag!
libertyag
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Bonfire 1996 said:

Good luck libertyag!
Thanks very much.
GasPasser97
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AG
Libertyag -

I was thinking along the same lines.
n_touch
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Liberty Ag is on track with that. My in laws are campers and are thinking about doing the same thing. Every where they go is booked, the upkeep is not as much as you would think and if you provide a nice place you will stay busy. If you are not in a tourist area and are close to any plants, you will stay busy as well. A lot of the out of town workers buy small trailers and just leave them there during their stent.
jonj101
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Congrats on retirement Libertyag.

Because this thread reminded me of an RV park near my house that is always crowded, I searched for costs in developing one, maintenance, etc. Some estimates I saw were 15-25K per space, not including land.

Koa campgrounds has a franchising option, and estimates between 1.125-1.35M not including land. I know nothing about RV parks, and I don't know if Koa is desirable for RV enthusiasts compared to others, but I've seen them quite a bit when I traveled. http://ownakoa.com/buildakoa/

The one near my house is: http://advancedrvpark.com/ From an outsider, it looks like a pretty nice one.
khkman22
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AG
GasPasser97 said:

Additional background:

- 10K population
- lots of tourism
- 1+ hour to major metro areas
- prefer to do my business/investing locally
Are you in Fredericksburg by chance?
libertyag
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AG
n_touch said:

Liberty Ag is on track with that. My in laws are campers and are thinking about doing the same thing. Every where they go is booked, the upkeep is not as much as you would think and if you provide a nice place you will stay busy. If you are not in a tourist area and are close to any plants, you will stay busy as well. A lot of the out of town workers buy small trailers and just leave them there during their stent.
You are right on the money. Ours is basically for workers, we are not what is known as a "destination" park like those on a lake or at the beach. Our renters stay typically from 3 months to 3 or 4 years.
libertyag
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AG
jonj101 said:

Congrats on retirement Libertyag.

Because this thread reminded me of an RV park near my house that is always crowded, I searched for costs in developing one, maintenance, etc. Some estimates I saw were 15-25K per space, not including land.

Koa campgrounds has a franchising option, and estimates between 1.125-1.35M not including land. I know nothing about RV parks, and I don't know if Koa is desirable for RV enthusiasts compared to others, but I've seen them quite a bit when I traveled. http://ownakoa.com/buildakoa/

The one near my house is: http://advancedrvpark.com/ From an outsider, it looks like a pretty nice one.
Thanks very much.

I looked into developing a park, and the cost was around $10K a space in our area. Banks are reluctant to loan on RV parks, unless you have other sources of income to make the note payments.

The nicer parks like KOA (and those with swimming pools, concrete roads, etc.) with all the amenities would likely run in the 15K-25K you mention. I was too close to retirement to want to sink 1 to 1.5 million into a park. If I were in my 30s or 40s, I would in a minute.

For those looking into RV parks, a couple of things to consider:

1. I suggest buying an existing park over developing one. Search long and hard for the right deal, typically the seller finances the deal. Find a motivated seller. If you see a park, and it is not for sale, look up the owner on the appraisal district records and write them a letter. They might be interested in selling and just have no idea where to start. Your letter might prompt them to look at selling. That is how we bought ours. It wasn't for sale until we contacted the owner

2. Before you get too far along with developing a new park, meet with the appropriate people within the county and or city about their requirements. Some require city grade streets, some do not. We bought our park for about what the streets alone would have cost in one we were looking to build. Some areas require an engineer designed drainage study. The regulations in some areas make it hard to justify going forward.
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