(1.) Real Estate Opportunities in the Potomac Highlands, WV
(See (2.) Investment Opportunities Below)
(See (3.) Purple Fiddle Partnership Opportunity Below)
Below is a short list of some real estate firms /
individuals in WV who specialize in land, vacation, and waterfront / investment
properties in the eastern pan handle and Potomac highlands region of WV as well
as some Shenandoah Valley.
B.K. Haynes: http://www.bkhaynes.com/-- great for investment property advice --
wrote book "how to turn $500 into $5,000,000 in rural real estate.
Possible Mt. Storm Lake Retreat location for sale:http://www.mtstorm.webs.com --
24.77 acres along Mt. Storm Lake for sale...
A few places that I might suggest considering for investment or for enjoyment or for both include:
Capon Bridge, WV - 20 minutes outside of expensive Winchester, VA -- also waterfront along the Cacapon River -- very beautiful waterway
Cumberland, MD - great buildings, great prices
Petersburg, WV -- sits along the S. Branch of Potomac, a rapidly developing tourist area
Mt. Storm Lake, in Mt. Storm, WV -- a superheated thermal lake near my campground
Thomas and Davis, WV area -- near Canaan Valley, WV
Anything that is waterfront, be it a creek, stream, river or lake or something with wonderful mountain views...
(2.) Investment Opportunities at Abram's Creek Campground
Abram's Creek Campground is offering, to the first several people only, a unique investment opportunity that has been requested on several occasions by friends:
Put your own cabin up along Abram's Creek -- you choose the location / campsite and so long as a truck can drop off the ready made cabin from the bed of their large truck, all is well.
All cabin locations must be elevated above flood plane. Site choices for cabins first come, first served. We will likely also
require a large dump truck full of gravel to create a low moisture and flat foundation area for each cabin upon which to rest.
Financials / Details: Expect to pay about $5,000 for a 10x24' micro-cabin from
www.shawneestructures.com , similar to Cabin #1, which will include:
a 4' front porch area with or without rails
full electric package including circuit panel box, outlets and indoor and porch lighting and outdoor GFI outlets
metal roof and shutters
2 lofts indoors and 6x10' kitchen room in back (optional)
lockable door and functional windows with screens
delivery cost and set up cost
Figure about $1,000 extra for bunk beds, mattresses, table / chairs / storage cabinet / propane burners / pot-pans...
Insulation on walls / floors and roofs is an option that is highly recommeded (see upgrade options list below).
If you wish to spend a bit more, check out Pinnacle Park Homes -- these log cabin style mobile homes start in the
low $20k range and are fully functional homes, with a few options... very affordable for a real "log cabin" style home dropped off of a truck and ready to hook to
water / septic / electric. Not sure where we'd put one, but I like the idea.
Here's the Deal:
You and your friends can use the cabin for free up to 2 weeks /weekends per month (50%) and leave it available at least 50% of the time during any given month (no campground fees
charged when you or your friends use it).
When not rented by you or your friends, it will be available for rent in the campground On-Line Reservation System.
You must pre-book the cabin in advance using the campground on-line reservation system to check availability, which is first come, first served, then call or e-mail me to place a
no fee booking
whenever and however often you wish (up to 50% of month).
Abram's Creek Campground will handle all rentals, cleaning, maintenance, liability issues (insurance), and upkeep of the cabin in exchange for a 50/50 share of all revenues payable to
you quarterly.
After 5 years, Abram's Creek Campground will buy the furnished cabin at a pre-determined depreciated value in cash, at which point the cabin reverts to the sole ownership of the
campground. This would be based on a 15 year straight line depreciation of the structure assuming that at the end of 15 years, the cabin has no value... so a $6,000 investment in year 0
would result in 33% (or 1/15 total value per year) in deduction --- so at the end of 5 years, the cabin and bedding... has lost $2,000 for a total depreciated value of $4,000, which is
the price that I would pay you at the end of 5 years.
Cabin #1 had a 2nd year return on investment of $2805 in 2007 (purchased for about $5k in 2005). Cabin #2 had a 2nd year return on investment of
$2605 in 2007 (on about $4,000 spent on this smaller cabin in 2005). Cabin rentals for 2008 should be considerably higher as the popularity of the campground increases.
Cabin #1 currently rents for $50 per night and $250 per week.
Bottom line is that this cabin will easily pay for itself over 5 years, if not make a considerably profit, all the while, you and your frinds will have a free place to stay at a
wonderful stream-front mountain retreat with no fees for 5 years.
Note: The upgrade options that I would elect from www.shawneestructures.com, (camping
cabins) include:
1.) Electrical package with small circuit breaker panel box to include overhead pull string lights and indoor outlets (perhaps one GFI outlet outside) and a front porch light.
2.) Perhaps upgrade to metal roof from ashphaul shingles -- with an environment so full of mosses and fungi, not so sure if shingles will hold up.
3.) T-111 wood siding is standard -- 10 year painted wood -- no need to go vinyl -- it's not as nice looking.
4.) 10x24' size or larger recommended with 2 lofts and walled off back room 6x10'. Separate interior door at your option -- recommend leaving it open (no door) like in cabin #1.
5.) Heavy duty foam insulation at roof, floor and in all walls -- built into building as they are constructing it. R-whatever they recommend.
Give them a call or e-mail them -- they are responsive - Mennonite carpenters based in Bedford, PA -- about 60 miles from the campground.
Note: I will do my best to get electricity to your cabin site within the same calendar year. The further the distance from cabin #1 (current entry point of electricity),
the more extensive the excavating and cost of electrical wire and conduit for me to run current...
If interested, contact Vince at: 703-328-1840 / 304-446-5383 or e-mail: vlombardi2003@msn.com
From an e-mail to me from Kate Bright -- current 50% owner of the Purple Fiddle and accompanying Fiddler's Roost Inn:
I have included some details. I have reduced my asking price to $400,000.
I am firm at that. While John, other current 50% partner, is capable of running the show independently and has a
good staff and manager, some interest or investment would be helpful from a people loving partner to ensure things are running smoothly and allowing for collaboration and discussion
of issues.
The upstairs of the PF building is currently being rented for $1350 month, with many more rooms available for tenancy. John once again resides there and pays rent,
but having him on site ensures continual supervision of operations.
The business and properties are currently being refinanced reducing payments by approximately $1000/month. The total debt attached to the properties and business is around
$345,000, which will be assumed jointly with John Bright, each partner taking on $172,000, in addition to the asking price of $400,000.
Annual gross sales are right around $340,000-$380,000. We filed a $44,0000 joint tax return last year. The year before that was $11,000 with non-taxable income of around $80,000.
So it is not lucrative, as of yet. We expect things to turn around when we become more than just a weekend business, and expect that to begin with the construction of Corridor H,
starting next year.
Lots on Front Street Thomas, are being appraised at $80,000-$100,000 each. We own four in a row which is the only situation of it's kind in the area. There is plenty of green space,
but also plenty of room for more development.(cabins, mini-golf, camping, or even another building).
So total asking price is $572,000 which includes the outstanding debt. My asking price originally began at $750,000 and John will sell his 50% for $900,000, but after several
offers for my share, and the economic climate in real estate currently, I think it prudent to offer a reduction in price. I feel good about my price and the business.
I think that there is success waiting there and that this will be an amazing investment for someone who can wait and work for 5 or so years to see it boom.
Any questons / inquires, please contact Kate Bright at: dououkate@yahoo.com
