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WANTED: RESORT with CABINS

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I've got a buddy looking to purchase a resort. He's been looking for the past 2 years and has made a couple reasonable offers, but hasn't been able to seal a deal.
I thought I would throw this out to you folks, hoping someone would have info on a resort SOON to be put up for sale.

Here's what he's looking for:

Resort with small lodge (bar & grill), 2-6 cabins, 20-40 seasonal RV sites, must be on fishing lake, Wisconsin or Minnesota.

I believe he's in the UNDER $1,000,000 range. I know he'd like to buy in the next year, but I'm sure he'd wait for the right place.

Can anyone help?


[This message has been edited by HANGBELLY (edited 01-17-2003).]

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HANGBELLY - I guess it depend on how much under a "mil" he's looking at? If he's as serious as you indicate, within Wisconsin anyway I'm surprised he has not sealed a 'deal'. The trailer parking is the environmental killer for most properties in northern Wisconsin .... resort, cabins, but lots of restrictions on the trailer parking coming up also. He's going to be lQQking at $700 to $800k easy.

Have him send requirements to
[email protected]

Seize the moments and tight-lines -

BB-LDF

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I was in the business for years to finance real estate and would simply say he best make **** sure it cash flows. I have seen so many people come from Illinois etc, sell their home, use their savings to buy a resort (often on a contract for deed) and think now they can both earn money and enjoy the north country. Most find they are constantly repairing etc and hardly get to fish.

Then too, they find they are losing their shirt and the contract holder forecloses and poof....there goes all the equity in their home and their savings. Trust me...I have seen it a number of times.

With all the regulations on fewer fish, gas prices high, no snow and whatever you can think of, many resorts cannot make it as they are not always full. Anyway, thats my 2 cents worth....just be very careful!!!

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I agree with Steve about the pitfalls. Have known several resorters and resorts.

The best of them provide excellent customer service, with plenty of things for the kids to do, and are located within a fairly short drive of a decent-sized town, in case a little shopping/restaurant/casino is in order.

Unless the resort is on a fantastic fishing lake (the huge majority are not), fishing is a small part of what a resort must offer to be successful.

------------------
"I've driven farther before to catch fewer fish . . ."
Steve Foss
[email protected]

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Thanks for the input, I've passed a link on to that friend of mine.

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