Welcome to a new episode of Get Creative. In this episode, we dive into the dynamic world of RV park investments with Patrick and Mychele Bisson. The Bissons share their journey from conventional real estate to mastering the RV park market, leveraging creative financing to transform underperforming parks into profitable ventures. Discover how they navigated their first major projects, applying lessons from the SubTo community and innovative strategies to scale quickly and effectively.
Highlights:
"We went from the underwriting then to then to talking to the realtor and really using all the terms that you know we started."
"It gets better. I want to hear more I'll shut up. Right. So remember the seller wants what it wants $3 million."
"You gotta jump. Yeah I think that is the biggest thing is just jumping in. And even if you're afraid I think sometimes you get just analysis paralysis."
Timestamps:
00:00 - Introduction to Patrick & Mychele Bisson
01:07 - Transition to RV Park Investment
03:05 - Between Storage Units and Mobile Home Parks
05:26 - Exploring the Potential of a Mismanaged RV Park
10:16 - Negotiating the Purchase Price and Terms
17:08 - Finalizing the Deal with Creative Financing
19:35 - Operating Agreement Challenges During Holidays
22:34 - Immediate Financial Benefits Post-Acquisition
25:29 - Additional Revenue Streams and Upgrades
30:25 - Advice for New Investors in the RV Park Space
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