A partner and I investigated a marina, golf courses, 600 home sites. Property was in foreclosure as a whole, but the marina was showing a nice profit. Had an excellent resturant which was accessible to inland visitors (steady business). The steady growth and increased revenues was an important factor in considering it for me. I've been looking for another such property (and think I may have one) so I can say I think the right place could be a nice investment. I love the water .
Just remember its all about the service first and the location second. Your management will have to be like cruise directors, offering activities to keep them coming back. After a while it will be a community all of its own. Secondly the location has to be easily accesible for drop offs, and enough traffic for advertising.
Marinas can be a lot like gas stations with respect to environmental issues. Think about it for a minute - at some point in the past, somebody had to come up with some cheap fill material to convert the gradual shoreline into a steeply banked, raised area on which a building (and fuel tanks for boats!) could be built. Cheap fill = common environmental problems.
A partner and I investigated a marina, golf courses, 600 home sites. Property was in foreclosure as a whole, but the marina was showing a nice profit. Had an excellent resturant which was accessible to inland visitors (steady business). The steady growth and increased revenues was an important factor in considering it for me. I've been looking for another such property (and think I may have one) so I can say I think the right place could be a nice investment. I love the water
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Good luck,
Terry
Let me know what you find out. I'd love to buy a marina either on the Great Lakes or in the Gulf of Mexico
Just remember its all about the service first and the location second. Your management will have to be like cruise directors, offering activities to keep them coming back. After a while it will be a community all of its own. Secondly the location has to be easily accesible for drop offs, and enough traffic for advertising.
Good Luck,
Kyle
Marinas can be a lot like gas stations with respect to environmental issues. Think about it for a minute - at some point in the past, somebody had to come up with some cheap fill material to convert the gradual shoreline into a steeply banked, raised area on which a building (and fuel tanks for boats!) could be built. Cheap fill = common environmental problems.
Just a heads-up.