What's up, everybody. Welcome back to this week's segment of the No Limit Minute.

They were going to talk about something exciting because it's a deal that we recently just got under contract and we were able to negotiate creative seller financing also while getting the deal or through the process of negotiations in getting the deal.

Under contract. So we're going to talk a little bit about how we actually executed on that. What was actually step by step what it looked like to get the deal under contract.

And then we're going to go we're just going to review the deal very briefly. So we're not going to talk super detailed financials.

We're going to review where the deal is, what it's about, what the overall business plan is with the deal.

Just to give you guys some insights into what's happening with certain deals in the market right now.

How are we actually able to make this deal pencil, the negotiations behind actually getting this one under contract right and the seller financing piece.

So let's jump right in. Okay, so this deal, I actually heard out, heard out, found out, yeah, found out about this deal from a from a friend from one of our actual LPs.

And this particular LP reached out to me and said that a broker had sent them this deal and they had never done this asset class of deal themselves.

So this is actually an RV park deal to 158 pad RV park deal in upstate New York. So not something that we've ever done location wise, but we have done RV parks before and one of my business partners has owned an RV park for the last couple of years in northern Florida.

So we have another RV park actually under contract in southern Mississippi. That's going to be a new development deal, but this is going to be a little different because it's an upstate New York. So we're going to talk about why that is, but she our LP brought us this deal.

And she was telling us all about how it was it was a great property. It was in a great location and area that she grew up in.

She invested this passively in some LP deals before and she really wanted to provide the capital. She really wanted to provide the equity for this deal, but she did nothing about actually operating it.

So she wanted us to do that for her. She wanted us to basically ask that manage it, do all the day to day operations execute on the business plan, do the due diligence, hire the employees, make sure it's actually running efficiently and she would provide the equity in exchange.

So we were like, okay, you know, I'm interested, send me what she got. So she sends us over the data that the broker center at the broker hand and we go through the financials and we like what we see, you know, work, we're confused at first.

I'm looking at the financials and it really makes no sense because the way the financials were sent the way that the property is currently operating won't have too deep into all of that, but it just isn't operated now how it would be operated if we took over.

And the way that they were actually operating it wasn't nearly as efficient or effective at all, financially, then it could potentially be if we were to switch it to the model that all other parks in the area were doing.

So they were actually doing an old membership model that on the park since the 80s and a membership basically was a one time payment that an investor or someone that wants to stay at the park would pay call it 10 grand.

And that would that one 10 grand payment would last them in a lifetime of membership at the park.

And so you can imagine then they had like a $350 or $500 ongoing annual like maintenance fee, but it's like nothing like you're making no money practically at all from what you could potentially make if you did the model and structured it just a little differently.

So they knew that so they're actually going to take all of their current members that they have in this park and transfer them over to another park that they own because they're just kind of looking to make that other park better but also slowly get into retirement as like getting out of the RV park space, the real estate investing space and get ready for their version of front legitimate retirement where they're not working anymore.

So selling this part to us they were looking for a specific number we weren't quite okay with that number the way that the current financial sat.

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