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Thanks. I didn't check the RE bowl because I already bought the land. I did real through the Zoning restriction, and I certainly can build low density houses or campground. I did check the township about the regulations, but despite the code enforcer advised buying a different plot on different townships, this land is truly one of a kind.
Imagine this, a very secluded land on top of a ridge right outside a middle size town, 30 minutes away from major amusement park (guaranteed visitors in the summer), a million dollar view of the city and valley all the way to the next ridge, with tons of history (it used to be Appalachian Trail). Truly one of a kind, in my opinion.
My main challenge is deciding the path that I can support financially. I just hate to see the project stopped due to financial issues. I do have another property that I can sell, but I want to avoid it as much as I can because it is in a nearby big city, and it will only go up in value.
Regarding the patron question, my main target is the park goers. I only have 2 other neighbors. One of them is a single family, and the other is a VRBO 16 people mansion that rents for $1200/nite with 5 star rating. I want to target family with up to 6 people for much less because I think there will be more people can afford 300-500/ night than 1200.
My question for you is what type of people do you want to deal with?
Glamping is still pretty boujee. Might attract people who want an “experience.”
Building a house for a single family could be nice and if you rent it to one person you have consistency and steady income.
You could Airbnb it but caution to you…our family friend rents out their second home via Vacasa and there’s always a least once moron that trashes the place. Last year they found a syringe and drugs.
Also, personally renting a full blown campsite sounds like a nightmare to me personally. If it’s a come and go then whatever but if you have a camp host and need to build showers/vault toilets those are always gross and sound like a hassle.
Have you checked out the real estate bowl? Always check the zoning before 🫣
Its all going to come down to the cost to construct + regular monthly expenses versus rental comps in the area to see what your net is.
Did you do this?
Going into specific topic, there are 4 major developments needed.
1. Septic system on limited space. I was told by the SEO and my civil engineer that I can put non conventional system on sloped terrain for single family home. If I wanted to go in recreational campsite route with 5-10 yurts, can I build multiple systems to meet the requirement?
2. Driveway is 1000 ft dirt road. I added riprap on badly washed out spots but was told I will need to put driveway off I wanted to build permanent resident. My question is what is the different requirements between personal vs commercial driveway, generally speaking? Can I put fabric, riprap, and gravel and can it a day?
3. Well. No question
4. Building. What are the typical high level ICC building code requirement, snow load, wind, R- rating? Anything else that might disqualify a prefab, such as material? I saw some of the prefab tiny home/ shed that might work as initial investment
Thanks
5. Extra topic, financing. I tapped into my heloc to purchase the land cash. I still have some money from that to be used for 2 out of 4 projects without the need to open new loans. I'm hoping to find prefab mfgs that offer financing and doing the driveway work myself using 0% APR offer.
Option B is to open FHA construction to mortgage loan, but that option is limited to single family primary home, correct? Is there similar loan for commercial?