Texas RV Park Investor Has Huge Success with CXRE's Cody Pruitt

Limited RV Parks for Sale in Texas

Faced with limited inventory on the market in 2018, a private investor of RV Parks in the surrounding Houston area was struggling to identify good opportunities that fit their criteria. The slow market created many challenges in identifying motivated sellers.

After eight months of searching, the local investor remembered an asset he was previously interested in that was located outside of the Houston market. It was a pristine 93-site RV Park sitting on over 15 acres. The investor expressed interest in the property back in 2017 but ownership was not willing to sell at that time. The owner explained that they had engaged with previous prospective buyers on multiple occasions but that the deal fell through each time.

ACTION

Thanks to the persistency of Cody and his team, not only was I able to purchase this asset in an off-market deal, but they helped me achieve great value by negotiating a sale price well below the original asking price…

In October 2018, Cody Pruitt with CXRE reached out to the previous listing broker for the property in one last stitch effort to see if the owners would reconsider any offers and to discover specifically why previous deals had fallen through. The listing broker’s response was quite simple. The owner engaged with previous buyers who didn’t follow through due to financial snags, leading to deal fatigue each time.

Hearing this, Cody conveyed to the listing broker that his buyer was motivated and qualified, having closed on a similar property in 2017. After making it clear that he had a capable and credible buyer that was willing to make an offer on the property immediately, Cody ultimately convinced the seller to entertain an offer.

RESULTS

After three weeks of negotiating with the seller, CXRE helped his investor reach a contract on the property resulting in:

  • A purchase price 17.5% lower than seller’s initial asking price,
  • A purchase price approximately 28% lower than the recent sale prices of three comparable properties in the market, and
  • CXRE successfully negotiating the construction of a wooden fence, at seller’s expense, to close in the back side of the property, an invaluable improvement for the investor.

RV Park Investor Client Testimonial

“This particular RV Park fit my investment criteria perfectly and I knew I wanted to buy it the second I laid eyes on it. When Cody reached back out to the seller a second time, I was unsure if any negotiations would actually arise from it. But thanks to the persistency of Cody and his team, not only was I able to purchase this asset in an off-market deal, but they helped me achieve great value by negotiating a sale price well below the original asking price at the beginning of negotiations. I am grateful to have had CXRE represent me on this deal and I look forward to working with Cody and his team again.

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