|FAQ#2 - Can You Make Enough Money With A
So you want out of the
Rat Race? I don't blame you. I left it 11 years ago and don't miss it at all. Yet giving
up your job, or even risking your retirement nest egg can be worse than staying in the rat
race. Who wants to give it all up only to go bankrupt? So can you make good money and have
a decent lifestyle owning a small resort?
The answer is a long one. It takes more space than
what I'll use here. The short answer? Well . . . It depends on what you consider a
"good" income and a "good" lifestyle. Even more important is
understanding how a small resort actually builds wealth.
If you manage right, a small resort can turn into a
gold mine. And if you enjoy working with people, or if your spouse does while you fix
things, it can be a wonderful lifestyle. Personally I can't think of too many better ways
for children to grow up than on a small resort.
What generally does not work well for a resort with
less than 15 units is two families owning and operating the property. You'll need at least
20 units and additional services like boat rentals or whatever to make it work for two
families, or a partnership of some kind.
Another thing that works as well as trying to herd
cats is out-of-state ownership. You buy it, then hire someone to run it. That I
don't recommend unless whoever you hire is as loyal to you as your dog. I hate to say it,
but every case of absentee ownership I have seen has been a disaster because employees
stole the owners blind.
As I have said in other parts of this Web site, over
the years I have seen resort owners build wealth up to a very nice level, a few have made
millionaire status. And by millionaire, I mean a true net worth of a million. It does not
happen often, but it can be done.
A more likely scenario is that the small resort, if
bought and run right, will not make you worth a million bucks, but it will come close.
However, the secret to it all is understanding that building true wealth is not like
getting a paycheck every two weeks. Its much better than that!
Many small resorts will not gross more than $65,000
to $120,000 a year. A few will hit the $200,000 to $350,000 mark. But they are somewhat
rare. Plan on more in the $60,000 to $80,000 range. BUT!
Remember that while $65,000 does not seem like much
compared to a normal annual corporate salary, that $65,000 has a hell of a lot more buying
power to it than a paycheck. Once you understand how your small resort works in the
process of earning that $65,000, you'll never want that paycheck again.
I'm not talking about anything illegal, or even in
the gray area of tax law. I'm talking about very legal wealth building, things you can't
do with a paycheck and a house. There are three very distinct ways to build wealth with a
small resort that are not possible working for Mother Corporation.
When you are ready, give me a call. We'll talk about
it a little more. We'll discuss both lifestyle and wealth building. My motive? I want to
work for you as a Buyer's Agent. I want to show you resort properties, help you find the
right one, and help you buy it right.
Information For Resort Buyers & Sellers
|1. Cooley's Guide To Buying A
A candid and comprehensive look at finding, buying,
and operating a small Ozark resort. Explains what to look for, and how to determine if the
resort owner lifestyle is really for you. Based on over 35 years experience of those
within the industry. A definite must-read for the serious would-be resort owner!
You Need A Real Estate Agent?
Not a sales pitch to use an agent, but a realistic look at the experience
needed for anyone buying or selling small resorts.
3. Frequently Asked
Questions - For Buyers and Sellers
to Main Cooley's Resorts For Sale Page
Cooley's OMW Tourism Sites
See what area resorts and tourism businesses look like and what they offer. Links
lead to main directories for each lake and the rivers. OMW Main directory gives links to
many area resorts in one place.
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