RV Masterclass Live Deal Review - Jul 14, 2026
The transcript captures a live Zoom masterclass where host Heather Kiddoo, broker Bobby Souza, and participants (Dean Rose, Jeff Brewer, Matthew Kominiak, Michelle Olson‑Moran, Trisha Rogers‑Flake, among others) dissect two RV‑park acquisition opportunities in Texas and South Carolina. The discussion moves from high‑level deal economics—purchase price, NOI validation, cap‑rate assumptions, and seller‑financing structures—to granular underwriting details such as rent‑roll composition, mixed‑use site breakdown (RV pads vs glamping/yurts), occupancy trends, and expense line items. Participants probe the feasibility of taking over existing equipment loans, the impact of growth assumptions on valuation, and strategies for rent‑increase and tenant turnover. The group also shares practical tools: multi‑tab spreadsheet models, LOI templates, and methods for stress‑testing cap‑rate ranges. Throughout, the tone is collaborative and instructional, with participants offering real‑world experience, questioning assumptions, and seeking actionable guidance for structuring offers and evaluating value‑add opportunities.
Topics
Deal Economics: NOI Validation, Cap‑Rate Sensitivity, and Growth Assumptions
Review of how participants validated reported NOI against top‑line revenue, applied cap‑rate ranges (8‑12%, baseline 9.5%) for sensitivity analysis, and debated growth rate assumptions (3% vs 5%) and expense ratios, illustrating their impact on valuation and long‑term pro‑forma projections.
Seller Financing and Equipment‑Loan Assumption Strategies
Exploration of structuring offers that incorporate seller‑financing and the possibility of assuming existing equipment loans (solar, HVAC, etc.), including risk assessment, impact on cash flow, and negotiation considerations.
Capital Allocation: Core Return vs Expansion Funding
Discussion on allocating raised capital between baseline cash‑on‑cash returns and future expansion phases, covering the use of construction loans, capital calls, and balancing core versus growth capital to optimize investor outcomes.
Mixed‑Use Campground Underwriting (RV Pads, Glamping, Yurts, Cabins)
Guidance on breaking out rent‑rolls by unit type, evaluating occupancy trends, rate differentials, and identifying value‑add opportunities in properties that combine traditional RV pads with glamping accommodations.
Rent‑Increase and Tenant Turnover Management
Strategies for implementing gradual rent hikes, modeling the effect of long‑term tenant retention versus new occupants, and quantifying turnover costs on cash flow to maintain stable returns.
Deal Communication Tools: LOI Templates and Offer Presentation
Sharing of best‑practice LOI templates, discussion of “LOI Blaster” fatigue, and tips for creating customizable yet standardized offer documents that clearly convey key assumptions and terms.
Spreadsheet Organization and Integrated Modeling
Use of multi‑tab workbooks to consolidate P&L statements, rent rolls, broker data, and scenario analysis, enabling rapid stress‑testing of assumptions and efficient underwriting workflows.