RV Masterclass Live Deal Review - June 30, 2026
In this live masterclass, hosts Heather Kiddoo and Trisha Rogers‑Flake guide participants through a detailed underwriting of a Texas RV park. Presenter Bobby Souza walks the group through the park’s financials, highlighting a large valuation gap between the seller’s $7 M asking price and the calculated market value of roughly $2.4 M based on a 9‑9.8% cap rate and adjusted expense ratios. He demonstrates how to construct cash and seller‑finance offers, including a $1.85 M cash offer and a seller‑finance structure (20% down, 4% interest, 30‑year amortization with a 10‑year balloon), and outlines the capital needed ($792 k) for down‑payment, closing costs, reserves, and cap‑ex. The session delves into refinancing strategies, targeting a ≤65% loan‑to‑value ratio within 5‑7 years, and uses a “work‑backwards” exercise to determine required NOI. Participants discuss deal communication (LOI, Loom video), spreadsheet tools, and the importance of asking sellers about motivations. A Q&A segment explores exit structures, preferred returns versus profit‑share, equity‑vs‑debt financing, and criteria for expansion projects, emphasizing occupancy thresholds and realistic value‑add assumptions. Throughout, the presenters stress data‑driven decision‑making, conservative assumptions, and iterative scenario analysis.
Topics
Valuation Gap Analysis: Seller Asking Price vs. Market-Based Value
Detailed comparison of the seller’s $7 M asking price to the market-derived valuation of approximately $2.4 M, using the park’s NOI, adjusted expense ratios, and cap‑rate benchmarks (9‑9.8%). Highlights the magnitude of the valuation gap and its implications for negotiation.