Apr '24 • RV Rental Business
How to buy an RV with no money.
How to buy an RV with no money. There are two ways I have found to do this.
1: Seller Financing where the owner basically signs over ownership of the RV to you and in return you pay the owner monthly payments with interest like you would a bank.
2: Subject to which is a bit different because it’s basically taking over the owners loan payments and the owner keeps the loan in their name. When I first started my business I didn't have much money and for sure didn't have the personal financials to grant bank financing.
So I started reaching out to sellers that were selling RVs in my criteria on facebook marketplace with a simple proposal. Would you be willing to owner finance your unit often times with favorable terms to the seller knowing I could generate thousands of dollars a month from renting it.
Some owners were happy to owner finance the units, some preferred the consignment model and most didn't want to owner finance at all.
Subject To is another way you can acquire an RV without actually using any of your own money. This is where you ask the owner of the RV if they are okay with me, the buyer taking ownership of your RV, and instead of paying you in a lump sum I will just pay your monthly loan payment you have on it. The seller will still be financially responsible for the RV, but you, the new owner will be paying that loan off for them monthly.
This is how I got started with my first few RVs before proving the business model was profitable, laying out a business plan with a full years profit & loss statement and presenting to a bank where I was able to grow further using bank financing.
Learned a lot from that process and was able to craft a proposal that worked for owners actually interested in entertaining that idea.
It was not easy at first.
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How to buy an RV with no money.
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