Brainstorming

[Lawdog]

First off it's kinda late and I was bored so I thought I would post this up on here. Any ideas or input would be AWESOME. My wifes family owns a pretty good size piece of land and several businesses/buildings that they rent (gas station, car lot, rental car company etc.) Anyway, in the middle of the property is a small lake (old gravel pit that filled in with water) approximately 55 acres or so. There is only 1 house on the lake which is owned by my wifes family. So we were talking the other day (actually it was a couple weeks ago) on what type of business we could put on the water to try and make some money. The only thing I could really think of was a cable park. I love being on the water and love to wakeboard, wakeskate, kneeboard therefore it was the only idea I wanted to come up with, hahaha. My dilema is I've never been to one nor has my wife. I know there are some smart Moomba owners out there that might have some other ideas. Here's a picture of part of the lake.
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P.S Before anybody asks, OF COURSE THERE WOULD BE A MOOMBA DISCOUNT.....hahaha

[Ed G]

Well...think supply and demand

When I 1st started visiting Florida in the early 1980's, everybody that had a small lake operated a jet ski rental/waterski biz. The tourists loved it.

The cable park here in Orlando is always busy. The tourists are a very small percentage of their business - it's actually the competitions that the watersports manufacturers put on.

The cable park has a great marketing team and that's what's needed.

Is wakeboarding in your area well known?

Do you have many tourists coming to town?

One thing that might fly well, is if you could market your pond as the place to go surfing... in the middle of Indiana!!

come on down to Florida and check out what they do here...let me know I'll take you out surfing.

I don't think the Hansen family wakeboarding school is much bigger than 60 acres.

They live right up the road - you can check them out too.

Then there is the SWiss Ski School (again just up the road) and all they have is a series of man made skiing lakes.

A golf course around a lake draws attention too.

[wolfeman131]

I understand that the cable park in Cincinnati, OH does well and might be something for you to model after. But, I also know that some folks had a heck of a time getting one going in Atlanta due to zoning, ordances, etc. Do a google search on "Atlanta cable park" and you should find some interesting info. There was also alot on the topic on the site atlwake.com.

[Ed G]

I've been to the one in Cinci and it sucks. NOT a good model for rural Indiana

It's real close to several highways and very loud from traffic noise. Just driving there and parking is a friggen nightmare.

However, if your opening a barbeque place, Montgomery Inn of Cinci is a good business to model

so is Graeters Ice Cream.

[Lawdog]

The picture I attached is only half the lake. I was planning on maybe trying to go to the wakepark in Cinci but I read on the website they are closed for unexpected repairs. The wonderful part about my in-laws property is they own all the property around the lake. There is probably 15-20 acres of unused property for that could be used for parking, shops, other business. One thing I am concerned is it might be TOO big for a cable park. Location is alright, about 2.5 hrs from Chicago, Indianapolis, Detroit. Only 20-25 minutes from Notre Dame campus. Anyway I'm still in the brainstorming stage on what we could do so any ideas would be awesome.

[Ed G]

I think I still would go with a wakesurfing park and a pitch and putt golf course.

Heck wakesurfing isn't big here in Orlando - it certainly ought to be pretty cool in the midwest...especially being near a college town.

I went to a college in farm country (Slippery Rock State Univ). Nothing to do except drink and run.

If we had a watersports park nearby, well heck, I can't image the possibilites.

Move over Drew Daniello.

[bkearney]

Are there quarries near by? Are the scuba shpos near bye? if the answer is no/yes then you could look at a scuba destination.

[viking]

Heck - I'd be for trying to get it willed to you and your wife and have your own private retreat :)

[KG's Supra24]

^^ That sounds like a lot less work!!! I'm with Viking

[Lawdog]

@bkearney, I'll will run that idea past the family. Not sure how big scuba diving is around here.
@Viking and KG, If I could I would love to keep the property and use it as a personal retreat. Problem is the taxes are hella high. Indiana passed a law a couple years ago which makes it 3%.

Here's a look at the property from above if the link works: http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=935+Nappanee+Street,+Elkhart,+IN&aq=3&sll=64.920049,19.412842&sspn=0.118751,0.438766&vpsrc=6&g=935&ie=UTF8&hq=&hnear=935+N+Nappanee+St,+Elkhart,+Indiana+46514&ll=41.695603,-86.008615&spn=0.013074,0.043774&t=h&z=15

[Lawdog]

Additional info if you click on the link it is the smaller body of water to the North.

[KG's Supra24]

Across the street from a high school? Could you coordinate anything with the school? Rowing, ski team, science department, etc?

I would think the biggest drawback on a cablepark would be the length of time open due to summer lenth in Indiana. Another thing to consider (both the good and the bad), that close to a high school, you are likely to get every dayers after school but it may be to the point where you become after school care.

[Lawdog]

Yeah we could probably get something going with the school. As of now they dont have a row team but they do have snow ski team. As far as the length of summer up here I'm not too worried about it since my wife only works part-time now anyway and we dont need to make a millions bucks from whatever business we decide. She would help out alot and is totally on board. She is actually pushing for a cable park more than me. I've even suggested getting into some type of watersports sales and using the property to test out the products. Who knows though.

[New Guy]

Cable park in the summer. Snow park in the winter.

[WaterBullDawg1980]

Just thought I should mention that from what I have read on them a cable park is EXTREMELY expensive. I can't remember what forum it was on, maybe the old Atlanta Wake website that Drew mentioned, but I believe it was around 500K after it was all said and done. And that was for one that wasn't even that large. Been a while since I have read on it, but I do remember a company that you could buy "kits" from as well.

[KG's Supra24]

Cable Park, imo, seems to be an interest first, cash flow later, type of venture. As in, you are doing it for the fun, not the money.

It would take a lot of up front capital. Interest rates are low, though. As I sit here working on returns .... Sounds like a good tax investment :) I'd imagine it creating some good losses.