Real Estate Agent · Uxbridge, MA · Member since 2020 · 38 posts · 22 votes
I have experience with real estate investing in the Clermont / Minneola area. However I do think that Lake County has some upside potential considering the huge amount of growth in neighboring Orange County.
I am thinking of moving my focus to the Tavares, Leesburg, Mt. Dora areas.
Does anyone have any experience with rentals and / or flipping in those areas?
Interested in hearing your thoughts or suggestions.
@Donald Dooley I live in Apopka but have sold quite a few investment properties in Eustis. A solid occupied house/ADU on Orange Ave, a BRRRR single family on Palmetto, a great light rehab on Pendleton, a 1920s flip off market and in progress on Lemon, and most recently a six-plex on Bates. That's all just since April 2020.
Out of my entire area of coverage I’m walking properties, making offers, and closing deals most often in Eustis. Some other good ones in Apopka, Sorrento, Longwood, but Eustis has the right mix of great tenant demand and still reasonable prices.
@Donald Dooley I live in Apopka but have sold quite a few investment properties in Eustis. A solid occupied house/ADU on Orange Ave, a BRRRR single family on Palmetto, a great light rehab on Pendleton, a 1920s flip off market and in progress on Lemon, and most recently a six-plex on Bates. That's all just since April 2020.
Out of my entire area of coverage I’m walking properties, making offers, and closing deals most often in Eustis. Some other good ones in Apopka, Sorrento, Longwood, but Eustis has the right mix of great tenant demand and still reasonable prices.
I find the best properties in Eustis are smaller 3/1.5 and 3/2 homes or, of course, small Multis. In areas like west Orlando or Altamonte or Apopka, a 4/2 house can get a solid premium over a 3/2, but that premium seems to diminish a bit in Lake Co. I'd honestly like to BRRRR a little 2/1 cottage sometime since they rent strongly too. My only rental personally so far is a small 4/2 in Apopka, but it was a rare find. The consistency of good deals in Eustis is solid.
Also look into the Wekiva Parkway project. A massive 25-year infrastructure project has put toll road access into rural lake county with later plans to head up through Marion. Lake County and Northwest Orange had no good commuter access for years, but it’s been growing since 429 opened from Disney/I4 to Apopka in about 2002. Now it goes further North and dumps off right in Mount Dora, soon to connect back East to Lake Mary and the 417. This project is a huge catalyst of Northwesterly Orlando growth into rural areas, and that’s a good combo for awesome deals on little older homes that are now “cute” and “trendy” cottages.
I’m a lake county investor - Born & raised here in Mount Dora! I currently own stuff in Mount Dora, Eustis and Tavares. I’m trying to get out of single family & into multi so that I’m able to scale quicker. Buy & hold for passive income is my goal. Feel free to email me anything you come across. I’m good at checking realtor, zillow, mls, but often times miss stuff. Thanks!!
@Michael Radnothy nice to see some locals on the forums! I grew up in West Altamonte Springs (Lake Brantley grad) and have seen this whole area north of Orlando booming since the late 80s. I bought a house in 2009 in Apopka about 6 miles from the house I grew up in.
Most of what I’ve done has been creative negotiations with on market deals, so we may have been offering on some of the same deals, but sometimes off market stuff comes along as well.
I'm interested in Eustis too so this is good info. Any "ballpark" numbers as to what a small 2/1 (say less than 1,000 sq ft) may rent for in Eustis, and what a 3/2 in the 1,500 sq ft range may rent for?
@Justin B. saw this post and figured I would follow-up. I definitely would recommend going on zillow, apartments.com, etc as their has been an increase in rental prices within the past few months. Kinda hard to give prices as it is dependent on variables like ( is it a SFR, multi-family, condition of property, location). I have seen 2/1s in not to good areas for 700 and some in better areas for 1300+, and prices varies higher for 3/2's as well. I invest in the Lake County area and thus far enjoy it, best advice is to learn the area and streets of homes you plan to invest in, in addition to running good background checks as a part of conducting your due diligence.