Newbies from Lakeland, FL (In between Tampa and Orlando)

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Newbies from Lakeland, FL (In between Tampa and Orlando)

Ashley Bearden
Lakeland, FL · Member since 2014 · 10 posts · 4 votes

Hello BP!

I've been listening to the BP Podcast for the last few weeks and decided it was time to jump on the forums! My husband, Chad, and I are interested in buy-and-hold mostly. We're starting to read some books that have been recommended and discussing goals and ideas. We've recently started throwing around the idea of buying a beach property and renting it out through Airbnb or VRBO. Time will tell.. We're currently landlords through necessity.  We both came into the relationship with homes so we live in one and rent the other. We didn't quite know what we were doing but luckily we have decent tenants. We're looking forward to learning a lot!

We live in Central Florida and love it!! We are recently married and have 3 dogs. We play adult kickball in the Spring and Fall. Chad competes in BBQ cookoffs and I enjoy running (which works with all that delicious food he cooks). 

We look forward to being a part of the BP community!

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Glenn McCrorey
Investor · Cedar Rapids, IA · Member since 2013 · 494 posts · 407 votes
12y

Don't do what I did. The first thing I bought was a condo in Ft. Myers because that sounded exotic for a guy in Iowa. I still have it and it loses money. After that I started to buy boring bread and butter 3/2 houses here in Cedar Rapids and they make money. My folks live in Zephyrhills, FL so I'm relatively familiar with your area. Focus on making money then rent a place yourself on the beach whenever you like. Good luck.

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  • Evan R.
    Engineer · Oakland, CA · Member since 2014 · 121 posts · 76 votes
    12y

    Welcome to Bigger Pockets @Ashley Bearden 

    Be sure to make a post when you start on your vacation rental. Lots of great wisdom on the forums. 

    0Reply
  • Ashley Bearden
    OP
    Lakeland, FL · Member since 2014 · 10 posts · 4 votes
    12y

    I'm certain we'll be posting every step of the way! Thanks for the welcome!

    0Reply
  • Doug Merriott
    Residential Real Estate Agent · Tierra Verde, FL · Member since 2013 · 276 posts · 130 votes
    12y

    Welcome to Bigger Pockets!

    Sounds like you are on a good path. Vacation Rentals have always intrigued me. Someone did an entire podcast on vacation rentals. Just have to make sure flood insurance doesn't eat all of your profits.

    1Reply
  • Ashley Bearden
    OP
    Lakeland, FL · Member since 2014 · 10 posts · 4 votes
    12y

    Hi, Doug! Yes, I just learned that flood insurance is scheduled to increase by 25% every year for the next few years. I imagine, if that's the route we go, we'll have to scour for a good deal. You make your money when you purchase, right?

    1Reply
  • Amy Davidson
    Investor · Clearwater, FL · Member since 2013 · 69 posts · 38 votes
    12y

    Hi @Ashley Bearden

    Welcome. I've also been looking at vacation rentals, and I think that cash buyers are going to be able to pick up some real deals as the flood insurance goes higher and higher. The banks will be requiring insurance which will turn many people off, but cash buyers won't be obligated.

    If you have the reserves to handle a small flood, or are disciplined enough to set aside that money that you would have sent to the insurance company every month, you may come out OK without it. (Looking forward to a "flood" of people commenting on that philosophy.)

    At the moment I'm setting up a vacation rental in Largo -- 4 minutes from the beach, but not in a flood zone. From what I've seen on VRBO, etc. it should still be popular with people who come for longer stays, or who are looking for something with a more local feel. I'll post again and let you know if it works out like I have planned!

    0Reply
  • Ashley Bearden
    OP
    Lakeland, FL · Member since 2014 · 10 posts · 4 votes
    12y

    Hi @Amy Davidson!

    Please keep me posted! I'd love to hear how things go. 

    0Reply
  • Glenn McCrorey
    Investor · Cedar Rapids, IA · Member since 2013 · 494 posts · 407 votes
    12y

    Don't do what I did. The first thing I bought was a condo in Ft. Myers because that sounded exotic for a guy in Iowa. I still have it and it loses money. After that I started to buy boring bread and butter 3/2 houses here in Cedar Rapids and they make money. My folks live in Zephyrhills, FL so I'm relatively familiar with your area. Focus on making money then rent a place yourself on the beach whenever you like. Good luck.

    2Reply
  • Ashley Bearden
    OP
    Lakeland, FL · Member since 2014 · 10 posts · 4 votes
    12y

    Thanks for the tip, @Glenn McCrorey!

    0Reply
  • Keith Courtney
    Real Estate Brokerage/Vacation Homes/Short Term Vacation Home Rental Marketing · Orlando, FL · Member since 2013 · 159 posts · 127 votes
    12y

    Hi Ashley -

    I am in Orlando. I am deeply involved in the vacation home rental market in Osceola County near Disney World. There is more potential income usually in short term rentals than long term, but there also is an accompanying additional risk. Where to buy and what to buy are key. If you ever explore the vacation market here and have questions, please feel free to contact me.

    Keith

    0Reply
  • Michael Hassell
    Investor · Davenport, FL · Member since 2014 · 64 posts · 21 votes
    12y

    I'm brand new myself, so I won't say welcome...but I will say howdy, we are neighbors as I live in Polk County not far from Disney, we get over to Lakeland every few weeks I know the area pretty well. I think there is a lot of opportunity right there where you live.

    I would echo your interest in short term rentals, though maybe for me the beach is still a little too far away...though the idea of utilizing AirB2B sure is tantalizing!

    Best of luck,

    Mike

    1Reply
  • Justin Stamper
    Investor · Orlando, FL · Member since 2012 · 822 posts · 303 votes
    12y

    Welcome @Ashley Bearden

    I live in Downtown Orlando and the WAKA kickball leagues here are a lot of fun. Our company Investment Homes Direct has a team for KB and Softball. Any reason to drink beer while wearing a uniform is good in my books.

    If you do buy that beach rental, let me know so I can rent it for a weekend!

    0Reply
  • Ashley Bearden
    OP
    Lakeland, FL · Member since 2014 · 10 posts · 4 votes
    12y
    Hi, Keith Courtney and Michael Hassell! Maybe we could put together a local meet-up some time?
    1Reply
  • Ashley Bearden
    OP
    Lakeland, FL · Member since 2014 · 10 posts · 4 votes
    12y
    Justin Stamper we play on city fields and they don't allow alcohol on the fields. So we go after. :)
    0Reply
  • Joe Harper
    Landlord and Appraiser · Bartow, FL · Member since 2011 · 47 posts · 28 votes
    12y

    in case you didn't know. There is a REIA here. Every other Thursday at the Ramada. http://www.pcreia.com/

    I have made two deals there.

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    12y

    Welcome to BP community @Ashley Bearden  It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

    Find and connect with other BP members that are in your area http://www.biggerpockets.com/meet

    Set up keyword alerts to be notified of the topics that interest you http://www.biggerpockets.com/alerts

    Wishing you the best!   

    0Reply
  • Ashley Bearden
    OP
    Lakeland, FL · Member since 2014 · 10 posts · 4 votes
    12y
    Joe Harper are you in the Lakeland area? Dmitriy Fomichenko I've set up my keyword alerts! Thanks for all the info.
    1Reply
  • Michael Jobe
    Real Estate Broker · Triangle Area, NC · Member since 2012 · 587 posts · 214 votes
    12y

    Hey @Ashley Bearden welcome to Bigger Pockets and congratulations on your recent marriage! Sounds like you've got some good ideas of what you want to do with real estate investing. If you haven't already, I recommend reading The Ultimate Beginner's Guide to Real Estate Investing and as Dmitriy suggested, set up keyword alerts such as "Lakeland", "Central Florida", etc. so you'll receive a notification when posts discussing your area pop up.

    Also, whenever you want to mention someone make sure their name has a blue highlight so they'll be notified. Definitely attend a REIA meeting too and connect with local investors. I know that BP member @Anil Samuel does some investing in the Lakeland area. And if you need an investor friendly real estate agent send me a PM and I will give you her contact information. Best of luck to you & your husband in all your future endeavors! 

    0Reply
  • Joe Harper
    Landlord and Appraiser · Bartow, FL · Member since 2011 · 47 posts · 28 votes
    12y

    @ashley bearden yes I am in Bartow. I have five rentals here, three in Winter Haven, one in Mulberry and one in South Lakeland. Started buying May 2011.

    0Reply
  • Anil Samuel
    Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
    12y

    @Ashley Bearden Welcome to Bigger Pockets!!!  There is a wealth of information here.  I would be cautious buying near the water, I believe you will have to get flood insurance and overall home insurance may be difficult to buy and/or really expensive in FL.  Are you looking for properties in central florida or lakeland?

    0Reply
  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
    12y

    @Joe Harper,

    To make the @ work, do the following:

    Hold down the shift key and type @?

    Look below this Window, and you will see a list of names of people that have posted in this thread.

    Click on the name of the person that you want notified via an email, that you responded to them.

    If you are a Colleague with anyone that has NOT posted in the thread, and you want them to see your post, hold down the shift key, type the @ and the first 4 letters of their First or Last Name.

    Then look below this Window and click on that person's name.

    Raymond

    0Reply
  • Joe Harper
    Landlord and Appraiser · Bartow, FL · Member since 2011 · 47 posts · 28 votes
    12y

    @Raymond B. well well well I am on mobile and was very frustrated!! Many thanks.

    @Ashley Bearden I live and have a day job in Bartow See previous reply.

    0Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    12y

    Hey @Ashley Bearden welcome to the site! I look forward to hear success stories from you soon! Enjoy your stay here at BiggerPockets!

    If you like, you can check this quick guide to learn how to use BiggerPockets to grow your business: http://www.biggerpockets.com/biz

    See you around!

    BiggerPockets
    0Reply
  • Charlie Miller
    Investor · Davenport, FL · Member since 2013 · 73 posts · 22 votes
    12y

    Welcome!

    I agree with @Michael Hassell there seems to be good opportunity near Lakeland.  I've purchased 2 homes in Auburndale in the past 4 months and the long-term rental market seems strong.

    Beach-front vacation rental might be more fun though!

    0Reply
  • David McBrayer
    Rental Property Investor · Winter Haven, FL · Member since 2015 · 96 posts · 24 votes
    11y

    Hello from Winter Haven, FL.  We have just purchased a 3-2 house on Lake Howard and a 3-2.5 Townhouse on Lake Hartridge.

    We are looking for more properties and with Legoland being in Winter Haven, FL.,  We have thought about doing a vacation rental.  The ones I have looked at online in my area do quite well.  Much more than what our house would rent out for the year, they are doing in 3 months.

    We hope you have a ton of success to share with us.  Keep up the great work!

    David

    0Reply
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