Medium-Term Rentals

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Zeona McIntyre
  • Real Estate Agent
  • Boulder, CO
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Who’s doing MTR in Ocala? I’d love to discuss demand, seasonality

Zeona McIntyre
  • Real Estate Agent
  • Boulder, CO
Posted Oct 21 2022, 06:35

Hi! My partner has a long term unit coming available at the end of the month and instead of finding a new long term tenant we are thinking of furnishing and going MTR. It’s a 3/2 home. The MTRs I have are in bigger cities and are smaller units (1-2 bedrooms) so I’m trying to gauge demand. There are not many on furnished finder so that could be a good or bad thing. I’d love to talk to you if you are a pioneer in this market. Thanks! 

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Replied Oct 25 2022, 18:28

Hi Zeona. I just bought your book, can't wait to read it! I am hoping to get into MTR soon and my main concern is self-managing from afar and how to evaluate your property in-between tenants. Do you self-manage yours? and if not, do you find that property management companies are open to MTRs? Thank you in advance!

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Drew Sygit#5 All Forums Contributor
  • Property Manager
  • Birmingham, MI
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Drew Sygit#5 All Forums Contributor
  • Property Manager
  • Birmingham, MI
Replied Oct 26 2022, 08:47

Checkout Meetup.com

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Elizabeth Howell
  • New to Real Estate
  • Milton, VT
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Elizabeth Howell
  • New to Real Estate
  • Milton, VT
Replied Oct 27 2022, 13:38

Zeona,

Ocala is a really interesting market. "horse capital of the world." Last few years, dramatic developments in the Hunter/Jumper equestrian horse show world thanks to the creation of the TheWorld Equestrian Center (WEC). It's a crazy cool place, built by Roby Roberts, made his $$$ in the commercial shipping world, family man. WEC is a world class facility mere miles from the HITS brand (horse shows in the sun) facility. HITS Ocala used it be one of the only winter horse shows accessible to the middle class. thousands of families (daughter and moms or one mom with all the kids from one barn) from the Northeast and Midwest head down for anywhere between 2-12 weeks beginning in January. The HITS facility sucks and owner refuses to make necessary improvements to property. He's lost several Olympic level events because of it. The WEC has had to fight with HITS and USEF (United States Equestrian Federation) the national governing body for equestrian sports, to be able to host hunter/jumper horse shows due to mileage rules. The facilities are less than 10 miles apart. WEC has created work arounds - and because the facility is so spectacular - yet still affordable, they are booking all kinds of events throughout the year - concerts, dog shows, horse events in other disciplines, holiday open houses and markets, impressive calendar. Great area for MTRs and STRs, but the market is very cluttered and many current STR owners have open calendars because of the mistaken belief that horse people have $$$ to burn - for that demographic, go to WEF - the Wellington Equestrian Festival further south. With the right targeted marketing to people in the Northeast & Midwest, appropriate amenities for the audience (you'll want to have super solid washer and dryer for assorted horse laundry, places to put saddles, a solidly equipped kitchen, places for kids to study and parents to work, etc) you'd be able to distinguish yourself in the marketplace. MTRs are always in high demand for barn staff and trainers who come for the entire circuit. Happy to talk if you want more.

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Zeona McIntyre
  • Real Estate Agent
  • Boulder, CO
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Zeona McIntyre
  • Real Estate Agent
  • Boulder, CO
Replied Oct 27 2022, 15:51

Hey @Alexandra Garcia thanks for picking up our book! 

Self-managing from afar is a breeze, especially with all the automations these days. It's all in the book! My properties are in 4 states and we do fine, but I am learning that MTRs can really pay off if you put time into building relationships with placement agencies so it's a pain to have to do that in many markets. Pick one and really dive deep! 

There are 2 people I recommend for management in the whole US. It's a new niche so there are not a lot of managers in the space yet. 

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Zeona McIntyre
  • Real Estate Agent
  • Boulder, CO
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Zeona McIntyre
  • Real Estate Agent
  • Boulder, CO
Replied Oct 27 2022, 15:51

Ha! @Drew Sygit I'm not local, I don't see how that would work?

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Zeona McIntyre
  • Real Estate Agent
  • Boulder, CO
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Zeona McIntyre
  • Real Estate Agent
  • Boulder, CO
Replied Oct 27 2022, 15:53

Thanks Elizabeth, great info. 

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Drew Sygit#5 All Forums Contributor
  • Property Manager
  • Birmingham, MI
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Drew Sygit#5 All Forums Contributor
  • Property Manager
  • Birmingham, MI
Replied Oct 28 2022, 03:58

@Zeona McIntyre Meetup gives you access to a network of people. You don't have to be local.

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Shaina Stenersen
  • Rental Property Investor
  • Ocala, FL
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Shaina Stenersen
  • Rental Property Investor
  • Ocala, FL
Replied Nov 22 2022, 19:04

Hey Zeona, 

I just listed one of my houses (a 2/2) on furnished finder and started looking into the Facebook groups for traveling professionals. I do know one of the hospitals around has a terrible reputation, so that’s not helpful! We will see how it goes. Right now it is staying profitable as a short term, but hoping it will work as a medium term for more stability and less stress! If your rentals are on the nw side of town, you will definitely have a wider array of renters due to WEC and HITS. January through April being the high season for those. 

Shaina 

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Replied Jan 21 2023, 20:28

Besides the new WEC and it being a horse enthusiast area (and closer to horse ranches/trails), Ocala does not have a great reputation (friends don't care for it). However, it's also one of the more inexpensive areas in Florida to buy a home. It really depends on the exact location; if the MTR is closer to WEC/HITS, it may work out great. My two cents for what it's worth. Oh and the book is great, listened to it twice on Audible!

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Chris Welch
  • Rental Property Investor
  • Ocala, FL
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Chris Welch
  • Rental Property Investor
  • Ocala, FL
Replied Jan 24 2023, 14:02

Zeona,

I listened to your great podcast a few weeks ago and it helped me decide to take two smaller SFR's in the downtown/historic area of Ocala and convert to MTR's. These two are close to both hospitals and after doing a little research the demand seems to be solid. It also helped I am currently renting to young doctor doing his ER residency. He is saying the need is there in the medical community.

There is also a MTR area out by World Equestrian Center and some mini farm rentals which do well. The question is were in Ocala is the property located and who is your target?  

For me, I have STR experience so just need to get the house rehabbed as they were just purchased and had been neglected.

The plan is to post on furnished finders and airbnb or vrbo and see which takes off. 

I live and work in Ocala so any specific questions about area I would love to try and help.