All Forum Posts by: Mary K.

I furnished mine like others said: new or almost new items from Facebook Marketplace, OfferUp (not as great a source), local Buy/Sell groups on FB, etc. I didn't find nice stuff at Estate Sales but some do. Look for FB groups geographically based in the upscale or higher income areas of where the STR is, or retirement areas, where they tend to redecorate often. I found that upper income people in their 50's and 60's who were retired (or not) in these areas bought new, tasteful modern furniture that sometimes didn't fit their rooms, or just didn't suit them once they had if a few weeks/months, etc. I spent $2-3K on my 3 BR STR and most items were anywhere from 2 weeks old to a year to two old. Got large sets of nice plates/silverware etc at charity thrift stores in the same nice areas of town for $20-$30. New pan sets can be purchased inexpensively at Target on sale. All this to say, if anything comes up missing someday, gets broken, stained or damaged, you didn't spend $25K on it, and can easily shop again to replace it. I keep spare plates/cups etc from the dinnerware collection in the locked maint closet, so if a plate breaks, I have spares that only cost me a few dimes. Right now, lots of people ordered new furniture and beds using Xmas Sales, and need to sell or get rid of their current stuff. These folks are desperate to get the old stuff out of their house and make room for new before its delivered. Spend a few days going on a buying spree and then rent a UHaul and go and do all the pickups of the items you purchased from people (that's what I did). I now have a storage unit with some excess furniture in it for my next STR purchase. Also, join some FB groups for STR owners. They also have great tips.

I can't think of a $150,000 house that would only rent for $1000 a month here either. It's getting harder to find a nice apt for that amount. Plenty of people that belong to our local REIA are also on BP; they could also chime in on that. Many investors who look at Tampa, Orlando and Jacksonville end up choosing Ocala instead for its ROI/cash flow.

I always recommend Clay at Resolute Property Management/(and Resolute Real Estate). They handle from purchase through property management. He is a CPA and an investor, and his top sales guy is also an Ocala investor, and fellow members of MCREIA, so they know what investors are looking for. Google them.They also have a YouTube channel.

@Matthew Shedd If you're still interested in Marion Oaks, you may want to check the new construction going on in that area re: Ocala Star-Banner newspaper or CEP. There are some new companies moving in and a lot of growth and a road extension. I live near there and it's going nuts. Not sure what it offers in MFH but you can check with my PM who is Clay at Resolute PM in Ocala. He both sells and manages.

I've bought a handful this way. At least 2 via a realtor; the properties were not advertised as SF, I just called realtors and asked if they had any listings that they thought the sellers would consider owner financing.  In both cases, the sellers were retiree's who owned the properties free and clear (these were 2nd homes) and were not using the properties. The properties had been sitting a bit so both the agent and seller were motivated. Both deals were only slightly higher interest and 5-7 yr notes, low downs (just enough for the realtor commission), modest houses fairly easy to payoff in 5 yrs by putting all the rent on the equity paydown plus a little extra. Another SF deal was an older guy who was building houses (up north) and built one without a basement. Most people want basements and he couldn't sell it so he seller financed it until I paid it off, zero interest. I don't think I put more than a couple thousand down. It was a great rental. Be creative, think outside the box. My boys go to FGCU in Ft. Myers and also want to get into RE. You might try mobile homes for your first deal - they often offer seller financing. I haven't done any and don't know much about that niche, but many on BP have and could provide advice. Some are using them as Airbnb's. Feel free to PM me too.

@Darren Berg how did you select those zip codes? Have you been to Ocala yet? I think someone on here focuses on 34482; I will try to find who that is. I see you own in Ohio - how are your Cleveland investments doing? I am from and have property in Ohio and have looked at Cleveland but not jumped - a bit unsure of that market. Ocala is a good place to invest though; I think you will find it worthwhile.

@Brian Goodling wondering the same thing - how did you find the owner financing deal? Not many people openly advertise that they'll do it; it seems you have to be pro-active and hunt them down (persuade sellers to consider OF). I agree with everything you said, and am a bit surprised that Ft. McCoy had so much interest. I do know there is a big shortage of rentals here in that price range though. People are desperate for anything under $1000/mo, esp if they take pets. Do you plan to buy more?

@Matt Nico that's impressive cash flow. What type of properties are you cash flowing those amounts? SF/ large MF? Would you mind sharing some info about one of your deals? 

@Clay Gerber I have a house in Knox County near Danville (Apple Valley), not too far of a drive into Millersburg. I too have been looking for property in Holmes county (to put a STR on) but you really seem to need a connection with someone, prices are crazy. Even Killbuck seems to be getting weird. Have you tried Roy Schlabach the home builder? He may have land or property to sell or can refer you to someone who does - he is a pretty nice guy, bought a house from him once. For LTRs though, I would search outside of Holmes like others suggest - Knox, Morrow, Stark, maybe near Loudonville? Or some people here are in Dover/Canton/New Philly area. If you want to talk about buying in Knox, you can call Bob Phillips (a realtor there) owns a ton of LTRs himself and knows everything about that market; you can Google him. IMO it is the bigger areas that have the best available inventory and cash flow (Canton, Cleveland, etc), if you are willing to go that far.

@Esday MI Flores you may want to check out Ocala (commuting distance to both Tampa/Orlando/Gainesville), a tertiary market. It is not as tourism dependent, and from what I have heard so far, the majority of renters are paying their rent through the virus shutdown.