All Forum Posts by: Account Closed

@Ben Curtin

Have you driven around and  searched the multifamily properties that are in the areas? You need to find the owners and ask if they want to sell. The best deals aren't listed. Remember that the owners are investors also. They will understand what you want to do and hopefully you catch them at the right time. 

Good Luck!!!! I love your plan! Let me know how it works!

@Tim Ryan

Thank You!!! I appreciate you input. I know that people are wanting more home away from home comforts when on vacation. I also know that people like to bring their pets on vacation and would like to accomodate them. The 4% is worth it if you get more bookings. Most people shop themselves from home computers. I am guessing when you started you had to have different marketing strategies like listing with an agent. It is so much easier now to search for vacation sites. I see our area growing so I don't want to miss this train. 

I have been a vacationer and booked through those sites. I know how easy it can be!

Locally there are things for vacationers to do all year.  I am 20 minutes from  the Rainbow River and 30 minutes from Crystal River.  The Rainbow has thousands of people float down every week.  Crystal River is the place to go to swim with the manatees.  Both can be fun in the summer and people come and do this in the winter months also! Then you have the longer short term rentals for snowbirds.  They like to escape freezing Temps in the North.  I will just have to be ready to list it on the vacation sites and be proactive until I am established.  I liked the honest numbers from Tim Ryan. 

@Eddie Hernandez

The numbers are hard to count on since you are hoping that your marketing and demand for the area come through. I have been checking VBRO and some other vacation rentals and seems that the homes available off of the rivers have at least 50% rentals. Starting with no cushion would be hard, especially getting established and waiting on positive reviews. The returns on short term and vacation rentals are so much better than fighting to find "good" traditional tenants. I have used the calculators and love them! They are also helpful with the What If? situations. 

Living in North Central Florida, I forget that people spend thousands and dream all year to come to my home town. After years of trying to perfect my rental house management I am wondering why I didn't think of this earlier!? I have been looking at properties with a new perspective. I think I found one. The owner is asking way over what a traditional investor would want to pay. Now I am thinking I can pay a little more because the returns are so much better. And Bonus! It comes fully furnished in Lake House Decor! Exactly what vacationers will be expecting. I am a hands on manager so I would be the cleaning lady and yard boy. What am I waiting for? 

 I am glad you went in person before you invested only to find out that it was not for you.  I want to add this to my list of ways to aquire properties.  Every market is different.  One thing for sure is you have to be there every sale to get the deals.  Eventually you will land on one.  I say you have to kiss a few toads...

Right now I am working on adding some vacation rentals to my portfolio. Let me know if you want to invest in Sunny Central Florida! 

Love this! Living in the heart of Florida, I know the need for short term and vacation rentals! I am always on the look out for prospective properites. Anyone interested in a partnership, let's talk! @Amber Koontz this is another aspect I love! 

Amber is my Boots on the Ground! Like one of the first guys said, You have to just go down there and see how it all works. Jump in and get started! 

I would look for properties that have things listed like Mother In Law Suite, Finished Basement, Detatched Garage. Duplex, Triplex, Fourplex.

I am looking for multifamily and actually looking into building a new one. If I was younger I would do something like The BP book reccomends. Buy one as a first home. Get an FHA loan, live in it for a while and then you can move and have it as a full investment rental property. I would suggest reading their book if you haven't already. I wish I would have read it 15 years ago!

FIrst of all...Can my daughter marry you? You seem like you have a great life plan! You are on the path to success! 

And second of all... Yes! There are lots of people that just want out. You get them out of their situation and you can benefit. You are the problem solver. This is something you will learn over time. You are on the right track. Finding these deals isn't just paper work, numbers, resells and profits. You are finding someone in distress. You have to find a way to make everyone come out happy all while doing it leagally and ethically. Seems like you read the BP book that advised to make your first home a Multifamily and then move on from there! Great advice! You get the benefit of first time home ownership and learn the hard lessons of that Landlord Life first hand. I wish I could have started that way. Good Luck!