New members in the Ocala, Fl. Area

[Mike Axtell]

Hello,

We're a couple, Mike and Katie.

We're newer real estate investors around Ocala, FL. building our first deal right now.

I happened across an off market deal on an acre with seller financing that already had the septic, well, and power put on it. The acre is already subdivided into four lots.

It used to have a singlewide on it that burnt down after the owner evicted a tenant. (We don't believe it was coincidence). The owner is too old to deal with it.

So, we're putting in the sweat equity....

We brush hogged down the waist high grass, I'm tearing the remains of the wood floor and trailer frame out now.

Our intent is to put in a second well and septic, put two new doublewides in, each on a half acre, and do a "house hack" of sorts.

We're paying cash for everything but the mobiles, so the rental will pay the mortgage with enough for repairs until we move to our next property, then the properties will cash flow and we will refinance and get our cash back out and segway to a multi family. We should be at roughly 1.2% in cash flow all said and done with both rented, could be slightly more depending on rent.

We intend to be at 6 units within the next 2 years. 

Anyone in the Ocala area, we'd love to meet people in the industry. Our job doesn't allow us to make the Ocala REIA meet. So, we may be looking to make a sunday meet of some sort if other people are interested.