Smallish equestrian property outside Ocala, FL

[David Wheat]

Investment Info:

Other buy & hold investment.

Purchase price: $19,000

3.72 acre agricultural flag lot
5 minutes from HITS
10 minutes from the World Equestrian Center
20 minutes from Ocala
30 minutes from Gainesville

Septic on site but no well (dried up). Used to be an awful mobile home on site but I sold it cheap for quick cash to pay down debt.

Short term: Would like to fence off and lease for long term grazing, maybe pour an RV pad for seasonal use (HITS)
Long term: Build a forever home and add a smaller home for rental.

What made you interested in investing in this type of deal?

Wasn't thinking about the investment when I bought it. It's close to my job but far enough away to be quiet and secluded.

How did you find this deal and how did you negotiate it?

Bought it from an employee. Rented at first and then bought it cash.

How did you finance this deal?

401(k) loan

How did you add value to the deal?

Let my employee use my tools and drink my beer :)

Cleared a bunch of laurel/water oaks

What was the outcome?

Still own it. Got married and moved an hour away. I get up there when I can, but a family member tends to the property right now. I miss it, and I'm sure it could generate cashflow.

Lessons learned? Challenges?

I shouldn't have sold the mobile home, no matter how poor the condition. The loans offered on this property sans house are unattractive.