All Forum Posts by: Ben Owens

@Jose Falconett

Yes, we have the ability to buy cash, as long as it meets certain criteria. 

Let me know if you have something in mind, or just want to talk.

Looking forward to hearing from you.

---I had thought this was posted 11 days ago through phone, but I guess reception rejected the submission

@Parker Hewes

Welcome to BP! Gainesville is a great place to get going. You are in the right place for advice, BP has A LOT of very knowledgeable people to network with. Add value, give your experience when you can, and keep the momentum moving. 

Do you have a "plan of attack" for the market? Financing, wholesale/rehab to acquire discounts on buy and holds, target tenants, class of property you are interested in, yearly breakdown of goals, etc. ? 

Gainesville has many opportunities to succeed, and fail, like all neighborhoods. You have to know what your risk tolerance is, not just for rehab work, but for tenants as well.

I have seen properties that looked great as a listing, did research and drove by during day and looked acceptable, then at night and wouldn't want to touch them with a 100ft pole... but hey, that's my tolerance level, and it varies per person.

I am sure @Brian Oen would be able to steer you in the right direction concerning neighborhoods that meet your tolerance. 

@Nancy Bachety

The newest podcast(really inspirational what she pulled off and is doing now) is what re-opened my eyes to the STR. That had been one of my primary targets when initially evaluating getting into real estate, due to my fairly central location in Florida. Upon connection with my old school investor/mentor/partner(much like Zeona McIntyre's friend that funded her first purchase-unknowing of what she would use it for), shifted more towards the investment parameters(based off of LTR numbers) he was familiar and comfortable working with. I suppose I had let it slip from my mind since most of the podcasts referring to AirBnb STR etc were all dated by the time I started listening to them. I appreciate the offer to reach out to you, and will take you up on that after I explore airdna,com a bit.

I have been researching long term rental buy and holds in the Central Florida region, but have more and more been considering going the Short term VR route. I live in the Ocala area, and have been evaluating surrounding areas and resources to weigh to pro's and cons of long term and short term viability. I have a partner that is more old school, and I know the idea of the short term vacation rentals is too risky to him. I am hoping to find a property that I can use an FHA loan to acquire and live in / manage as a Short term vacation rental on AirBnB etc, to prove the business model to him. Backup plans for it include resorting to flipping, or long term rentals/hold for 1-3 years and exit with appreciation.

Does anyone have advice for a % rule or anything? Like, you should be able to get .1% of purchase price per night? 100k house, should rent for $100/night? I know, market and amenities all vary, and HOAs etc. , but again, rough rule of thumb? 100k, 30yr mortgage, $600/mo, +$100 Ins, +100 taxes, +$150 electric, +$35 sewer/water, average it out, not including any capex looking at 1k/mo, then the $20 room cleaning between visitors, etc. So if you were able to KNOW you could rent it for 12 days out of the month to cover costs, then yes, you have potential for almost 2k upside a month. 

Any input is greatly appreciated. I used rough numbers just to throw some figures together. 

Thanks for reading my post.

@Andrew Wong - Interesting experience. How many total VR visitors have you hosted for?

@Kelly Bowen

Welcome to BP and the Ocala real estate market! I live and work in the Ocala area, going on 20 + years. There are good areas, and not so good areas. We have a lot of different things going on around here, downtown square revitalization, industrial distribution facilities, etc. 

Please let me know if you have any questions, I am fairly familiar with the areas regarding rough, good, okay neighborhoods, boots on the ground, etc. Rents can vary pretty drastically between different areas...

My partner and I have come close to closing on a few deals. He is a hardcore old school investor, knows his numbers and sticks to them, and is a great mentor to work with.  I have a day job, and am building my network of colleagues and associates, would be glad to extend a bridge and work with you and others.

Welcome to the forums Joe!

         I myself have lived in Ocala Fl for about 20 years and have been working in the area for 12, started with self employed professional landscaping at age 16 with my mother. It's a good place to live, the area is growing at a fast rate now, heck we have 3 exits just for us off of I-75. The areas can be a bit difficult to gauge however, and I would make sure you do fairly extensive research on something before you buy. I have been in the area for quite a while, and I still make sure to do area drive through at different times and days. 

       A quad for 150k sounds great on paper, until you realize it was built in 1960, has no capex maintenance on it, is in a full fledged section 8 subdivision, and you get looked at sideways when you drive through. No, not near as bad as Detroit, my partner and I almost acquired it, but by our numbers it didn't make enough sense for what we were looking for and seller was not willing to budge. Did it sell? You bet it did, and I hope the new owner gets what he was hoping for. Different personalities and risk/reward targets. I know it will seem "cash flow" like crazy, but between the looming capex updates, *potentially* unsavory tenants, and possible evictions, the mental stress did not equate to enough profit.

       Understanding and finding the niche that fits you and your personality is important, or you may end up being like the countless others that jump in, and realize they didn't factor enough expenses in, hemorrhage money from day 1, and sell cheap in 4 years just before marital relations dissolve.

          Don't get me wrong, there are great opportunities in our area, just do your research, and boots on the ground for a area/neighborhood from a third party can make a huuuge difference....

          I have been researching, investigating, and low ball offering on places to make them fit our numbers. I think direct mail marketing is pretty saturated, you would need some darn good creative methods to pierce that veil. I could go on, and just might in another post, but for now...

If you have any questions or want to chat, send a message, or we can just talk in the forum. 

Good luck with all of your endeavors!

@Bret Rubash

Here is an idea or two that may help. I do not know what you real passion / interests are, but....(and everyone, these are just suggestions that MAY work for SOME people, I am just trying to be helpful and encouraging)

1.) I would look into whatever local community college you may be able to attend, talk with their financial aid department, and see what Pell Grant/Scholarships you may qualify for. I advise against taking the actual student loans, but instead focus on the 100% free money. Figure out a 2 year degree or technical vocation that qualifies for the grant, then pace the money, usually can get 2 classes a semester part time year round, and you can maintain a part time job at least semi-related to your school vocation, plus some employers like to see you are active in education. Eventually, you will either A) graduate and get a better paying job, B) graduate and get a raise, at which point, you may be able to qualify for an FHA loan on a 1-4 unit, and let the games begin. -----(there are plenty of people that go back to school and end up failing, but also plenty that end up succeeding the key here, is to be as debt free at the end as possible)

2.) Figure out either an internet business(either dropshipping, ebaying, affiliate marketing, content creation(writing, reviews, videos, etc)(dude, start a blog now, put content on it, you put your story here, you can put it on your blog and eventually it will rank, even more as you progress your life improvement strategies))    ------    or start a super low overhead service business to start and run(think mobile/stationary car wash&detailing, cleaning service, maybe high demand time uber driving etc), or one possibly related somehow to real estate (if that is your interest)- like Landscaping(not maintenance-due to high equipment costs). Or Just go onto Fiverr and Upwork and look at the random stuff people do for money, and people actually PAY them for it! You would be extremely surprised. Freelance work has become very popular these days.

3.) Start to learn real estate direct marketing and funnel creation, network with BP members and your local RE investors, begin learning how to put together wholesale deals / referral commissions to get yourself familiar with associates and dealmakers to get your name out there and foot in the door.

Again, just some tips that may or may not work for some people. I myself have done 2 and 1, In that order, and am working on bringing 3 into the equation now.  

I hope this helps, don't give up Bret, life can feel like it sucks and is cruel, but keep your head up and hustle.

@Account Closed , Yes I will be there. I had started investigating it a week or so ago and had not been able to find much definitive information regarding if it was actually active or not. The Orlando gig would be great, not positive I could make it, but I will keep it on the radar. It would be nice to have some additional BP meetups a bit more north, maybe we could drum something up for North Central Florida.

@Account Closed - With myself being new to real estate, I am learning more as quickly as possible, and finding that there are different strokes for different folks.

Interesting article on the lease VS M2M - https://www.biggerpockets.com/renewsblog/2014/09/0...

We have those that are strongly in favor of one, and those strongly in favor of the other, both with seemingly good reasons for the particular situation they may have found themselves with.