All Forum Posts by: Caitlynd Fawn Born-Dohm

Hello! I am a Realtor and investor here in Citrus County, and to be honest with you, Crystal River is where the tourists are trying to go, so the closer you can get to Crystal River (short-term rentals are banned in CR from a 2005 ordinance) the better. Inverness is fine, you can definitely have a successful short-term rental there, you just have to choose the right property in the right neighborhood. All of your short-term rental listings should be focused on catering to the nearness of Crystal River, though. CR is only place in America where you can legally swim with the manatees, hence our popularity 

It is beautiful here, in most areas! It's not my favorite place in the area, but the biggest issue with Crystal River right now is that a 2005 city ordinance was passed banning short term rentals by the nightly rate, and that was a thriving business here in Citrus County (it still is, of course). However, this county is tourist-favorited because it's the only place in the U.S. you can legally swim with the manatees.

I am not sure if you have sold the lot yet, but we have a lot of vacant lot scams going on in Citrus County right now. The scam rate here is crazy. Beware of any buyers not represented by a Realtor in this area. 

Congratulations! You set yourself up well. Many people would love to be in your position. 

Personally, if I were in your shoes, I would not pay off that mortgage. Rather than trying to be debt free, I would invest a very good portion of your profits in multiple properties that generate high monthly cash flow (Short term rentals is where the cash flow is at). I know it is scary when your bills are nearly topping your earnings, but rather than paying off the mortgage just to minimize a monthly bill, I would add more properties to your portfolio so that the mortgage payment is no longer worrying you. With more properties focused on higher cash flow, you will be able to handle that mortgage payment just fine, and now you have more properties in the mix. Score!

I have had good luck with AirBnb. I am definitely a fan and would like to become a landlord of one myself soon. I recently stayed in a Sanibel Island AirBnb for my birthday and it was one of the best stays I have ever had. Instead of clunking through a commercial hotel, we had a private waterfront condo for half the price. Coffeemaker on the counter, reading material for travel destinations nearby, silverware, it couldn't have been better. No complaints for my stay. Now I am reluctant to use a hotel unless I have to.

You should definitely shop lenders during your grace period. Right now, FICO knows you are shopping, so each inquiry isn't going to ding you as many hits, but as one. In fact, they encourage you to shop. Keep in mind, though, that rates are on the rise. Remember not to get so caught up in getting the preferred amount that you forget to lock in a good rate. Wishing you the best of luck!

Hello, Wayne! I realize this thread was posted 4 years ago but I still figured I would reach out. I am Realtor® over here in Citrus County, and I have lived here for 6 years. It's a very nice area - the amount of out-of-state buyers we have coming right now is astounding. Have you found a property to house hack yet? Are you still investing? I'm sure you know that Crystal River passed a city ordinance banning short term rentals (however, you still see them up and running frequently) but Weeki Wachee and Homosassa can also be great places to invest, because of the amount of waterfront properties, there, too.

Citrus County is an awesome area to invest in. Especially with short-term rentals. I've lived here for 6 years, and the STR market is killing it, since we have so many waterfront areas (Ozello, Fort Island Trail, Pine Island, and so many more) but the only problem is that Crystal River passed a city ordinance banning short term rentals in an effort to protect the manatees and local culture. However, people still partake, of course, but now all the STRs in Crystal River are at risk for fines or shut-down. The safer area to invest would be Homosassa or Weeki Wachee, or Ozello. As a Realtor and investor myself, that is where I personally plan to invest. Hope that helps!

Hello, Wayne!

I realize you posted this years ago but I figured I would still jump in to comment on the changing scape. 

I am a Realtor® here in Citrus County, and short term rentals are extremely popular in this area, especially Crystal River, Homosassa, and Chaz. It is still pretty common in Beverly Hills, though, too, but obviously you find the waterfront properties elsewhere. 

It is worth noting that short term rentals are not currently allowed in Crystal River, but they are flourishing still. However, Homosassa and Chaz are STR friendly.

As for wholesaling, that is not as common in the area, but it does exist. I have spoken with a few. Hang in there. Persistence is key!

As a fellow 19 year old myself, I realize I will have to wait a year or two to begin purchasing properties as well. I keep myself engaged by being a real estate agent. It kind of depends on how badly you truly want it. If it runs bone deep, you will never forget it, no matter what you are doing. If it is merely a fleeting desire, you may forget it during your time in Toronto. 

Reading books definitely helps me. Finding an investor in person can also be a hard feat to accomplish, but it is worth the work. You should keep it fresh in your mind, and try to constantly be learning, so that when you are ready to purchase a property, you are prepared for the challenge.