All Forum Posts by: Marelyn Valdes

I would also agree with Stephen on Angie's List referrals - I tried a couple of their contractors and their prices were higher than other ones.  You might try joining Facebook pages that list where you are looking to buy rentals (in my case Houses and Apartments for Rent Ocala, Ocala rentals available) and see who is networking on there.  You can also post and ask who is a good property manager - tenants will let you know the ones that don't handle problems and let the properties go downhill.

I am lucky that I finally found someone who has lived in the area for years and if he can't do something, he knows people who are local and need the work.  If it's not an emergency where I have to do something ASAP, I can usually get work done a lot cheaper than most.  I use the biggest plumbing company in the area and they charge the same 24/7, so nights weekends and holidays are all the same charge.  

It wasn't just a little rehab - put in CHA unit and all ductwork (it had window units), tore out the 4th bedroom to make it back into a carport (more desirable than extra bedroom), ripped off the walls on the enclosed porch to make it a screened porch again, all new energy star custom windows and doors (got them on a holiday sale at Home Depot so 15 % off and had a 10% off Lowe's coupon that I had HD honor and got 18 months 0% interest) and painted inside and out (Pro Plan paint at HD - another discount and same 18 months financing), new appliances (scratch and dent with 10% off and 18 mo. financing at Lowes), and new countertop and ceiling fans.  I probably put in about $12,000 total in rehab.  I don't fix and flip right away because the tax consequences are better if you can hold for at least a year.

CB - concrete block

I haven't bought any homes in Citrus Springs, but it's a nice area near the river and looks like bargains can still be found there.

Can you provide info on the Marion County REI group you heard good things about? I have been adding a couple of buy and hold properties per year and would like to meet with other investors in my area. I think the interest in Ocala/Marion County is because the rents here are much higher for what is invested compared to the rental income in other areas. I recently bought a CB 4/1 for around $30,000, rehabbed and upgraded it (it should be worth $60,000 if I flipped it) and have it rented for $800 per month. The 4/2 I am rehabbing now was $55,000 and will take about $12,000 (includes new metal roof and new CHA unit) and comps are $90,000 to $125,000, but I am renting it to a family member for a year or two. There are some awesome deals, you just have to wait to find the right ones and be able to jump on them when they are available.

Thanks, Jason. I travel to Tampa fairly often, too.  If nothing else to look at my old property - now the future home of Dr. Patel at Busch and Dale Mabry.  It sure looks different than when I owned it with 10 rental houses on it and now the huge place he's building on the lake.

I have wells and septic tanks in most of my rentals in Ocala and Morriston, FL.  The wells aren't too much of a problem unless you get iron (I had to put an iron filter at one rental).  Also, with wells, ants get into the pressure switches and so no water and tenants go crazy.  I keep a couple of extra pressure switches (less than $20 each) because it seems to always happen late nights or on weekends.  

As far as septic tanks, the main problem with them is tenants cooking with grease and not being too careful when they dump the grease down the drain.  If I have a tenant make me get the tank pumped and it's full of grease, I make sure the pumper shows them the grease and I let them know the next time it happens it's their expense.  I use the "home is on a well and septic tank so there's no sewer or water bill" in my ad to rent a house and most tenants prefer not to have the extra bill.  I also find that I limit the number of occupants to one more than the number of bedrooms, regardless of age (so normally two adults for one room and one child/baby for each additional bedroom).  It cuts down on the amount of water usage on the septic - no matter how old, there are showers, washing machine drainage and dish washing.  

Thanks, everyone!

I currently am buying and holding single family homes in the Ocala (Marion County) and Levy County, Florida areas.  Originally I had rental properties in Tampa, but sold my home and all my rentals and moved to Ocala.  It's a small town just south of Gainesville (Univ. of Florida) and has a very strong rental market with people constantly posting on Facebook sites looking for any rentals in this area.  I buy foreclosed and trashed properties and enjoy fixing them up and usually have a waiting list of renters, so I can pick and choose from the best.  Ocala just added a Fed Ex distribution center and we are located close to the Gulf of Mexico and about an hour from Daytona Beach (and a little over an hour from Orlando and Tampa).  Single family homes have been going up in price, and it's getting harder to find a super cheap bargain - usually with a lot of cosmetic repairs needed.  Since I have been doing the buy and hold for over 30 years, it's easy for me and a great way to make income and minimize taxes with the depreciation.  I tried a couple of sales with me holding the mortgage - NEVER again!  I work with a couple of local realtors, and also buy from Tranzon, Hubzu, Homepath, and others.  The hardest part for me was finding the right people to do rehab and repairs, then I spend my time making friends with most of the employees and managers at Home Depot and Lowes to get a heads up on closeouts and bargains.