All Forum Posts by: Shawn McCormick

@Lily B. I’d be happy to discuss helping you out. I’ve done 3 sub/2 myself and probably have investors that would be interested in your property if it’s performing decently. 

You can check my profile for a link to schedule a call or just PM me with some details.

@Tori Coil Welcome and congrats on getting started.  With the capital you have, you will need partners or hard/private money if you want to take down any deal in Central Florida. Each of those will want you to have skin in the game with experience and/or money. Prices are not going backwards, so it will become more and more difficult to find good deals. 

Plus there is so much competition from tons of people trying to get into wholesaling, not to mention the big players already getting the lions share. Many wholesale deals don't make sense, the margins are just too thin. So unless you are finding deals yourself, it will be tough. Not sure what your company policy is, but maybe reach out to some of your landlords that may be tired or have problem properties and see if they would seller finance one to you. 

You should look into networking with other local investors at meet ups or a REIA. CFRI (Central Florida Realty Investors) is s great place to start. You can get some education, network with other investors, trades, lenders etc., that may be looking to partner with someone with your skill set or time availability.

Best of Luck!

@VanCheska Milne welcome and congrats getting started! I would definitely suggest getting your husband on board, that can be crucial when finances get involved and risked. 

I'm in Orlando and am on the board for CFRI, the local chapter of the National REIA. I would suggest to connect to other local investors as much as possible to network, educate yourself, make connections with title companies, contractors, wholesalers, hard money lenders etc, those will prove vital to your success. You can also build your buyers list from there as well. It' proved invaluable for me and the connections I've made.

If I can help with anything in Orlando, please feel free to reach out. 

Best of luck!

@Robert Geibel That question is very subjective in a market with 10's of thousands of units. Returns can be good if you treat it like a business and operate in the top 10% of owners with regards to pricing, theming of the home, the community you are in, responsiveness, cleanliness etc. 

I have clients on both sides of this, some are doing great, others not so much. With the pending opening of EPIC, that should bring some life back to many who have been struggling..if they can hold out until then. I believe you can still do well here, especially cash flow compared to LTR's, but there is a lot more work to it so you have to up for the ride.  

Hey @Danny Huallanca Welcome and congrats on your investment, way to go!

You are asking about a submarket to a market. Most people that see this post will have to Google Saint Cloud. Mention Orlando to get some more responses. There are lots of meet up groups around Orlando, you'll have to travel a bit for most of them, but if that is your goal...

Also check out CFRI dot/net if you would like to network with other local investors and trades. They have a special meeting just for landlording that meets once a month and is run by a local Property manager that operates over 400 doors. There are many other sub group meet ups too. 

Hope this helps, Best of luck

@Jake Fleming I would start with your local REIA and network there with investors face to face, build relationships and go from there. You will likely be surprised at the people in the room at a REIA that have tons of money looking to deploy. These forums will be a good resource too, but nothing beats shaking someones hand, looking them in the eye and listening to what they have to say.

Best of luck!

@Stephanie Valdez Great that you found Bigger Pockets, there are plenty of resources here. There are several womans groups, I'm not super familiar with most, but have a friend that heads up the Invest-Her group here in Orlando. I would suggest maybe interviewing another just to make sure they align with your goals and abilities. Paying for education is vital, mentorship can go both ways, only you know if you will take action. Mentors can tell you what to do, but won't hold your hand if you won't/can't do the steps. 

Perhaps joining your local REIA would be a good place to start with less risk. You can network with other locals that may be able to provide a good path for you before spending money on courses.

Best of luck

@Adam Marx Unfortunatley, most wholesalers won't allow any inspection period or contingency, that's kind of the risk of buying from them, but the benefit of getting a property under market value and without much competition. 

The fact that you got in to see it is even pretty rare. The typical wholesaler is cash/hard money only, non refundable deposit, no inspection period and you pay both sides closing costs. If this scenario feels too risky, than you'll need to find your own off market deals. 

If you are using a hard/private money lender that actually vets the deal (not just you), you might have some leverage. If they have a great track record and have worked with the wholesaler before, they may be able to negotiate an inspection or holdback, but don't plan on that as a strategy. 

There are soooooo many wholesalers that took a 3 day course or learned it from youtube, it is likely they don't know what they are doing either. Explain your situation and that to keep the deal together in the best interest of you, them and the seller that this is not much of a request and lets get it done.

The tenant situation should have been resolved before you close. Once you close, they are your problem. You may want to make sure you have some extra money to give them cash for keys if needed.

Best of luck!

Welcome @Landon Harless. Great to hear you are still growing and looking for opportunities. I would suggest doing your first flip close to home as there is a lot to manage, especially time and that is compounded severely when you do it from a distance. Mid terms are popular right now, but make sure you have another exit strategy that works for you in case the market you choose is saturated, has governing limitations or just plane doesn't pan out. 

Happy to discuss MTR with you in the Orlando market or see if I could add value in any way. 

Best of luck!

@Lolita Jamison Congrats and thanks for inspiring us! I'm all the in Orlando, but used to live and work in Atlanta in the 90's. If I can be of any help here with regard to the huge STR market we have here, please reach out, it's my specialty.

Best of luck to you!