All Forum Posts by: Shawn McCormick

Hi Mary Ann. For me personally, I stay away from Condos. I don't like the rules, lack of available financing should you decide to sell, 'surprise' assessments that the association springs on you and could hold up repairs and the ability to sell should the association decide not to make repairs. I have seen this happen to many sellers of condos and they can't get a buyer because of repairs that are in dispute. FHA has loosened financing requirements for condos last year, but still not favorable.

Also, most condo developments restrict the number of investors that can own in a community. So if its 60% owner/occupied and 40% investor and the investor portion is full, you may not be able to purchase and worse, when you go to sell, you may only have the option of selling to an owner/occupent...and if the owner-occupant knows that there are a bunch of renters in there, they may choose to buy elsewhere.

Again, just my personal opinion. Happy to talk about it more with you. I am a Realtor and could point out some good areas if you like. Also, if you buy new construction townhomes, many builders are offering some really good incentives right now to cover closing costs, upgraded finishes etc, plus you get a warranty on the unit. Something to think about....

Hi Danny, 

I am a full-time Realtor and investor in Orlando. I am a member of CFRI, one of the country's largest real estate investors associations. It is a great place to network and meet people with private money and hard money lenders that are right here in Orlando and know the market. You could also meet many other tradespeople, accountants, attorneys, coaches, other rehabbers etc. They have tons of education events both free and paid (to members). Let me know if you want to talk. If you have a good deal and the numbers work, we can find  the money! 

Hi Nick, 

I would be happy to talk to you about the Orlando market. As others have mentioned, it will be tough to find someone who is well versed and has access to all the info on such different markets and advise finding someone in each. I am a full-time Realtor with connections all over the State so I can also hook you to someone in each of those markets. (Side note...I lived in Olmsted Falls and owned a restaurant in North Olmsted, my brother in law lives in Avon Lake). 

Feel free to reach out to me anytime and we can chat about how I can help.

contact Charles Castellon, he is a real estate attorney and real estate investor and works with some of the top investors in Orlando. http://centralflattorney.com/

Hi Bradly,

I would be happy to give you some info and contacts on where to go and who to call. I am a realtor and investor and belong to CFRI, where you can find all the contacts and info you need all in one place.

Contact me if you are interested. And good luck

Visit the local REI, it is CFRI.net. They have meeting every week in a different county and the main meeting is the first Wednesday of each month at Edgewater High School. The turnout for the general meeting usually has about 300 people there. Great place to meet others serving this industry as well as investors always on the hunt for good partners to work with.

Thank you @azeezk, that article helped a lot. I plan on sitting down with an attorney that specializes in real estate and is connected thru my REI club.

I am about to form my LLC. My wife works for a national housing builder and is not permitted to be a member of a company that deals in real estate. Should I be the only member or should I have my (under 18) child be a small percentage member?

I am about to form my LLC. My wife works for a national housing builder and is not permitted to be a member of a company that deals in real estate. Should I be the only member or should I have my (under 18) child be a small percentage member?

This is a fairly common topic at my REI club meetings and there is one that is a corporate sponsor of the meeting and a lot of members are doing this. What was suggested to us is that you find a joint venture partner who also flips houses and you can fund each others project for the same amount, that way, both of you are vested for equal amounts. Just be sure to include each other as a beneficial interest in each others properties.

I am a newbie, but I think I'm pretty accurate here. Good luck!