All Forum Posts by: Shawn McCormick

@Rebecca Readus has one she uses that is fantastic.

@Courtney Barnes welcome and congrats on getting started. I have helped dozens of other members purchase STR here. However, most of them are looking for cash flow exclusivley and in turn, I show them home in the resort communities to maximize returns.

Since you mentioned that you may want to retire to the home, a resort community would not be a good fit for you as they are specifically built for STR and every home is used that way. There are plenty of other 'regular' neighborhoods that can still perform to your expectations and needs. I'd be happy to have a call to discuss some options with you.

On the loan side, you mentioned 15-20% down. If this is an investment home, you will be required to put 20% down. If you do it as a second home, you could do less, but then have to carry PMI. That is a conversation to have with a lender and your CPA.

Reach out if I can be of any further help. Where at in Michigan are you in, I'm from Toledo and spent a lot of time there. 

Best of luck!

I would caution against keeping it due to the fallout and regulations coming due to the Surfside condo collapse. The rules could/will bankrupt many HOA's or put exorbitant fees in place making them unaffordable (even more so than now!)

I'm in Orlando and we have dozens of communities that are specifically built to be STR and every single family home comes with a pool and spa. So although the competition also has them so no advantage there, but it is absolutely expected here. In addition, many townhomes have a splash pool and all of the communities have a clubhouse with resort style pools and many have lazy rivers in addition to the homes having pools.

So check your market to see what the demand is, if pool homes get booked more and if so for how much extra on average. 

Best of luck!

Hey @David B. I just listed a house in Dr. Phillips today! and the seller may have another he's wanting to list. What neighborhood are you in? The ones I'm working on are in Orange Tree and Sand Hill. I'd be happy to give you comps for an ARV once you know timeframe and finishes.

My go to contractor is Eliott Grime with VE Builders. Honestly, he doesn't ususally come to the West side unless it is a sizable job, but he is heavily involved with the investor community here and I've known him several years. Let me know if I can connect you. 

Best of luck.

@Jackenson Deshommes can you PM me more details.

@David Pillsbury Jr Welcome to the forums. I think you could benefit from joining the local REIA to help get you started and network with other local investors, contractors, syndicators etc. I'm on the board of CFRI, the local chapter of the National REIA and would love to have to come out to one of our over 2 dozen meetings we have each month.

You would add instant value to us and think you gain some as well. 

Best of luck!

@John Carr Many investors have moved away from the 'deposit' language and use a 'performance fee' instead. This helps eliminate the argument from tenants that they are due a deposit back, it is based on their performance of the terms of the lease. If they don't perform to the requirements stated in the lease, it is kept..period. From what I understand this strategy holds up well in court too. Please seek legal advice. I can provide a lawyer reference if you need.

Best of luck!

@Angelo Proto welcome to the forums and congrats on exploring REI.

I can't speak much on other markets, but Orlando is/has always been a top choice. It's a recognized destination globally with over 70M tourists a year. This area has been doing STR for decades before it was even a thing. We have a few dozen resort communities that are built specifically to be STR and you won't have to worry about zoning or regulations or even HOA cutting you out.

It is a very competitive market with so many units, so you do have to be a good operator and have a clean, attractive, well located and themed out home to stand out and perform well. 

Happy to dive deeper if you like. Reach out anytime.

Best of Luck!