All Forum Posts by: Shawn McCormick

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!

@Nicole Johnson welcome to the forums and congrats on your progress so far! I think we need to know more about your goals to start. Are you looking to supplement your income, replace your income, leave a legacy for your kids, keep scaling and figure it out as you go? If you have figured out STR's and enjoy it, maybe that is the formula for you. Are you risk adverse? Diversifying can be a risk if you don't know all the nuances, the learning curve isnt' as steep as STR, but if you are looking OOS, that presents new challenges.

If STR is the path, are there places you like to vacation, that is always a good place to start. You get some income and have a few places that you get to vacation that you enjoy. I'm in Orlando and see this so much, people with young families will buy a STR because they will be coming here 1-2 X a year for the next 10-15 years. Orlando is literally built for STR as you won't have to get wrapped up in learning and keeping up with regulations and nosy neighbors, I'd be happy to talk to you about that more.

Florida in general has always been very attractive for landlords due to friendly landlord laws, constant flow of new residents, weather, pricing compared to many other large metros, always growing economy and endless hospitality/service jobs that feed the rental market. Cash flow can be difficult to achieve, but appreciation has been pretty great for about a decade.

Hope this helps a little, reach out if I can provide more info.

Best of luck!

@Krista Moreno sorry to hear about this situation, never heard of this yet. There are likely attorneys that can/will chime in. I wouldn't take any advice of anyone not licensed. If not, let me know, I have some resources that may be willing to provide a free consultation. A title company can do a simple lien search to find out what is attached to the property too. 

How much is the lien? If you do inherit and have to sell, you can negotiate the buyer to pay any taxes due. Most investors are willing to do that if they get some equity on the purchase, I know I would. 

It's possible that she could do a reverse mortgage(HECM) to get some equity out and pay off the lien, I have a resource for that too. 

Wish you the best. 

@Flavia Vangelotti Orlando is still a very good, appreciating market. Cash flow has been super tough for the past 3-4 years since prices jumped during COVID. Lake Nona is still a premier area and entry level price points are higher here than most anywhere in Orlando. Median prices are low to mid $400's, but in Lake Nona you are pushing $500. The retail is booming, the only downside IMO, is the infrastructure. The main road (narcoosee) lacks the ability to commute well if that is your main way in and out. The high school sits right on this road and so do all the big box stores and restaurants. But still a very sought after area.

There are exceptions to some communities a little South and East of Lake Nona and taper off a bit in Saint Cloud. So if you can trade off some cash flow subsidies for her, you will make it up in appreciation as there is still so much land there. 

As far as location, it is very sought after as it is is very close to the airport, easy access to the Space Coast on the 528, the 417 will take you right to Disney and downtown is just West on the 408. These are all toll roads, but easy drives. 

Hope this helps, let me know if I could help further.

Best of luck!

@Shawn. Can you PM me details please.