All Forum Posts by: Shawn McCormick

@William Kuslaka the sold data is easy to get from the MLS, just need specific criteria to make sure it is accurate. Square footage, age, lot size to give a general idea, then you go in and narrow down by finishes, age of mechanicals, school zones and a few other things.

Builders can be all over the place and many factors such as is the land high and dry, does it have utilities to it, what are impact fees in the area and then you get into the sqft price based on finishes and trim levels. But I would plan to start around $175-200 sqft, builders are just too busy and charge what they want and only take the jobs that make them the most, we have an enormous shortage of skilled labor here. I would also plan on builders not being available to start for several months minimum. Sorry this isn't the news you want to hear, but the reality of our local market. 

@Gina Lujan Sorry to hear that! Maybe explore finding someone to arbitrage your STR? I'm not a big fan of the strategy, but also hate to see you lose money. When you bought, did you have other exit strategies like MTR or LTR, will it cash flow that way. Or have you asked others to evalutate your listing to maybe see where you may have deficiencies that could improve your cash flow and fill up the calendar?

What other markets are you interested in? Are you looking out of state? Where do you like to vacation, maybe consider that and do a second home loan so you have less cash in the deal this time? (assuming you used 20+% down on the first). I'm in Florida, so I know nothing about your market, but always happy help problem solve. 

Best of luck!

@Shobha Joshi Welcome to the forums. Hopefully we can help you get focused on the right areas. For your budget, you are going to be out of most anything in the Orlando market unless you go further out from the city (north to Deland/Debary, Sanford) (south to Haines City/Lakeland) west to Groveland and Masscotte) to find anything in that price range that isn't in a war zone or dilapedated. 

I sell in Tampa, but can't say what to focus on or stay away from as I don't know it as well. 

Best of luck, let me know if I can be of further help. 

@Ariel Broyles, Welcome to the forums! It would be best to see what needs and criteria you have for your family before suggesting areas. I know schools may not quite be on the radar yet, but likely will be..do you travel and want a convenient route to the airport, are you planning to take the kids to Disney alot?, Do you want to be near hospitals or a commute to work that you want to be minimal. Do you like East coast or West coast beaches?..lots to go over rather than suggesting 'my' favorites or what is hot or 'up and coming'. 

Happy to have a conversation and help you make the right choice. BTW, sinkholes can happen virtually anywhere and are actually quite rare to be a concern. Hurricanes don't affect the Orlando area much other than wind and rain (with some flooding exceptions). We have hundreds of lakes though, so make sure you are looking in 'Flood zone X' if that is a concern. 

Best of luck, reach out if I can be of any help!

 I could help a bit in Sanford and Deltona areas if you like. I do a fair amount of busines in that area. What specifically are you wanting to learn?

Hi @Aaron Nash welcome to BP! Glad you had a great experience for your vacation home. Your home in Altamonte, depending on exactly where and if its over 1300 or so sqft, should be worth $350 or much more. If its smaller or in a older neighborhood, maybe a little less. 

I would be cautious about doing airbnb as that area will likely(sooner than later) get caught up in the regulation game that municipalities are playing. Make sure you run number for doing a long term rental and a mid term rental as other exit strategies.

Since you have so much equity, you have options. Many will say 'never sell anything', while others may advise to scale into bigger properties while leveraging your appreciation gains. If you want to buy another primary, you could pull out the equity of that house, wait and save more, use 401k money, if you have one or rent out the current one and use that cash flow to help lower the payment for your new home. If you are a veteran, you could use a VA loan with 0 money down. If not, they are 'supposedly' expanding the Hometown Heroes program later this summer to allow anyone to use it.

Sounds like you're doing your homework and have a good idea what you want, but let me know if I can be of any further help.

Best of luck!

@Wesley Myers In Orlando, you are right, every house is built with pool and hot tub (if you are in one of the resort communities like Championsgate, Solara, Windsor and many others) Occupany on homes with pool and no spa are about 20% less according to my PM sources. 

My clients usually install automation for everything possible, lights, pool, garage a/c, thermostats etc. That way they can control things when its empty  and if desired, charge them if they want pool heat at a $XX per day rate or the whole stay for $XX. Some charge extra for using the grill too!

So I would say it's a must and will likely pay for itself pretty quickly whether you charge your guests for it or just save money on your gas bill. 

@Alicia Morrow Glad you found BP, welcome and good luck.

There is a 'find an agent' button at the top of the page that you can search for Realtors in your market that are always happy to help out. Finding one that specializes in STR may take a bit more research, but lots of us do. I'd be happy to talk about what I know and how it relates to my market, but ultimately you need someone that knows yours.

Best of luck!

CFRI has Anthony Chara doing a one day Multi family /Apartment seminar.

@Joshua Parsons

I've been dipping my toes into the whole "buy a house for $1" thing that Italy is doing. I have a contact at a military contractor that has employees transfer in for a 3-5 year gig. They are not allowed to buy a home due to tax and immigration reasons, so the company gives them a set amount for rent each month along with paying for other expenses. 

We are looking at purchasing a few homes this way and renting them back to that companies employees, and keeping one or two for airbnbs. Each area has its own rules on how it works, but basically, you buy the house, pay a deposit and agree to rehab the house within a certain amount of time. Some of the logistics are fuzzy as we would have to travel there regulary, get to have a great understanding of the cultural differences, build a 'team' of people as there are no Home Depots on every corner, but for about $50k US, you can own a pretty cool place in Italy.

Best of luck to you!