All Forum Posts by: Shawn McCormick

@Eber Garcia Do you have enough capital to contribute to the purchase price, up front points and/or rehab money? Hard money lenders are going to want some skin in the game generally.

I have a few contacts, some will use the homes ARV to evaluate rates and do draws, but still want you to have experience and/or money in the deal.

Best of luck!

@Caden Wakim

I'd be happy to have a conversation with you about this, I've helped dozens of investors purchase STR's here and there are too many variables and nuances to go over here without knowing more about you and your criteria and strategy. @Tyler Gibson touched on some great points.

I can help with the best communities to be in, do's and don'ts with the house and what to look out for. I don't typically get into the specifics of daily rates, fees etc, but can give a 30,000 foot overview of what you can expect based on bedroom count, community, proximity to Disney, theming etc to make sure you don't get lost in the 50,000 rental units here. 

Hope to hear from you, best of luck!

Congrats on your success! Thanks for sharing.

@Wendy S. I have lenders and a fantastic title company in Lakeland if you haven't found one yet. It is owned by husband and wife investor team and very familiar with Lakeland and closing on sub-2, wholesales, double close etc. 

Let me know if you still need help for either and of course, if you aren't represented, I'd be happy to help you there too.

Best of luck!

@Cooper Leins check out your local REIA and network with investors in your area, they will know the reputable ones. As far as showing the ropes, you will likely want to take a deep dive into some classes (in person!), but also watch some Youtube videos and listen to podcasts right here on BP to get the basics.

Best of luck!

@Tee H.

Equity-Title in Lakeland specializes in sub-2 and wholesaling and will close anywhere in the state. Ask for Sue.

RTR title, ask for Hope Richards

Best of luck!

@David Rosen I'd be able to help you with duplexes, tri's and quads. After that, you really need a commercial agent. I'm in Orlando and there typically isn't much available here (on market anyway). 

Our chapter of the national REIA in Orlando has a monthly meet up specifically for multi-family investing. Not sure if you have one in Lauderdale that would have something similar. I would start networking with locals investors who know the market, expectations, lenders, cap rates etc. Then also look at going to some multi family conferences just for the basics and networking too.

Let me know if I could be of any help. Best of luck to you.

@Joseph Farnworth You can use the 'find an agent' feature at the top of the page if you just want to find a local agent that knows the city/areas you are looking in. You'll want someone with experience to your local market to help you understand market rents, demographics, and a slew of other things to make sure you understand the risks. They should also be able to direct you to a LOCAL lender that also knows the market you are in and what loan type would best serve you based on your goals.

There are plenty of podcasts and past forums that you can review to better understand the in and outs, but as others said, just reach out and we are all here to help. 

Best of luck to you!

@Catherine Javier Would need more information on which would be a better deal, lots of variables not to mention how long you plan to hold this. Why is being near hospitals advantageous to you?

Was the ADU on the first one permitted? Does it have its own laundry, parking etc? If they both generate the same income and the second one will take months of planning, permitting, and constructing (both sides) with no income being generated, it comes down to purchase price.

What are comps in both areas for rents and ARV once you are done?

Keep us informed, love to know how it works out.

Best of luck!

Hi @Julie Suckow Welcome, glad you found BP, it is invaluable to so many starting out. Absorb all you can, but find out what you enjoy rather than chasing shiny objects. There are plenty of ways to make money and still like what you do in real estate. 

I do have a home coming in Ocala in a couple weeks, but its in a 55+ community so may not be a good fit. Otherwise I don't go up that way too much, I do cover about 8 counties in Central Florida so happy to talk about the overall market and give thoughts on anything that I may be able to provide value to you.

Best of luck!