All Forum Posts by: Shawn McCormick

@Santosh Prabakar Tyler is correct, many things will factor in what your rate is, all of what he said plus what flood zone you are in, the number of claims in the area you are buying, your personal claim history etc. Insurance companies have sophisticated software to determine if you and the property are worth the risk.

If the home is more than 20 years old, plan on paying for a wind mitigation and 4 point inspection along with your normal home inspection. I would also look up any properties you are interested on the property appraisers website and look for permits. If the age of the roof cannot be determined, the insurance company automatically has the upper hand.

Hope this helps, best of luck! I do have a great contact for hard to place properties (flips, renovations, buying in trusts or LLC etc).

@Michael Senia

Welcome and congrats getting started. Don't give up, everyone goes thru this, but most don't stick with it because its too hard or too confusing and then never do a deal..I've seen it dozens of times personally.

I would invite you to attend CFRI, the local chapter of the national REIA. The general monthly meeting is next Tuesday and there will be a couple of hundred local investors there that you can network with. There are many other meetings throughout the month for you to attend and soak up knowledge too.

I'm local in Orlando and would be happy to speak with you if and see if I can add any value to your journey.

Best of luck to you.

@Jake Warren Plenty of great areas mentioned already. Many variables to your goals... do you plan on building a portfolio in Flordia..look more long term metrics if you do, not just finding a deal now.

Insurance is plaguing the state right now, so IMO, I would stay away from anywhere near the coasts and really vet the property for 4 point inspection items as providers are getting really tough on binding policies. 

Another thing to consider is financing. It looks like you are from Canada and that's 30% down with different underwriting guidlines, so be ready for that too. If you need a couple recommendations for mortgage brokers let me know. 

Best of luck to you!

@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.