All Forum Posts by: Shawn McCormick

@Afonso Pinheiro Reach out to Colleen Pacheco with Secured Insurance, this is literally her specialty and places in trusts, llcs etc.

@Rachel Conklin Congrats on getting started and welcome! I'm in Orlando as a Realtor and investor. I am active with CFRI, the local chapter of the National Real Estate Investors Association. The 'main' meeting is next Tuesday and would be a great place to meet and network with local investors, trades etc and maybe get some direction on what niche you are most interested and qualified for.

Depending on what you want to do,  (flip, buy and hold, house hack, wholesale, buy notes, chase probate or code violations, tax deeds, land etc) there are plenty of resources in Orlando as it is a very sought after market that performs well. 

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

@Jhonny Montoya you always have the big box stores that have inventory right off the shelf, but if you need/want a design and layout, you'll need a professional to make sure it all fits correctly. A contractor will also work hand in hand with stone fabricators to make sure everything measures and is templated to fit. 

Try Gregg at Spectrum Cabinets. He can do a 3D design for you with a couple options and help you out. He is local and works heavily with investors in Orlando. 

Best of luck

@Bo A Vanecko

Thank you @Michael Baum

Hi Bo,

I would be happy to help with your search. Depending on what you want to do with it when you are not using it (write off, second home, short term rental, or just have it pay for itself) Those two are your best choices that are higher end, have golf and allow STR.

Feel free to PM me and we can talk more in depth!

Best of luck!

@Charles Gonzalez

Hi Charles and welcome to BP. One of the best meet ups in Orlando is CFRI, the local chapter of the National REIA. They have over 20 meetings every month all over Central Florida on a host of different topics/niches. Membership is super cheap for what you get out of it. There are also classroom educational events every month too. Everyone is local and no selling, just networking and great way to get started with people doing just what you are trying to do.

Best of luck to you.

@Abby H. I can send a couple for you to contact. Send a message if you still need recommendations.

@Shiny Sasidharan welcome to the Sunshine State, quite a climate change for you. One of the best places, IMO, to meet like-minded people is joining CFRI, the local chapter of the National REAI and one of the biggest there is. Tons of meetings, education events, networking opportunities with contractors, wholesalers, title and everything else you will need to get up and running in Orlando. 

If you are looking to get licensed here, let me know.

Best of luck to you.

Hi @Michael Monello

Have you connected with any wholesalers locally or done any marketing yourself to find off market properties? The local chapter of the national REIA is Central Florida Realty Investors (CFRI) and most of the top local wholesalers are members and often are spotlighted in meetups and panels. I would suggest attending some of the meetings and/or joining if this is something you are truly committed to doing. They all have email lists that you can join..best way is to google "buy my house fast in Orlando" or similar and you will see many results for their websites and you can sign up quickly.

As for cash flow, those are mostly being found well outside of Orlando right now, but I suspect that will be changing soon, unfortunately in part due to Hurricane Ian and damages. Insurance companies are crushing Floridians right now even before the storm, it will force many people to either pay outrageous premiums, try and fix themselves or have to sell. This will create higher demand for wholesalers to buy distressed properties that won't qualify for financing and thus more opportunity for end buyers like you to provide (in many cases) those same people with a rental. 

I also feel with all of the displaced people from SW Florida and other coastal towns, will be coming inland and Orlando is a perfect place, so rental rates will likely continue to rise with even higher demand than usual.

Are you using any sort of spreadsheet or calculator to evaluate properties? There is a good one right here on BP. Since you aren't going to be working with an agent to help run comps and rental potential, be careful what many wholesalers will tell you comps will be, they are sales people trying to move a property quickly. But on the other hand, you may be over analyzing some of the costs, good to be cautious. 

Best of luck to you.

 Thanks @Michael Baum. @Dom Radcliffe. Good advice here so far. I would echo what others said about ramping up. The first year, I would not expect your occupancy rate too high and you may emplore what some do by offering lower nightly rates to get it booked and get some reviews under your belt, year two will be better and by year 3 you should be close to the 80% if you do things correctly. Depending on if you were able to take over existing bookings when you purchased or started from scratch and also what community you are in. 

@Audi Pine What type of property are you looking for, STR, LTR and what type of property. The most recent figures put out by the Florida Realtors Association are telling a story and hopefully your agent is in tune with whats happening here.

With rates rising yet again, (not just mortgage rates, but rates that will effect buyers DTI, like car loans etc), This is eating into what buyers can afford. 3 months ago they may have been able to afford $400,000, now with the rates jumping and their DTI dropping, they may have to shop in the $325-350 range or worse. That is putting pressure on lower priced homes, which investors are also seeking out.

A "good deal" literally means something different to each buyer/investor, so without knowing what that means to you and your goals and exit strategy, it would be hard to tell you where to look. However, I can tell you there are more properties on the market and, at least here in Orlando, we are seeing sellers becoming more motivated, so keep looking and make your agent dig a littler deeper for you!

Best of luck to you!