All Forum Posts by: Shawn McCormick

Hi @Fernando Sosa I have a few lenders that can help you out with that PM me and I'll provide their info. I'm also a Realtor® if you need help locating and evaluating properties, always happy to help. 

PM me and I'll send someone over.

@Monish Anand Bigger Pockets has an 'agent finder' tool. It is a paid service to be a part of, but generally if they are in the BP community, they likely understand investing more than the average agent out there. Just look near the top of the page and click the 'agents' tab. 

Another way could be to call up the REIA in the areas you are looking into and see if they have agent members, it won't be hard to find several. I am on the board of CFRI, our local REIA and I know we have dozens of agents and investors that have their license if only to list and buy their own properties, but could recommend some to you.

My brokerage is part of Anywhere RE, we have the biggest names under our umbrella (ERA, Caldwell Banker, Sotherbys, BHG, Century 21) and we have a fantastic referral program that I can hand pick an agent anywhere in the country and interview them for you to make sure they have the qualities you are looking for. Let me know if that is something you would consider. 

Best of luck!

@Jose Rodriguez Welcome! I'm local here in Orlando (Clermont, just like you!). There are several groups that have meetings, check the 'get started' tab up top and look for any that are listed there, plus the meetup app and I am on the board of the local REIA. 

That's a great place to start, we have over 1000 local members and hold about 20 meet ups a month. If you want more information on that, let me know. We actually have our main meeting coming up on January 14 and a county meetup in Clermont the following week . Check out Central Florida Realty Investors (cfri). I can get you a free guest pass for your first meeting if you like. 

Best of luck!

Hi @Jonathan B. I would be happy to have a call about the Orlando/Kissimmee/Disney area. I have helped dozens of Bigger Pockets members purchase and sell units here. We could have a call or meet up next time you are here. 

Looking forward to hearing from you, my contact info is in my profile.

@Grace Chee The process for this is time sensitive, you should have gotten a TRIM notice around late August, early September. That will show what proposed tax increase you will see. Since we pay taxes in arrears, the appeal process must move along quickly as they are payable in November (at a discounted rate). If you go to your counties property appraiser website, you can find the process and forms. It is too late for you to contest 2024, so you'll have to wait for your 2025 TRIM notice next year. 

As for your neighbors, they could have exemptions like Homestead, widow, military disability and many others that can reduce the amount of taxes. They could have owned the home for many years and if homesteaded, are limited to up to a 3% increase each year. Since you recently purchased, yours was reassessed at todays values and theirs are still working off assessments from years ago (possibly) and the people you bought from likely had an old assessment as well. Hopefully this makes sense, but sounds like you are got caught in an assessment when you purchased. Make sure you have filed for Homestead exemption at the very least (this can only be done if you the home is your primary residence, not an investment home). You have until the end of February to file that to have it count toward your 2025 tax bill. 

Hope this helps, best of luck!

@Robert Pierce That sounds quite typical. I can refer a couple of great PM's in Orlando if you want to get another opinion or two. 

Hello Xu,

I would be happy to assist here. I am familiar with several custom builders in and around Orlando. There are many factors that come into play and the basics would be location, budget and timeline to find ones that can meet your needs.

I also have a few lenders that do construction to perm loans.

Let me know if you'd like to have a call to discuss anything else. You can schedule one here. https://calendly.com/shawnmccormick/bigger-pockets

Thank you @Michael Baum.

@Himateja Madala The STR world can be vastly different from LTR investments and they can consume a lot of your time. Based on what you told us, I dont' think Reunion would be a great fit. I typically recommend that community for people that plan to use it personally and can justify the higher HOA costs and membership fees. There are other communities that would have better opportunities to cash flow.

Although there is no guarantee of future income on any STR, I believe that 2025/2026 we will see a good increase in travel, mainly due to EPIC opening and the overall attitude of 'the people' coming off of the election. I agree $66k gross is not impressive, but without theming, you don't stand much of a chance. Reunion attracts a more affluent clientele, so theming must be on point or if no real theming, the fit and finish has to be superior to what they can get elsewhere.

Since you plan to theme it and didn't put a number to that, lets just say $75,000 conservatively, including garage, bedrooms etc. Once you add that in to the purchase price it brings your $180 sqft right back in line with the competition at $203sqft. So are you really saving anything? Plus that $75,000 is out of pocket, not financed in your loan. You also have to consider the down time of not renting while you renovate and likely having to fly in several times to check on work, meed contractors, pick up supplies. What is your time worth? Would you be better off finding something turnkey, already themed and doing the numbers that align with that? I also agree with @John Underwood that purchasing this with the intention/purpose of having a write off isn't a sound reason to purchase.

Happy to have a call to dive a little deeper. Best of luck!

@Joshua Herrera welcome! I'm here in Orlando too and have helped dozens of B.P. members purchase STR here. I would be happy to have a call sometime to discuss your plans and see what I can do to help avoid some of the mistakes and also what to look for in this market as it is very competitive.

I'm also on the board of CFRI, the local chapter of the National REIA so that might be a good resource for you to check out too.

There is a link in my profile if you want to set up a call. 

Best of luck!