All Forum Posts by: Shawn McCormick

@Xavier Harris Welcome to the forums and congrats on taking the first steps. I am local to Orlando and have helped dozens of investors figure out what is right for them in our market. For many, STR are the way to go here as we are built for it long term, not just jumping on the latest bandwagon area. Others see the long term benefits of student housing or long term rentals that there is a strong demand for and continue to appreciate.

I would just soak up some education and see what fits in your wheelhouse of understanding how they work (STR, LTR, flipping, notes, PML or whatever!) and then join your local real estate investor meet ups to get some real world experience and knowledge. ( I like that better than podcasts, but any source that works for the way you learn).

Once you figure out your risk threshold and eliminate the shiny objects so you can focus on one or two types of investing, maybe plan some trips to Orlando to learn more about what areas offer what you want. Start building a team of like minded people locally that you can trust and  lean on for information. Just know there are no short cuts to be successful at this.

Best of luck to you!

Who is your target renter..corporate, nurses, construction, tech, space industry....When choosing a location, try to factor in how much need there is for the particular industry that you believe will be your audience. Perhaps reach out to HR people at the companies that may bring in MTR and market directly to them. 

HOA's will be tough to avoid if you want to be in a good area of Orlando.

Best of luck to you.

@Eder D.

@Drew C Grossman nailed almost everything I was going to reply, glad I read his first so not to sound like I was piling on. But his assessment for price, availability and ROI for the area and numbers are spot on.

I'm happy to discuss options if you are open to them.

Best of luck to you!

@Evan Linder Congrats on getting started and willing to take some risks!

1. renting by the room. I am on your side, privacy is a huge concern. This works with college area homes, but for me, not as a house hack that I would be living in. There are many leases available online or you can have an attorney draw up specifics to your criteria and needs. 

2. Orlando multi family is exactly as you say. The closer you get to the city, the more you pay, that is just the way it is in any metro area and don't hold your breathe thinking that will change. If that is really what you want, either save up and buy a decent one or suck up the commute knowing the end goal is to build wealth and there are rarely shortcuts, only sacrifices to get started!!

3. ADU- each county/city/municipality will have its own rules and allowances for this, there is no blanket answer. If you are going to stay strictly in Orange County, then focus on what they allow and don't. Be prepared for long permit times, the area is growing and that puts strains on all areas of county offices. Plan on using a GC, getting plans drawn up and likely engineers too, it won't be easy.

4. If you are house hacking and looking for easiest point of entry so that you have money to add value to the property and not use all your saving on the purchase, FHA would be the way to go. Then you move on to the next one and repeat. Unless you are a veteran and can use your VA entitlements, FHA is the route. However, the condition of the property will be important here, FHA rules are more strict than going with a conventional loan, so make sure the property is in good shape.

5. Many of the agents on here, including myself are here because we are investors ourselves. So using one of us makes sense, but still, interview and make sure they understand YOUR vision. Every investor has different experience levels, goals, timelines and so on. You understanding your goals and vision are paramount to connecting with the right agent, we are not CPA's or lawyers and don't always know what is best for you, we facilitate real estate transactions and help educate you along the way.

Hope this helps, best of luck to you!

@Mona B. Depending on how much rehab the property will need, what county you are in (Lake, Polk, Orange, Seminole or further out will be factors. If you are just guessing on rehab amount and ARV and don't have contractors giving you up to date figures and using accurate comps, than end buyers will not look any further.

Your fee should be baked in before the 75-80%, but with the market trending flat to down, I know my self and other local investors are shying away from those numbers and looking at 70% again. 

Hope this helps, good luck!

@Devonte Wilson, looks like the consensus is definitely a pool and I completely agree. If you are looking to be close to Disney, the few things you want are a community that has top-notch amenities, closest to the parks and a house that has a pool and is themed out. If you choose one of the top communities, every single home already has a pool and a screen enclosure, they are literally built for STR and that is an absolute must. You will even see a slight decrease in bookings if your home happens to not have a hot tub, there aren't too many that don't, but if it comes down to it, there is data to support one with will do better.

Hope this help, best of luck to you!

@Tee H.

I have done a few subject to's myself. I have a couple local title companies that can do it easily. Paperwork is a little complicated and you must ensure the seller understands exactly what is happening. Let me know if you still need some contacts.

Best of luck to you!

@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