All Forum Posts by: Shawn McCormick

@Brendan Chetuck Welcome, almost, to the sunshine state! I see you are an agent, so you probably have all that covered, but if you need help with understanding neighborhoods or areas of town that might be a good fit for your personal home and/or investment homes, I'm here for you. 

I would also look into joining CFRI the local chapter for the National REIA. Its a great club with hundreds of active members to help direct you with our market and connect to pretty much anything that you will need.

Good Luck!

@Dawn Lewis What area of orlando? Are they short term (airbnb type) or long term rentals. What type of home..condo, town or single family. Most property managers like to stay within a certain radius and/or County and I want to make sure I provide the best fit for what part of town you are in.

Hi @Kenneth D'Souza looking for advice in the STR arena, or in general? Plenty of info and data on Orlando and what communities do well and ones to avoid for the STR communities. The market has shifted dramatically since this post and prices are (hopefully) at a peak, but demand is still very strong. If there are specific questions you have, lots of help from locals here in Orlando.

Hi @Christine Rodriguez What are you looking for an agent to help you with. There are extremely limited REO and short sales on the market now and wholesalers and hedge funds wind up getting most of them. Happy to see if I can provide any assistance.

 Yes sir it is.

@Miguel Wilches this market is saturated with people trying to do the same as you and the prices and quality of homes have kept most out of the running. Multi-family is always in short supply in Orlando, let alone quality ones. There are plenty of value add opportunities if you are really willing to have a roommate and do improvements and then move again. I've seen many say they will and then realize its not conducive to their lifestyle or commitment level.

Are you making offers? Is your agent experienced in what you need them to be doing for you? As you say you are looking for a 'real deal', that means something different to everyone, what is in your 'buy box'? Lots of variable and not a whole lot to go on, let us know your exact parameters and we can help you more.

@Mark Long Jr and @Kimberly Elson I would suggest joining CFRI and network with tons of local investors and other trades. Membership has tons of bonuses and it cheap and lots of already established meetings all month. From there, many members do form their own meet ups based on location as most of us like to stay closer to home.

Hope this helps, good luck.

Hi @Toney Sharpe Jr I would suggest going to some investor meet ups and get to know some locals actually in the field doing projects. A great place to start would be CFRI.

Good luck!

@Matthew Ranucci you have gotten some good advice here like @Ryan Moyer said. I have many clients that have purchased condos, towns and single family. The ones doing the best are the ones with bigger homes and have more unique theming. 

Unfortunately, your budget will only allow you to be in the condo and townhome space if you also want to be in a top tier community that attracts the most guests. Condos are tough to make money at and them as well as townhomes are very difficult to make stand out since they are all carbon copies and there are thousands of them. Depending on your strategy (park money, have it pay for iteself or truly cash flow) your best bet is to be in a top community and save up for a bigger home.

Hope this helps a little, best of luck!

 @Marco Egurvide Love the LeBron reference, I'm a big fan. Short term rentals are a totally different animal than long term. However, they can be managed with with the help of a few apps and websites. I personally don't like that approach, but it works for a whole lot of people. 

Orlando is a very International location and, being so requires a little more hands on and knowledge of handling guests from all of the World with different languages, different currencies and them searching from differnt time zones. They have different holidays and school years, so that means you really have to understand how to navigate your calendar to work in your advantage.

There are many dozens of PM companies that work in the short term space here and like any other industry, there are good ones and bad ones. If you do choose to use a PM, understand the services they provide, the level of experience, the marketing reach they have and many other factors when interviewing. I do have some great contacts should you need them.

Depending on the size of property, these homes can experience quite a lot of wear and tear, so unlike a LTR, you have to budget for broken, worn, stolen items in the house. The upside to STR are many compared to LTR, but the learning curve could have you leaving a lot of money on the table.

Best of Luck, hope this helps.