All Forum Posts by: Shawn McCormick

@Trent Reeve, yep, I missed that. Still lots of opportunity in the garage.

Thank you @Michael Baum! @Annie Balagot Solterra typically performs pretty well as it has the amenities rival many of the other top communities, but it is further away and the traffic to get to the parks. Its a big community and has a good reputation.

I would have to say that simply to 'up the decor' may not be enough. You'll still find yourself in the same general price point. You would have to seriously level up if you want to get out of the trap that bad operators have set with the pricing wars just to cover their expenses. Right now there are 109 units for sale in there (24 are townhomes), so that tells me there are lots of people are trying to exit and not making money. The 7 bedrooms are going for $650-860,000. Of all the 7 beds for sale, yours is as good as or better than almost all of them, but they are also sitting on the market a long time.

As far as your decor, a good thing is you have laminate or LVP flooring, which is a big plus, the missing spa is a big deal. The upstairs loft is underutilized..its just another living room, you need to do something very different there (adult games, poker, pool table, bar etc perhaps?) i don't see any photos of the garage so guessing it is just a garage. That is the biggest area of opportunity. I've attached some photos of current listings of some garages and lofts and bedrooms. These are not even 'over the top', but things like these will grab peoples attention when scrolling thru listings, you have to give them a reason to stop. Another idea is to do an Instagram wall on the lanai..have a mural and maybe a neon sign (some people name their house) and you can put that in neon and have people tag your house and help them advertise for you. You've got a really good start, looks very clean, good start to theming, but you just need to take it to a level that most others aren't doing and you can justify a higher ADR. 
Hope this helps, best of luck!

@kevin 

@Kevin S. If you are financing, you may be limited to closing in your name. If you are paying cash or seller finance etc, you'll have options. 

I close in a land trust or transfer to a trust after if I'm financing. A land trust provides anonymity (you can hold and transfer properties outside of public records) Then I have my LLC be the beneficiary of the land trust. So liens and lawsuits become more difficult to pursue. I have two great contacts here in Orlando if you need.

@Kevin S. You need to read your contract to see what it allows for. You are likely out of your inspection period and the ways out for you are appraisal and financing contingencies. Ask your agent to draw up an addendum asking the seller to allow for a re-inspect. Maybe also ask the seller if there was any damage and if they are planning to file a claim.

Did the area get hit hard by storms? I wouldn't limit it to roof as wind and water can damage other areas of the home..what if a window was left open and the interior now has water damage etc...

Did you already bind your insurance (likely not if you are two weeks out) So there may not be a reason for them to dictate you get it reinspected. 

@Aaron Washington Congrats on getting up and running! Like @Michael Baum and @John Underwood said, this is a highly competitive area and I don't typically recommend going into a neighborhood that isnt a resort. Back when This community was built, it would've done very well, but when the resort communities came in, it made it really difficult to compete with. 

I also agree with about the photos, you need to hire a professional, you don't even have lights on in many of the photos, it looks dark and dreary, plus the dead grass... People are coming to Florida for fun, sun and something different than they have at home, your photos should get them excited. Although you put some thought into the decor, IMO, you need to do much more to get people's attention. A few stickers and comforters aren't going to stand out. I'm not trying to rip into the work and expense you've done, but for not much more per night, I can get something really great with more bedrooms across the street in Championsgate, Windsor or Solara.

I'll jump in about the grill too, that's way too much, especially since your title says "Pool & BBQ", but I have to spend extra to get the BBQ part. I'm in the camp of not nickle and diming, but if much of your competition is doing it, I get it. It the same for pool heat, that though, you can charge by the day if you have it set up to be controlled remotely. Side note, next time make sure to get a spa, homes with spas rent much better than just a pool alone. 

Wish you the best of luck!

@Carleton T.

When I partner on deals, the way I typically do it is put the house into a Land Trust and have the beneficial interest of the trust spell out the percentage of ownership. We also create a management agreement with all the roles and responsibilities to make sure all scenarios are covered and clearly stated. This helps avoid 'he said/she said'. 

I would advise speaking with an attorney that can help draft up the documents and understands the business you are in and the potential pitfalls so everyone is covered. Find a partner that lacks what you offer and create a win/win. You have to cover all the bases, even a situation if you wind up losing money on the deal, make more than you thought, if it takes 6 months to sell or even if one of you dies. 

I serve on the board of CFRI, the local REIA and we have members partner all the time. We also have some business members that are proficient at writing those agreements and setting up the trusts. You should check it out, lots of investors locally that are challenged with finding reliable and experienced contractors, you may want to consider becoming a business member.

Best of luck!

Hey @Melvy Concepcion

I'm not sure getting licensed should be at the forfront of your immediate goals. However, I do typically recommend investors get licensed if buying and selling via the MLS. Unless you have a vast network/sphere of influence to keep you afloat, making money being an agent can be really tough and you can literally go months without a paycheck.

If you want to be licensed and learn it while you have a W2 job that's different.   Then you can show income should you need to get a loan, finance anything etc. But as an agent, you are a contract employee so if you are trying to buy properties and can't show consistent income, you will only push your dreams further down the line. 

If you insist on going the path of becoming an agent, I would try to qualify for a loan (or find a creative way to finance) prior to leaving your current position. Maybe a DSCR loan would be a way to go for you to get started.

I'm in Orlando, reach out if I can be of any help. 

Best of luck

Thank you @Jay Breitlow!!

Hi @Sandeep Dhall. I would be happy to have a call sometime to discuss your needs and strategy. I cover all of the Metro Orlando area and can provide insight into what area might work best for you. 

I have a link in my profile to schedule a call or simply PM me.

Best of luck!

@Julian Rozo Welcome! I'm in Orlando and happy to help with any information you need here. I serve on the board of the local REIA (CFRI..net) and connected to the investor community here as well as being a full time Realtor®. I actually do a lot of relocation business with Lockheed and have helped with a lot of employees transferring in and out of Orlando.

Best of luck!

@Danny Azon welcome to Bigger Pockets!

For a broker, reach out to Rob Arnold with Sand Dollar Realty.

Do you need to get into a bigger house or just want to? I would always suggest to keep your current, especially with your low rate. Cash flow is hard to come by these days, so don't give that up. You can use your commission to lower your closing costs or buy down your rate. You can also hopefully negotiate the seller to do that for you too. Make sure whatever brokerage you go to allows you to have a personal deal. If you are not bringing them business, some don't let you just take the money from your own sale, they wouldn't stay in business long if they allowed that. 

Hope this help, Best of luck!