All Forum Posts by: Shawn McCormick

@Sheril Varghese I sent you a PM.

@Sheril Varghese, An hour drive could be 10 miles from Disney sometimes, LOL! 1-2 beds would just be a condo then, most townhomes are 3-5 beds in the vacation resorts. You have plenty of options..even condo-hotels which I would generally not recommend as the fees and management agreements are too restrictive. But if you plan to use it alot personally, it may be a good option. Condos in general have higher HOA fees, so that is something to consider, but as long as you enjoy the amenities and get good use and feel safe that is most important.

Depending on if you like other activities personally, like golf and higher end resorts, Reunion or The Grove would be a good choice. Lifestyle choice would be Margaritaville or for just a nice place with a decent amenity center/clubhouse, you have lots of choices.

@Jillian Kitson @Nancy Bender Margaritaville and Reunion (and few condo resorts) all have rules about self managing and having access to amenities. There are about 10-12 other resort communities with similar amenities and have no restrictions on how you manage. I usually only recommend those communities if the owner gets a lot of personal use at the property and wants to have the rest pretty much pay for itself, but not as a cash flow investment.

Best of luck!

Hi @Sheril Varghese You have many options here, depending on what type of amenities you want in the community, how close to Disney, what size and type (condo, town or single family) and some other factors including budget. There are 10-12 big resorts that have great features and benefits and will help your unit pay for itself and then some. There are others that will suit your needs and cover costs, just depends on what you and your family enjoy...if that is your primary focus for now.

Best of luck!

@Nick Rich There are quite a few in here from Orlando. What are you looking for, how can we help?

@Gabriel Zurita Welcome (almost) to Orlando. Hate to be the bearer of bad news, but the inventory of multi-family properties is critically low and highly sought after. So just finding one that makes sense will be tough, let alone getting to choose what area you would like to be in. Most of the multi-family that comes on the market is highly overpriced and/or in the outer areas of Orlando.

Then you have the 'where there is good cash flow' aspect. I don't know your budget, but I just did a quick search and there are 23 multi-family 2-4 units currently on the market within 35 miles of Orlando. I'm guessing as newlyweds, most of these would not be desirable for you and be hard to cashflow.

Wish you the best of luck and congrats on getting started!

@Dean Olson Congratulations, especially at that price for a 10 bed, you should have lots of equity!! I also know your PM very well, she is the PM for many of my clients as well and has done and still doing many theming projects for them. Love her knowledge and skill getting all of that done at a high level!

@David Bilandzija This is a new construction community, most financing is done directly thru the builder's lender. You can, of course pay cash or bring your own lender, but they usually pay part of your closing costs if you use their in house lender. Not sure what Dean did however. There are a very limited number of 10+ bedroom properties, so although hard to find comps, but this is generally based on revenue projections rather than comps. This is a STR resort community (although you could live here if you wanted) so all homes are STR and appraisers generally know that and buyers are investors so all are financed with 20+% down or bought with cash.

@Tuli Green Unfortunately you would be limited to small condos that aren't going to get you anywhere near the returns you are looking for in Orlando. You would need to be in the $400's to get a townhouse in a top tier community to get anywhere near the returns you want. Can't speak of any other markets though, best of luck and keep us posted if you find something!

@Shannon Currin Happy to help anytime. I am closing on two in Storey Lake this month if you need any information and have some great contacts to theme out the homes too.

@Shannon Currin you have many option here in Orlando. We have many resort communities that have similar amenties/guest experiences as Reunion. as @Jay Breitlow you will have to expect the extra membership fees associated with some communities in order for your guests to enjoy everything they offer.

There are about a dozen, large, high quality resorts that you can self manage or use any property manager you wish. This gives you more control over fees they charge and services offered for you to pick your own PM. Whether you choose to do it yourself or use a PM will provide very different ROI. If you don't have experience doing it in a particular market, I would strongly suggest using a PM at first so you don't lose out on revenue/bookings in the first year, the learning curve is steep. However, I would always keep the 15-20% that a PM charges in your proforma just in case you find out you don't like it or don't have the time, that way the profits will still fit within your buy box.

Hope this helps, best of luck!