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All Forum Posts by: Shawn McCormick

Shawn McCormick has started 11 posts and replied 1002 times.

Post: How I think finding boots on the ground is not that easy.

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,068
  • Votes 843

Hi @William Morales as an investor and agent that invests out of state, I feel your pain. My expectations are never met to the standard that I give and it's frustrating. I work heavily with investors and honestly, 70% never buy and do waste our time, however that is the nature of being an agent..doing what others won't because most of the 18,000+ licensed agents (just in Central FL.) are looking for the low hanging fruit and right now, there is plenty of that. 

You do have an advantage with your brother, but if he isn't familiar with the neighborhoods you are farming then you do need some help. Depending on your strategy, fix and flip or hold, there honestly aren't too many areas that I would tell you to stay away from. The market has been fantastic in Orlando for nearly a decade, both rents and retail pricing are up in the teen double digits.

Best of Luck!

Post: Looking to invest in west side of Orlando/Lake County

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,068
  • Votes 843

@Ryan Kwech I got my start being a business broker and helped people buy and sell restaurants, gas stations, hair salons and mfg. facilities etc. I got into it in 2006 and by the time I got good at it, the crash came along and wrecked that side of the real estate business. When I started investing, I just liked the creative deals side of houses and working with people that I could help. commercial is generally a boys club atmosphere and its all about numbers. I like to find solutions, use creative financing ideas to help people solve problems, so although I would do commercial deals, its just not my focus.

As far as getting your license. I'm on the side of getting it. As long as you are honest and ethical, there is no reason not to get it. Why not get paid to buy a house? I've bought and flipped several short sales ( I found the sellers myself). They have to be listed in the MLS, so I list them, then I buy them and get paid on both sides and that helps fund a portion of the flip or whatever I want to do with the money. 6% of 100k purchase means it covers your closing costs or appliance package or bonuses for trades etc. If you are buying a home for yourself or helping a family member, you get that commission. If you don't want to be an agent, just hang your license with a referral brokerage and pay dues. Biggest thing you have to do if you continue to wholesale is make sure you disclose..everywhere..everytime. For me, if I'm talking to a seller, distressed or not, I have more tools in my belt being licensed. Why would I walk out without a deal..I can buy it on terms as an investor or if it is better for them, list it and get them more money. I could also connect them with an i-buyer and still get paid that way too. I just change hats depending on what works best for them. Thats where the honest and ethical part comes in.

Hope this helps!

Post: Looking to invest in west side of Orlando/Lake County

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,068
  • Votes 843

Hi @Ryan Kwech I live in Clermont and have invested in rentals, flips and subject to here. Lots of growth and opportunity. I'm not on the commercial side and only have a couple contacts in the development side as big builders usually grab anything decent years in advance. Rentals will continue to be a good avenue almost anywhere in Lake County.

Post: Tampa vs Orlando Investion

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,068
  • Votes 843

@Tiffany Kho I sent you a message. 

Post: Tampa vs Orlando Investion

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,068
  • Votes 843

@Tiffany Kho I believe that this is a product of STR homes. Sellers are generally out of state/country and to sell it furnished is easier on them as they don't have to pay to move the furniture and sell it for pennies on the dollar. It is also a benefit towards the buyer as it becomes more of a turn key investment. So if you are buying in a resort community where the majority of the units are being used as STR, than you are more likely to see them sold furnished.

Post: Tampa vs Orlando Investion

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,068
  • Votes 843

@Nella DiBenedetto

Orlando is a great option. The housing market here(like most big metros) has been experiencing shortages in quality rentals from all of the growth that has come our way in the last decade. So the demand for rentals is extreme, but with prices higher than ever here as well, cash flow can be difficult to achieve, but appreciation is a solid play right now. There are plenty of great areas to Orlando and depending on your target tenant (students at UCF, theme park workers, families, retirees etc) might make a difference what part of town you invest in. 

Good luck!

Post: BRRRR Orlando/UCF Finding Deals

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,068
  • Votes 843

@Kenneth Gonzalez I have several searches set up for people looking to do the same thing in the UCF area. There are very few homes even for sale that are suitable for by the room rentals, within a 3 mile radius of the campus. When they do come up, its like a feeding frenzy. So if you are planning to finance the property, make sure you are pre approved with a lender and are able to make strong offers. Many will require you to waive appraisal and offer 'highest and best' right away.

As far as D4$, its a good strategy, but I can tell you I know a few big wholesalers that have teams of people doing that for them and any home that is distressed, behind on payments, owned by a non owner occupant or anything else that will come up on a list, is already being marketed to. So you have to stand out and be more persistent than they are. Competition for homes has been crazy for quite awhile here. Not trying to discourage you, but just know what you are in for before you spend a lot of time and effort. Finding a gem will likely take you quite awhile and in the mean time, prices are continuing to go up and interest rates will be going up too.

Best of luck!

Post: Contacts anyone? |Need a Lic. G.C. in Orlando, FL.|SFH|1200sq ft

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,068
  • Votes 843

I'd love to help, but all contractors I know can't keep up and aren't taking new projects. If you find someone good, let us know, we all need them. Good luck!

Post: Starting out in Orlando, Florida Searching for My Path

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,068
  • Votes 843

@Lou Benveniste Congrats on not giving up and educating yourself! Lots of locals in Orlando that are always willing to help. I would also suggest looking into joining the local REIA, CFRI that has about 2 dozens local meetups a month in Central Florida.

Good Luck!

Post: Where is the best location to start a short term rental in FL?

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,068
  • Votes 843

@Christina Colon My vote would be Orlando for a variety of reasons. If you look at areas around Disney, there are many communities that are zoned specifically for this purpose, no need to worry about local ordinances or HOA's that change the rules on you. Orlando is the top vacation destination globally. We have a great International airport, cruise ports nearby, theme parks, easy access to East and West coast beaches, awesome year round weather that is far less effected by hurricanes than any beach location and so much more.

Virtually all STR's that are sold here come fully furnished and ready to go. Future bookings can convey if you wish, making it truly turn key and ready to go. Inventory of homes for sale in the better communities is currently quite low and calendars are full due to high demand.

Hope this helps. Good luck.