All Forum Posts by: Shawn McCormick

@Victor Funes There are several agents that interact in these forums and BP has a feature to 'find an agent' if you still need help.

Hi @Tyler Henry Orlando is a great option and really the theme parks make STR's very easy as long as you are in the right area(s). We do have restrictions as you get into Orange County and the city of Orlando, but as long as you are in '4 corners' area, you are virtually all set. We have a top 10-12 resort style communities that are geared for this exact thing and then a couple dozen others depending on the style/size of home and type of amenities you want out of the community.

Hope this helps a little, best of luck!

Hi @Gordon Hee The Orlando rental market is virtually always vert strong. In the past, we have had mostly hospitality and tourism jobs that had high demand for rentals due to the low wages they produced. In the past decade, we have come a long way. A lot more tech jobs, medical, VA medical, our main university (UCF) has grown the be on of the largest campuses in the country, now that the space race has picked up too. All of these and just overall growth in Florida with people working from home etc has made Orlando a great destination for higher end jobs.

With that said, Disney just transferred 2000 jobs to Lake Nona area from California, which already has incredible demand for housing, so that would be a great option, Short term rentals near the theme parks perform amazingly if done properly and can generate tens of thousands a month in income. The Windermere/Winter Garden areas are always very sought after with the proximity to theme parks, airport, downtown etc too.

So you have lots of options for higher end homes and prospective tenants, good luck, keep us updated.

@Benton Shortridge STR was just an option since you aren't local, it's a lot more to manage, but most that own STR's aren't necessarily doing it close to home. For long term we would have to start with budget as that will dictate what areas we look in, cash flow is going to be tough to find anywhere near Orlando, appreciation and doing value add improvements will go a long way pretty much anywhere within an hour of the city.

@Benton Shortridge got it! STR would be a quick and easy way to get up and running as these are generally 'turn key', furnished and with bookings in place. There are many other things to consider and watch out for, but could work out well to get you something up and running.

As far as a LTR, depending on price point are very competitive as most good markets are. I can help point you in the direction of some areas that may get you what you are looking for if you still need.

Best of Luck!!

@Benton Shortridge Hi Benton, what type of property are you looking for, who is your target demographic? STR near the parks? near UCF to capture student housing, multi-family or just bread and butter single family?

There are plenty of great property managers out there to interview and help analyze properties depending on your strategy and criteria.

@Rachel Perl I have sold in both communities this year and can give some insight if you are still in need.

@Nancy Bender To separate yourself from the masses, 7-9 bedrooms is what I usually suggest. There are fewer of them and even fewer that go the extra mile to do theming that differentiates from others. Prices right now are around $600-750 for those sizes in the best communities.

As far as neighborhoods go..Any of the Windsor communities, Championsgate, Solara, Solterra, Storey Lake (and a couple others) will offer great amenities, reputation and returns if you manage it and theme it correctly.

@Feng Ye Insurance has become increasingly more expensive in Florida, but not to the extent you should not buy something here. They are finally fighting back against all the fraud that has gone on for decades.

You mentioned you want a 'cheaper, older home'. That statement tells me you will be getting a home that needs updates and likely will be more expensive to insure. Homes built in the 60s or older will need plumbing updates, electrical updates too. Look for galvanized pipes for anything before 1970, look for Federal Pacific, Zinsco, and other electrical panels that insurance companies stay away from. If the house is from the '80-'90s, you'll need to watch out for polybutylene plumbing, in the early 2000's, Chinese drywall. And if the roof, water heater are more than half of their life expectancy, yes, the insurance will be more expensive. 

And those are just the bigger systems to worry about. The a/c is the only other big ticket item, but insurers won't give you issue with those. So if you want an older, cheap house, you have to know walking in that these will be issues you have to plan for regardless of what state you are buying in.

@Eric Michiels, as others have said, making good money on a condo is difficult as there are simply more of them and the competition for the same clientele tends to have owners lower prices and that hurts you and then the community gets a reputation for being cheap.

I would suggest looking into one house and get it with as many bedrooms as you can comfortably afford (5-9 beds). And then theme it out very well. Less completion in the bigger home space and even less if you look at how many are themed well. The community amenities and overall reputation have a lot to do with it also. All of them have some sort of clubhouse/pool area, but several of the resort style have lazy rivers, theater rooms, game rooms, on site restaurants, nail salons, boutiques, golf etc.

It is very realistic for you to achieve your ROI on a bigger home to net $5k/month after all expenses including HOA, PM at 20%, pool maintenance, utilities, taxes etc. Hope this helps. Good Luck