All Forum Posts by: Shawn McCormick

@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!

@Ryan Marble I can't speak too much on Tampa, but have a lot of experience with Orlando and the resort communities that you should be looking at. As others have mentioned, theming is very important. There are literally hundreds of units for sale by investors that thought it was easy and passive. Orlando is very competitive, therefore you have to provide an extremely clean, themed out home with close proximity to the parks in a community that also offers great resort amenities. 

So, size, location and theming to answer your question. Obviously, as a buyer, price is top of mind for you. I typically advise to buy as big of a home as you can. There is much more competition for the smaller homes as hotels, condotels, condos, townhomes and small single family are all competing for the same guests. Larger homes provide more opportunity to make the home unique and capture larger families/groups to share the expenses of one home vs renting 2-3. Starting smaller is fine, but the unit has to be spa like or you will likely fall victim to pricing wars or get lost in the booking sites algorithms. 

I'm happy to dive a little deeper to give more advice on what you may need specifically. Reach out if I can help.

Best of luck!

Thank you @Michael Baum!!

Hi @Sejin Kim I'm personally not a fan of condos anywhere, especially in Florida. But I have clients that own and are doing well, others not so much. If you aren't using it personally because you come to Disney alot and like the resort for your lifestyle, its hard to justify the expenses/assessments. 

When it comes down to a 1/1 vs 2/1 etc, it may depend on the resort. If you are shopping strictly by price, you will likely not do well at all. If you are strategic and buy in a solid community (think Windsor Hills or Storey Lake) I wouldn't set my expectations too high. But if you are committed to purchase, a 2/2 would prevail over a 2/1, the price difference has to be nominal and now you might attract a different user like tow couples or adult friends that don't want to share a bathroom vs a young family that the kids are okay to use the same bathroom as the parents. 

Happy to dive deeper to see what you are looking at and maybe offer some suggestions. 

Best of luck!

@Britney Lewin Welcome and congrats on getting started. I would think anywhere inland will be much more affordable. But consider your lifestyle and what you want to have access to while you are living there and also where the tenant pool is strong and demand is high.

Much of the state, although still #1 for RE investing is softening. So look for very high growth areas or reliable/stable areas that won't get as affected if any type of downturn actually happens. I am in Orlando and we have a strong economy and its not all theme parks. I believe strongly we have great opportunities for all types of investors. I'm happy to talk through some options and what this area has to offer. 

Best of luck to you!