All Forum Posts by: Shawn McCormick

@Michael Voss Welcome to BP! what is it you are looking to accomplish? Find an investor friendly brokerage to hang your license, or to get out and network with other investors? You can do both, but what is more important and what are your goals from doing that, will you be doing real estate full time?

Let us know how to best get you set up! Good luck

Hi @Eoin Bolger There are about 10 great communities in those areas that you mentioned that are perfect for STR. The things that help you stand out are (in no order and not just these items) Location, amenities of the community, size of the community (can it handle the traffic), reputation of community, how well the house is themed (or can be by you).

You need to be in a highly amenitized communtiy like Championsgate, Windsor Island, Soterra and several others. Next is setting your home apart from others, Most of these types of homes are really just big cookie cutter homes, no matter who built them or how many bedrooms. No one is coming for mountain views or to be on a lake, they come for the kids and the theme parks. So your home has to provide memories and stand out to them.

Hope this helps, best of luck!

@Hector Fuentes. As mentioned, there are tons of factors to determine this and there is no blanket answer. Each home and each community are going to be different. You said the home has no HOA, I would caution against that for several reasons if you are doing STR. But property taxes will be different for each property, if the house is in a flood zone, insurance will be more, how old is the roof, does the property have poly plumbing, is there a CDD? is the property currently homesteaded to reduce taxes (yours will be higher if not occupying it).

These are just a few of the things to consider. I would consult a property manager to run realistic numbers, but your personal involvement and how you use it, market it etc will all play apart in your net. Best of luck!

@Erik Cardero if you are in Miami and looking to purchase in Orlando, ask your lender about doing a second home loan, you should be able to do that with 10% down. Plus do what everyone else has suggested. 

If you don't know Orlando too well and sounds like you are worried about location, please do some due diligence on location. Most of Orlando/Orange County will not allow you to do STR. You will need to go near the theme parks and prices will more than likely be higher than your budget, even for a 1/1 unless you go to a condo-tel and the fees there generally make it not worth doing.

@Jean Pierre, no that is probably correct depending on what type of property and location. The numbers for November just came out and it shows an overall jump of 17% over 2020, but that encompasses all property types and all areas. If you are looking somewhere specific and a specific type of property, it could very well be 30%.

As long as the demand is there, interest rates are low, inventory is low and appraisers keep up with consumers willingness to pay, prices will continue to go up.

@Tina Chau you have literally dozens of great options, the whole state is doing fantastic with rentals. Are you looking to do short term or long term rentals. Single family, townhomes, condos or multifamily. I'm partial to Orlando because I live and work here and understand the market. Orlando offers great options for any type due to the growth and proximity to the rest of the state and beaches. Best of luck to you.

@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.