All Forum Posts by: Shawn McCormick

@Joseph Decker You should check out CFRI, the local chapter of the National REIA. They have over 20 meetings a month all over central Florida and specialty meetings, focus groups and educational seminars. Many members have started offshoots that have weekly/monthly meetings as well that can be found on Facebook and MeetUp.

@Pearce Trenary In Orlando, that budget will limit you to mostly townhomes at this point if you want to be in the better communities that have guard gated, amenities galore and good reputations. If you don't mind going to a little older community or a 3-4 bedroom home, you'll have a lot of choices in that price range. Virtually all of these will come furnished (may not be to your taste and always room to improve) but they are pretty turn key. Let me know if you need more specific info. Good luck!

@Saurabh Gupta Joe Seagle at PCS title. Lawyer, Title, Trust company. Has contract packages for all types of investments/offer types. Knows wholesaling, subject-to and other creative structuring very well.

@Wendy Lin I'm in Central Florida and connected to many wholesalers if you are looking for off market. The terms are much different than traditional purchases as you are buying the contract and not dealing directly with the seller. I would caution about buying remotely from a wholesaler if you plan to flip. The numbers have gotten tighter and tighter the last couple years and it get tough to do unless you have a full crew here. As far as your budget of $200, that won't go too far here anymore unless you are far outside of metro areas and that makes the ARV lower too. Just some points of view IMO.

@Jephte Augustin I do not own any, but have helped many purchase. There are several variables that will affect the answer. Some HOA's include cable and internet, depending on the type of community you are in (full resort-style vs 'regular' ). Utilities will fluctuate also based on occupancy, pool/spa on timer, owner-controlled thermostats, is garage a/c, if its only 4 beds it could be single-story, how old is the home (energy-efficient windows), how many square feet, how old is the a/c and is it the correct tonnage for the property etc....

When purchasing these, that information should be readily available via the seller or property manager. But this is Florida and a/c is always on and pools should run 8-12 hours a day. So electric could be $300-600/month..as a general rule, most of these communities will be electric, so no savings on gas. Internet and cable could easily be $200-300 unless the HOA has contract pricing and internet is a big issue especially with gaming and streaming, so you have to have great service.

Hope this helps.

Hi @Armando Caceres Welcome to Florida! Best of luck finding good flips now, they get quite competitive and the margins keep getting thinner!

As far as groups go, there are many active investors in town and many have FB groups or meetup.com groups that meet regularly. CFRI.net is also a great place to network with locals, they have over 20 meetings a month around Central Florida (6 countie area). Reach out if I can assist with anything and good luck.

@Jake Hutch that is correct. It is a combination of Orange County and the city of Orlando. There are some areas grandfathered in and allowable, but the possibility of this changing at a whim or from pressure from outside sources isn't worth the risk, IMO.

On the other hand, the area around Disney is called Four Corners as Orange, Polk, Lake and Osceola counties meet. The other 3 do allow STR and that is where you will find the bulk of the resort communities and others that allow it. HOA's still hold more power than anyone in Florida and can change the rules if they decide. So either buy in a community that is deeded and zoned specifically for STR (Championsgate, Solara, Solterra, Storey Lake, Windsor Hills and several other large ones) or buy in a neighboring community with less amenities, but it will give you more options to go long term rental in the future and have better options when selling. You will be limited on size, occupancy rates/nightly rates and number of beds and proximity to the parks, but attract smaller families that may take better care of the property.

There are many variables to consider when buying here and depending on how you will use the property (will you and your family use it part time, who is your target audience..large families, snowbirds, vacationers from around the globe) etc will directly impact your cash flow.

@Karla Simmons Yes, this is pretty new. Insurance has been pretty predictable in the last decade or so until they started fighting back. I would say 2-3 years is right on target when rates started going crazy.

Hi @Karla Simmons  I can't speak for the entire state as each area has its own issues including Hurricanes, being in flood zone or coastal due to the damages of salt water, erosion etc. I'm in Orlando and Insurance companies are fighting back against fraud..especially in the roofing industry.

Many carriers have pulled out of Florida all together and the ones left are taking advantage. Rates have doubled in many cases from about $100 per month on average to around 200-300 depending on those factors I mentioned. If the roof has less than 5 years life expectancy, you'll be lucky to even get coverage. If they do cover you, they bind it on a usable life payout, rather than replacement value.

I don't know how this fares with other areas, but with fires out West, hurricanes affecting much of the South (and now the North East as well !!), historic flooding almost everywhere, I don't see this getting any better. If you own here, I can recommend a couple of companies if you like.

@Daniella Lamis I'm partial to Orlando for many obvious reasons (year round great climate, huge area growth, #1 vacation destination worldwide, theme parks, close to beaches, awesome airport/transporation, close to several cruise ports etc...) there are variable that you will need to understand to make the most of your cash flow, but we've got it all.