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All Forum Posts by: Shawn McCormick

Shawn McCormick has started 11 posts and replied 996 times.

Post: First time investor: Out of State Investing & Condo/Townhouse

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,062
  • Votes 842

@Michael Mabrouk welcome to the forums. I won't give my opinion on condos as that has pretty well been covered. Our median price for single family is now at about $320,000, so depending on your budget, getting something new and/or updated will come at a price. Townhomes seem like a good fit for you, maybe look into buying new and having it appreciate (at a slower pace than SF) for you. You would have the piece of mind of buying new with warranties (even new homes have issues). But the big ticket cap expenses will not be a worry and the prices are slightly lower on towns especially in the outlying areas. If you can get in early on in a new townhome development, the builder will force your appreciation and you should walk into equity by the time you move here.

That's just one point of view and you'll have other options if you choose. I have some great lenders if you want to have a conversation about what you'll need to get you on the path. Good Luck

Post: Flip or Rental for first time investor?

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,062
  • Votes 842

@Dominic Taylor congrats on posting and welcome to Orlando. There are a ton of meet up groups and we have an excellent REIA here to help further your local knowledge and network with people actually doing deals. Hard money is one route if you don't think you could get financed, but there is an incredible amount of private money out there too. If the deal makes sense, the money will come, but you make your money when you buy.

The market here is very competitive for a number of reasons, so you have to be prepared for that. With property values rising in double digits every year here, the longer you wait the more you will pay, but our economy, jobs and reputation are all growing so the future is still bright for us here. Let me know if you need pointed in the direction of good areas and good people to help get started. Good luck!

Post: Looking to invest in vacation rental for Airbnb near Orlando

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,062
  • Votes 842

Hi @Alexander Coventry welcome to the Florida market. There are a lot of variables to consider when choosing the property type and location. Happy to have a conversation to provide you with some insight from my experiences.

Post: buying properties remotely in Orlando

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,062
  • Votes 842

@Meeky Hwang There are several communities that would work well for what you are trying to do, I would caution on some of them as the HOA could ultimately rule against doing STR.

Depending on your priority..STR or LTR, some communities will just perform better based on proximity to Disney, number of beds, theming and community amenities that are offered to the guests for STR. Long term, those criteria won't be as important. Many STR owners switch to long term when the Pandemic first started out of fear and are now stuck with long term tenants and missing out on all the vacation demand. Hope this helps, message me if I can answer more specific questions. Good Luck!

Post: Insurance Broker for Central Florida

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,062
  • Votes 842

Hi @Fabian G. Try Colleen Pacheco with Secured Insurance 407-725-3413. She really understands all aspects of investment homes, how we hold title them and hold them in LLC's or Trusts etc.

Post: Vacation rental markets

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,062
  • Votes 842

@Daria Berenato Orlando is the number one vacation destination in the world and the theme parks keep growing. The audience for Orlando is vastly greater than other destinations and is literally built for this. There are about 7-10 great communities that are specifically zoned and planned for STR (actually dozens, but some are just much better). In many other cities the regulations may hamper your plans based on what the city/county/hoa puts in place.

Post: Vacation rental orlando/ Property managment in Orlando area

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,062
  • Votes 842

@Daria Berenato I know the STR market quite well here in Orlando. As far as being over saturated, that will depend on what type of property you are looking at. Condos are plentiful and compete with hotels, townhomes are all very similar in size and finishes, so they are difficult to differentiate from one another. Once you get into larger (6-10) bedroom homes, the inventory of those is much lower, so far less competitive than condos and townhomes. You also have the opportunity to separate you're even more by doing special theming, adding a game room in the garage etc. You almost can't go too big.

The demand for all types of units is very high. You can research numbers on airdan.co or just look at the calendars of homes in the communities that you are interested in to see occupancy rates.

Hope this helps. Good luck

Post: Aspiring Real Estate Investor - NJ to FL

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,062
  • Votes 842

Welcome @Mark Laskey. I did what you are about to do when I was 19, just packed up from Ohio and headed to Florida leaving everything I knew behind. Unlike you, I didn't have a job, savings, a real plan and I certainly knew nothing about real estate.

You have a lot going for you already, just stay on your path and don't over analyze every step or you'll be 40 and looking back saying "I wish I would have..." There is lots of information and shiny objects out there, so stay focused and find your circle. I'm in the Orlando/Kissimmee area and can help point you in the right direction for local info, groups etc. Good Luck!!

Post: Champions Gate or Windsor Hills

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,062
  • Votes 842

Hi @Nadia Hale. Some very insightful information is given here. I have sold several home in Championsgate this year, in fact I have one closing today. Spot on about the carpet, roof and a few other things found on every inspection report. Unfortunately, most sellers are not willing to give concessions for these items, so you have to be prepared to have them repaired after closing.

As far as Windsor Hills goes, it has a great online reputation and repeat guests as it is one of the oldest fully amenitized resorts. Most were built in 2004/05 and still outdated with original laminate counters and 12" tile, while savvy ones have updated and themed out the rooms and converted garages into game rooms. The amenities were redone in about 2017 I believe and still stand up to most other resorts. Championsgate has a much larger amenity area and can hold more people, there is also golf there so that's a bonus for attracting guests.

You can check Facebook groups for both communities as owners have private information that they like to share. I can provide first hand experiences that I've had too in both communities if you like.

Post: Opendoor vs investor sites in Florida

Shawn McCormick
Pro Member
Posted
  • Realtor
  • Orlando, FL
  • Posts 1,062
  • Votes 842

@Dilip John if it is vacant, am I able to show it? Can you PM me the address and access info, I'd love to take a look at it.