All Forum Posts by: Shawn McCormick

@Julius Morganson most every home hear is built with block construction. You may run into problems with contractors and the labor not knowing how to install the panels, or charging you more because there are fewer companies for you to choose from. I have spoken to builders that can still do about $120sqft on your lot. Obviously there are many variables like impact fees, permitting, soil/environmental fees, and well/septic if needed all above that $120, but that should give you a start. Part of that will depend on where the lots are too..cost of transport/fuel to the site could impact that to some degree (Think places like Poinciana vs Deland) both fairly close to Orlando, but Poinciana is far less convenient.

Hope this helps. Good luck!

@Sherif Taher The general thinking is usually 'buy as big as you can afford'. With the larger homes, you have the flexibility to rent it out as a 'smaller' (4,5,6) bedroom home during non peak times and capitalize on the lack of supply during the rest of the year and keep it full and get great nightly rates. With a smaller unit, you are limited to the number of guests and therefore will likely only rent to single families rather than larger groups. 

Larger homes by nature will house more people and likely have more wear and tear on furnishings too, so budgeting for that is something to consider, also, larger homes have 2 a/c units, 2 water heaters, washer/dryer get a lot more use, and other things to consider. The pros outweigh the cons, but you should look at the whole picture.

It is also easier to make a larger home stand out to potential guests, more games, themed rooms, garages, pool areas. The more you can separate yourself from the competition, the better you will do

@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!