All Forum Posts by: Shawn McCormick

Hi @Easton Curtis congrats on doing your homework on the market. I would advise that the market could be much different when you are ready to purchase in a year. Although Orlando continues to be a great rental market and that won't go away, but any deal you are looking at now will not be around when you are looking in 2022. 

There are some variables that would help give some insight into what neighborhoods you are looking into. How long do you plan to live there, can you 'put up with' a C or D neighborhood for a year? Where will you go after? What loan type are you looking at and will you couple that with a Homestyle or 203k? Are you looking strictly for cash flow or appreciation or both. Who is your ideal tenant...college students, theme park employees, families etc, will you rent by the room? The College Park, Baldwin Park will likely be out of the purchase price range to cash flow efficiently, but there are plenty of other areas that could serve you well.

You say you are looking at MLS listings, are you working with an agent that understands your needs and investments in general. If they are no able to provide good insight to your questions, perhaps seek out someone that can better serve you.

Best of Luck!!

@Tyree Etheridge I'm in Orlando and can help with a couple great lender suggestions. Sending you a message.

@Tariq Barriso check out https://nationalreia.org/  that is for the National Association. You may have some independent ones and check out Meetup.com and Facebook to search for others.

@Benjamin Hoisington let me know if we can connect. I work for a Global Real Estate company and we have a great way to connect with other agents anywhere and I can personally interview them based on your needs and then connect them to you. Good Luck!

Hi @Ronnie Ho, although it can be difficult to get in and see the property, like Alice said, there are gaps between guests checking out and new ones coming in, so that is just something your agent has to deal with and be available for, this is typically early/mid week since most guest stays start late week and include weekends. I do this all the time for my clients and it works out fine. Sometimes I have to shoot video while the cleaners are there, sometimes our inspections are literally in between guests coming and going on the same day AND the cleaners are there. Its just the nature of this. 

 If the community is one of the top tier, that is more important than the floor plan, you won't be living there, so you don't have to love it. If it sleeps 10,12 or 20..that is what matters to the guest..along with themed rooms, game rooms and the amenities of the community...its never the floor plan.

I hope this helps! Good luck

@Mani Lubana there are plenty of short-term rental properties. Many, many variables on what type of property (condo, town, single-family), in a resort-style community or other smaller neighborhood type property, budget, HOA costs, financing type and so much more. There are older neighborhoods where the units need updating, some owners that never did any 'theming' or it was just poorly managed, so value add is subjective to some of those things, but with lower than normal inventory and high demand, there aren't really any bargains as far as price goes, but you can still add value in the property by way of making it stand out, giving great guest experience and improve the nightly rate and review status.

Hope this helps.

@Tony Rice Jason and Mike are likely correct, this is a condo-hotel and there are dozens for sale that people got hooked into buying and realized you can't really make money on them as they dictate management fees, HOA costs etc. They are the modern time share that nobody wants. I would run away! If you budget is the issue with wanting a small condo, there are a couple communities near Disney that do well. They still aren't great money makers, but will pay for themselves as long as you don't use it yourself too much. Townhomes are better yet, but single family in a resort style community that is highly amenitized should be the goal if you want to capitalize on the theme park business.

Good Luck!

@Aaron Conner Sounds great, I sent a request to connect. 

Hi @Aaron Conner good to have you here in BP! Lots of help here in the forums from locals that are always willing to help out. Would love to talk about your strategy and game plan, how you are finding your deals and such. The market here is quite competitive as I'm sure you know.

I would suggest looking into CFRI.net as a great place to meet people and network. You will meet lots of great vendors, wholesalers, title, Realtors® and have access to tons of meet up groups and education. Good luck, Keep us posted!

@Kelsey Harding welcome to BP and investing. A great place to start with some self education in our market is to join CFRI.net. Its a non profit REIA that provides networking, education and access to mentors,partner programs and so much more.

I'm local and happy to let you pick my brain on STR or anything else that I may be able to help with. Good luck