All Forum Posts by: Shawn McCormick

@Lynne Smith New Smyrna is a popular destination, especially for locals as it is one of the closet to those living North of Orlando. I am not familiar with the local ordinances as they just change too often in these beach towns. I don't like that uncertainty as it could disrupt exit strategies. If you want to rent a room while you are there, that should be fine. And going longer term 7 months or more when you aren't there should be a viable option too. But if you are taking the winter months, it will be tougher to get someone to rent for just the summer months (unless you do nightly/weekly.

@Jonathan Sanchez welcome, glad you found BP. I'm in Clermont and do a lot of business in Kissimmee. CFRI.net has a local meetup once a month at the KUA building. There are 20+ other meetings all around Central Florida. I would look into joining and meeting other local investors, trades, wholesalers etc. Happy to be of any help if you need. Good Luck.

@Jonathan Roldan you should check out CFRI.net. It is the local chapter of the National REIA. There are about 20-22 meetings per month all over central Florida and some of the members do their own special meet ups. Many are just coming back on line and in person so I'm sure you'll be able to find some. Check out Meetup.com and you'll see several there too.

Hi @Javier Kogan Best place to start would be to join CFRI.net. I have been a member for about 7 years. I don't know too many members that are in the development game as land here for projects like that is pretty expensive and we have so many home builders that have deep pockets and get aggressive. I would still join just for the connections and possibility of networking with locals that know people that know people!

If you are okay with going to Polk, Lake, West Volusia or Flagler...you might find some good opportunities. Good Luck

@Blake Wofford I would be happy to recommend the PM I use for all my clients. They are not on BP, so just shoot me a message.

@Bryce Bunton I could help with PM and decorators/theming if you still need.

@Blake Wofford I would love to hear what community this is and share some experiences with you that I have had. Be very wary of some of these, especially if they are 'condo-hotels'. If you don't have full control of who manages the unit, it would not be a good idea. I'm pretty familiar with most of the better communities that have great amenities and can provide good returns. If you are new and out of state, I would really recommend a property manager as the learning curve could cost you thousands in missed opportunities. Best of luck

@Jose Castillo Kissimmee and Davenport are virtually the same, most of the better STR resort-style communities are in Kissimmee. There are 7-8 of them that will have 5-12 bedrooms (townhomes and single-family) that all perform well. There are many variables to investing in these homes to consider, you should consult a realtor and property manager that can help you distinguish in how you will use it, what you want out of it, how you will manage and many other items.

I would suggest looking into Windsor Properties (Hills, Westside, Palms and Island), Solterra, Solara, Storey Lake and Championsgate. These are the top performers due to type of amenities they have, proximity to the parks and reputation. 

Hope this helps.

Hi @Jason Medina I have done a fair share of flips and renos here in Orlando and have great contractors that I work with and trust, but even when you are on the ground, it is easy to get taken advantage of or get a different crew than your used to and it is not unavoidable. I would not tell you to just deal with it, but rather plan for it. I always budget 15% for overages, unforeseen upgrades, and punch list items. Even the most experienced of us will miss items or not account for them when setting up the scope of work. And if your PM is getting a referral fee or charging you for the contractor work, lean on your Realtor more, they should be helping you too!!

I recently did my first OOS rehab and got a few HUGE bills that I didn't know were coming. I had to suck it up and the house is much better off with the items that had to be replaced and I'm getting more rent because of it. You make your money when you buy, so if you buy right, these things need to be accounted for. I believe it will be pretty bad for a while as the trades here are all slammed and can pick and choose the jobs they take. So if you have good ones, treat them right and don't sweat the small stuff, control what you can and perfect your systems to define expectations, reward them when they do well (bonus for finishing early, bonus for short punch list etc). Because trying out the next guy might cost you even more time and money.

I'm happy to share a few of my go to subs/GC if you need. Good luck

Hi @Thomas Dunleavy I do not have any hands on experience as an owner in Reunion, but do have some handy information that may help. I do know other resort communities quite well such as Windsor Hills, Windsor at Westside, Championsgate, Solara, Solterra, Windsor Island, Storey Lake and several others that perform well and have great amenities and location.