All Forum Posts by: Shawn McCormick

Hi @Vi Trang You have many options here in Orlando. There are certainly some communities that stand out and perform better for STR. I would be happy to share my experience in selling many of these types of properties. I would strongly suggest a single family home over a townhome or condo and 5+ bedrooms. There are other amenities you'll want to make sure you have too.

Orlando is the number 1 vacation destination with over 125 million travelers per year. There are really only two months that we slow down and even then, we are still busy. The demand for STR by both vacationers and investors have heated up which has raised prices for the homes and the nightly rates. Disney is celebrating 50 years, and as soon as planes start flying Internationally, the demand will benefit owners of these units.

@Joanna Mendez I second CFRI.net. I’ve been a member since 2014 and it has been a great resource for networking, education, discounts and so much more. There are over 20 meetings a month in a 6 county area.

Let me know if you need anything else, happy to Help.

@Marina Condon..looks like the answers are consistent here. Depending on what type of property you are looking at (condo, townhouse or single family) There is an enormous supply of condos and towns. If you look into bigger single family in the resort/vacation communities, that is where you will separate yourself.

Getting into a 5-9 bedroom home can significantly decrease the supply aspect in Orlando. They do very well and there are much less of them. Plus you can put game rooms, themed bedrooms etc to make yours pop even more. Having a great PM or personal knowledge of how to market these and not be strangled by people slashing rates to be competitive and fill the units will make a big difference too.

@Daniel

@Daniel Garrett My go to is always Adan Duran with AAAA Soto. He is a member of CFRI and does work for dozens of local investors...carpet, LVP, hardwood and laminate. Fantasic work, quick and easy to deal with. Let him know I sent you. 407-722-2293

@Andrew Stein I'm in Orlando and we have resort/vacation/STR only communities that are specifically used for STR. from condos to townhomes and 4-14 bedroom single family. Worldwide #1 vacation destination. Hard to go wrong here. Happy to give you an idea of returns and ownership costs for the current market.

Feel free to reach out if I can help answer some questions.

Hi @Joey McKenna I would start by joining your local REIA and networking with agents, wholesalers etc to get a feel for the market and perhaps do acquisition phone calls, runner errands etc.

CFRI is a great place to start. The monthly meeting is tonight and since you are not a member, it is accessible via zoom. (today is our first 'live' event since Covid). But you will get a lot out of it and there is a Volusia County meeting near you as well as many others and also several other meet ups..look for volusia repair estimates and some others on Facebook.

Good luck.

@Samantha Levien I'm not sure a mentor is needed, but there are many, many seminars you can go to, websites to learn specifically about owning STR, youtube channels and even your local REIA. I would start looking for Facebook groups dedicated to the topic and go even further and look for local groups in the cities in which you are interested in and join them for discussion.

We have a few here in the Orlando area (central Florida Airbnb, Airbnb thought counsel, etc) there are swap groups for owners to trade housing. And if there are specific communities you are interested in, see if the owners have a Facebook group. some of my clients found great insight on what to look for before purchasing.

Hope this helps! Good Luck.

@Stanley Huertas the cost of obtaining and maintaining the license(continuing education) is quite low. If you could get 3% commission on each deal, that's $12,000 on just those two deals which should cover your closing costs. You will also get access to MLS and perhaps find more deals. Obviously, there may be other things to consider but it seems adventageous.

Hi @Adam Richardson We have a pretty strong an active investor community here. Lots of meetups both in person and online and Facebook groups etc. Although not free, it is very cheap to the amount you get out of it. Look into joining CFRI.net. It is the local affiliate to the national REIA.

You will have access to about 20 meeting per month, plus other networking meetups all over Central Florida. There are great meeting that specialize in landlording, taxes, flipping, wholesaling, tax liens etc. The main general meeting is next Wednesday near downtown, it the first in person meeting we've had in over a year, so should be packed with people wanting to network.

Let me know if I can be a resource for anything else you might need.

Hi @Samantha Levien. I have been licensed in Florida since 2006, for what you are looking to do, it is not needed to be licensed. If you plan to purchase more than one home and sell your own properties, it could be advantageous, but not required.

I have helped many other BP members in purchasing these types of properties and would be happy to discuss the ins and outs of buying a STR here in Orlando. Feel free to reach out anytime. Good Luck.