All Forum Posts by: Shawn McCormick

@Carlos Gonzalez and @Shawn Craig I'm in Olrando and would be happy to share some experiences and insight into getting started. I'm no big time flipper, but I've done several, along with many wholesale deals, creative financed, and others. I have great contacts locally in all aspects of flipping. Carlos, not sure what area you are looking in, but if your family is here, I can be a resource.

My advice to you is to make sure that you (along with many, many other factors) don't forget to include all of your time and travel expenses if you plan to do this from another state or have family help. This is often overlooked in the overall profit of a deal. It's fine to be involved and learn along the way, but consider all the time and expense of what you contribute to the deal too.

If you are both local to Orlando, consider joining CFRI.net to network with other investors, contractors, wholesalers, lenders, PM's, mentors etc. It is a very valuable resource. I've been a member since 2014 and have developed many great relationships, got several deals with other members,  & got great education too.

Best of luck to both of you!

Hi @Tiffany J. For long term buy and hold in Orlando is is tough ask right now. We literally only have a few weeks of inventory, so prices are ridiculous  (from what we are used to here). Going into the summer season, I'm expecting it to be even more competitive as once school is out, we typically see a lot more activity.

If you are able to wait (not always) for new construction, you can get some descent properties in some of the areas you mentioned (Groveland, Apopka, Haines City, St. Cloud to name a few) Cash flow will still be tough, but you will get appreciation and peace of mind with all mechanicals etc are new and warranted. Winter Park is too expensive for single family, you might get an older home on the Seminole Co. side for under $300.

Townhome vs single family is a supply issue right now, townhomes have higher HOA costs ,but generally no exterior maintenance, appealing to younger people that may need to have a room mate and don't want to have a yard etc. Single family, just watch the age of the home. You could walk into a ton of capex (roof, a/c, poly plumbing, electrical panel), not to mention updating if you want to maximize rents.

Hope this helps a bit, reach out if you would like to talk thru some scenarios. Good luck!

@Patricia Baker Glad to hear that is going well for you! Congrats.

I sell quite a few STR/resort home in the Orlando market near Disney. We get over 125 Million visitors a year, the #1 vacation destination in the world. Our market is very strong in this space and we have condos, townhomes and homes up to 14 bedrooms. (the sweet spot is 7-9 beds).

I would love to have a conversation if you are considering Orlando. Reach out anytime and we can talk. 

Hi @Sam Zhang I am a Realtor® here in Orlando and have helped many investors and BP'rs purchase properties here. Our market is beyond crazy, like most of the country, so finding a great property is extremely difficult. I wouldn't advise jumping in just for the sake of getting started.

I would be happy to have a conversation some time to go over some ideas and strategies that might suit you and make sure you are prepared. Feel free to reach out.

Hi @Josh Ward. I have a few of these under contract right now and literally writing an offer up this evening on another. I have sold townhomes, single family and new construction in several of the communities near Disney. Just closed one for another BP member from Utah 2 weeks ago!

Although I have my personal opinions on some individual communities performing better overall, much goes into whether you are profitable or not. There are many variables (location to amenities, age of unit..is it updated, does it have a garage, pool?, themed rooms, game room, how many beds 3,4,or 5) just a few things that matter in a townhome. Since virtually every townhome in a community is almost identical, how will yours stand out? You will be marketing online with photos, so why would they pick yours if all the other townhomes in the community offer the same thing? Do you offer something special, have great themed rooms, a game room in the garage, or does it just come down to price per night?

I would be happy to discuss these items and thoughts on using a property manager is right for you or not. Message me and we can schedule a time to talk. Inventory is very tight right now and it is hard to even book a showing because the units are full all the time with vacationers, but still a great time to buy and take advantage of Disney's 50th celebration and the entire planet is itching to take a vacation and we are the #1 destination in the world.

Look forward to hearing from you, Good Luck

Hi @Julian Simmons Look up FACsold.com I know the owner of this wholesaling business and he is looking to hire someone part time. Call Foster and tell him Shawn McCormick referred you.

Hi @Jack R. to tag the people you want to reach out to, just use the @ symbol and type their name (there may be multiple results, so pick the correct one from the drop down). Or you can simply click on their name and message them directly.

To your point about multi family here, yes there is definitely a shortage of quality units and units in general. There are far more duplexes than quads or tris, they are even more rare. I do see some package deals come up every so often from wholesalers, but generally over priced for location and condition. Good value add properties if you can pick them up at a decent price, usually on the market from someone retiring and never put much into them.

Building costs can vary so widely from county to county, and depending on finishes and if you have garages etc, plan on $140sqft and up. Given the current costs of lumber and many other building supplies, that number is probably much higher. I wouldn't think it would be too lucrative to build right now, especially if you are not local. Land costs are rising as well so altogether, I wouldn't be in a hurry to build.

I have several investors that I work with that would love to do the same thing, as we all know that there is a need and desire for affordable housing and multifamily fits that bill. So if you do move forward, I may be able to find capital and/or local expertise.

Good Luck

Hi @Quentin Branch, welcome to BP and investing. A good place for you to start is by joining a local REIA. I suggest CFRI.net. There are over 1500 members locally in the Central Florida area. I believe we will be meeting in person soon and you will be able to connect to all types of investors, lenders, wholesalers, trades and also have access to tons of local meetings and seminars.

They have the monthly general meeting the first Wednesday of every month(coming up soon) and about 20 other meetings every month for you to learn from and network.

Good luck out there.

@Michael Plante Look up Andrea Aylett-Hosch 
or Joe Seagle.

Hi @Jonathan Avellaneda welcome to the Florida market. I would be happy to interview with you to see if you think I might be a good fit for you in the Orlando market.

Happy to talk anytime.