All Forum Posts by: Shawn McCormick

@Markise Navilus Welcome to REI and Bigger Pockets. My best advice is to start at CFRI.net and attend some meetings to network with local investors, rehabbers, lenders, trades and mentors. It is a non profit organization where you can meet people in central Florida actually walking the walk of all types of investing. You will have access to all of these people and also workshops and seminars geared toward specific niches like landlording, flipping, wholesaling, notes, tax deeds and so much more.

Good luck.

@Thomas Dunleavy Short term rental new construction is a great place to be right now in Orlando. Appreciation being forced by the builder (typically $2-5,000 for every 2 homes they sell. So lock in a price now and by the time it is built (end of 1st quarter 2022) you will have realized a pretty nice equity spread. Just my opinion here as I like this market for STR.

There are of course resales in the same areas near the theme parks that do very well also. I would stick with a single family 6-9 bedroom as there are far less of those than condos, townhomes and smaller single family..so more opportunity to capture larger families, tour groups, sports league tournaments etc.

Hope this helps! Good luck.

Hi @Jake Jaenicke Orlando continues to exceed expectations of many STR investors due to the pent up demand of travers and we haven't even opened up to many parts of the world yet.

There are many resort style communities that will out perform communities that 'allow' it. The amenities are what set them apart, golf, lazy rivers, restaurants, arcades, theaters etc on site are a big influence to families traveling here. Yes, we have a huge market of units, but if you are willing to make your unit stand out with theming, gamerooms and great customer service to get 5 star reviews, you'll do great. I prefer single family over condos and townhomes, but they can still make money if in the right community.

These resort communities are zoned specifically for STR, so local regulations don't affect them. Hope this helps.

@Nadia Hale I sent you a message, looking forward to connecting.

@Nadia Hale Championsgate is one of the top tier communities for STR. Due to all the amenities, it has compared to other similar properties, plus it has golf so that opens up to a whole different segment of vacationers. I just had a client close last week on an 8 bedroom and they had 17 bookings scheduled on the first day. Demand is extremely hight right now and expected to stay that way especially when other countries can start travelling here again.

I have a great property manager contact if you would like to speak with them about potential revenue in Championsgate and other similar properties.

Hi @Dan Chern Orlando is a great place to invest. There are opportunities all over depending on your needs. You could do student rentals (rent by the room) near UCF, theme park area rentals for workers, be in some of the best school districts for families, go further outside of Orlando for better-valued homes or do a STR near Disney or explore some other options. Appreciation will come naturally due to market conditions and growth we are experiencing. Cash flow may be a different story depending on what type and location of what you buy.

Have you initiated the 1031 yet? if the timeline has started, I would be happy to have a conversation to see if I can be of help.

Hi @Leo Izquierdo welcome to BP! 

Jumping right into fixing and flipping can be exhaustive and expensive without having experience. Television shows tend to glamourize it, when in reality it is not at all glamorous. I would immerse yourself in podcasts and more youtube of actual people doing it. There are many lessons to be learned and even the most experienced still lose.

The best way to flip a house is with a pen. Write some checks and have others do the work if you don't know what you are doing and learn along the way. I would suggest also to join CFRI.net. It is the local chapter of the National REIA, a non-profit group that offers education, networking, discounts and access to local investors that can provide you with information to get you started. It is very cheap to join and if you show up, you'll get a lot out of it.

Hope this helps a bit. Good luck

@Devin Moreno I have been using a few local inspectors that are great. And yes, they will be able to do everything you are looking for, plus pools, 4 point, sewer scope, wind mitigation. Some are qualified to do WDO too. If you need water test, septic or well, that requires separate inspectors. 

I'd be happy to share a couple of the companies I use if you still need.

Hi @Jackson Vasey Welcome to the forums an congrats on making the decision to invest in yourself. There are lots of factors that would need to be determined before delving into any real advice here.

I will tell you, as a Realtor®, you are going to have a tough time getting an offer accepted in the current climate with an FHA loan. It is hyper competitive and sellers are getting greedy, often accepting offers that waive contingencies, offer over asking price, do lease backs etc.

I'd be happy to talk thru some strategies with you and get you in touch with some good lenders that can evaluate your financial situation and set you up to get you on track to purchase something. 

Orlando market has always been and continues to be one of the most consistent markets for STR. Global recognition, weather, close to beaches, major airport(rental cars), easily accessible to drive to for much of U.S., still affordable, real estate friendly for investors, within a couple of hours of 3 major cruise ship hubs and on and on!