All Forum Posts by: Shawn McCormick

@Juliette Olsen I would be happy to recommend a couple of PM's here in Orlando that I personally know and use. Location may factor into who may be the best fit. Let me know if you once you come to a decision. 

I personally own 3 doors OOS and self manage. I don't really want to, but the rents in the area are pretty low, and its not cost effective for me at this point. However, I also, admittingly do not know the laws as well as I should and that could come to bite me one day. 

 Sent you a message.

Hi @Dave Allen I have all of my rentals in separate land trusts and the beneficiary of the land trust is my LLC.

I use a local trust company to be my trustee and have another great resource here in Orlando as well. I'm happy to connect you to see if they can help you. Both are attorney/RE investor owned. 

Best of luck.

@Rebecca Readus has one she uses that is fantastic.

@Courtney Barnes welcome and congrats on getting started. I have helped dozens of other members purchase STR here. However, most of them are looking for cash flow exclusivley and in turn, I show them home in the resort communities to maximize returns.

Since you mentioned that you may want to retire to the home, a resort community would not be a good fit for you as they are specifically built for STR and every home is used that way. There are plenty of other 'regular' neighborhoods that can still perform to your expectations and needs. I'd be happy to have a call to discuss some options with you.

On the loan side, you mentioned 15-20% down. If this is an investment home, you will be required to put 20% down. If you do it as a second home, you could do less, but then have to carry PMI. That is a conversation to have with a lender and your CPA.

Reach out if I can be of any further help. Where at in Michigan are you in, I'm from Toledo and spent a lot of time there. 

Best of luck!

I would caution against keeping it due to the fallout and regulations coming due to the Surfside condo collapse. The rules could/will bankrupt many HOA's or put exorbitant fees in place making them unaffordable (even more so than now!)

I'm in Orlando and we have dozens of communities that are specifically built to be STR and every single family home comes with a pool and spa. So although the competition also has them so no advantage there, but it is absolutely expected here. In addition, many townhomes have a splash pool and all of the communities have a clubhouse with resort style pools and many have lazy rivers in addition to the homes having pools.

So check your market to see what the demand is, if pool homes get booked more and if so for how much extra on average. 

Best of luck!

Hey @David B. I just listed a house in Dr. Phillips today! and the seller may have another he's wanting to list. What neighborhood are you in? The ones I'm working on are in Orange Tree and Sand Hill. I'd be happy to give you comps for an ARV once you know timeframe and finishes.

My go to contractor is Eliott Grime with VE Builders. Honestly, he doesn't ususally come to the West side unless it is a sizable job, but he is heavily involved with the investor community here and I've known him several years. Let me know if I can connect you. 

Best of luck.

@Jackenson Deshommes can you PM me more details.