All Forum Posts by: Shawn McCormick

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.

@Joshua Ryan Lindsay, @Ranjith Marappan I don't have much information on the costs of cleaning (I did my own when I had my STR or paid neighbors). I have sold and have under contract a few homes in some of the better STR communities and can give you some ideas of what's available and pricing for homes. Happy to help with some insight.

@Justin B. Congrats on getting started! I live in Clermont and you are right, we do have a  lack of multifamily! Like Adrian said, you should look into joining CFRI. I've been a member since 2014 and you will meet tons of locals that can help get you going.

As far as building, now isn't a great time as material costs of all types have skyrocketed, along with acquisition costs of the land itself. If you can start looking at lots that are zoned correctly and researching builders so when something comes along you're ready.

I've been seeing a few more than normal duplexes on wholesalers lists locally in the last couple months if you are looking, not much on MLS though. Let me know if I can help at all. Good luck

Hi @Steven Glod I working with several out of state investors in the STR vacation communities. I literally just got another under contract tonight in Solterra. Just closed one in Windsor at Westside, Windsor Hills and have a new construction under contract in Windsor Island.

I have an amazing property manager that lives and breathes these communities and we can give you all the insight you need to make the best decision. IMO, a 7-8 bedroom single family is the best as it opens up entire different clientele that a townhome or smaller single family just can't do.

Feel free to reach out if you would like to talk over my experiences and what would be some good options for you. There are plenty of them, just need to dial in on what is a good fit your you and your investing style. Happy to talk anytime.

Hi @Kristie Gautier, Those are still pretty new so I personally don't have any experience with them other than the warnings you have been cautioned about. They are also very difficult to get financed from what my lenders tell me. There is just so much competition in small units like that. 

We have had timeshares here forever, then condos, then townhomes, then the vacation home market in the last 15 years has changed the way people look at units here. It used to be a second/vacation home that people would use, then builders started building communities driven by amenities and now those communities are full of small businesses. But with the condo/hotel and timeshares, there are just so many of them and not only them, but actual hotels and they are all competing with each other and there is only so much you can charge for a small unit and you can't really differentiate it from other units. That is why I like single family units, you can theme them, max them out with game rooms, pool etc and accommodate larger groups...these are just my opinions and there are obviously people making money with them, but seems too much risk for the reward. 

Happy to talk through some options or anything that may help you, just reach out.

Hi @Ronnie Diaz I would be happy to discuss this with you. I am helping several BP'rs right now with purchasing STR, just closed one yesterday in Windsor at Westside and have quite a bit of knowledge in this space. You shouldn't need an attorney to get licensing, it is quite simple and if you have a good PM, they can assist you also.(I have a great PM for STR!) We close with title companies in Florida, rather than attorneys too, just FYI and the process is much quicker.

If you need lender recommendations, I can send you a couple as well. The inventory is kind of tight right now depending on if you want single family or townhome/condos. We can talk about that if you like, shoot me a message and we can set up a call.

As far as the arbitrage, I know a few people that have done it and there is another Realtor couple I know that do very well with that. There are some things you want to be careful of when doing that tho, especially as far as zoning goes. 

Happy to discuss all this with you. Good luck!