All Forum Posts by: Shawn McCormick

Hi @Tee H. I'm currently working with several out of state buyers in the vacation market. I just closed on one in Windsor Hills this week and making offers in Windsor Westside and Solara. There are definitely pros and cons and risks involved, but those can be mitigated to reduce if you have a great team, the right property in the right neighborhood. Some perform vastly different from others simply based on location and ability of the type of property manager you choose, type of theming/amenities offered etc. 

The market here is about to explode as soon as planes start flying and bringing people back, so it could be a very lucrative time, but it is an investment, so weigh those risks against other things you are considering. I can tell you some of the larger homes 6,7,8 bedrooms can generate 80-100k a year in revenue for a single home.

Happy to have a conversation with you about what I'm experiencing while helping people in real time. Reach out if you would like to discuss anything further. I hope this helps.

Hi @Mike Sempier. Your best first step is to join CFRI, the local affiliate to the National Real estate Investor Association. Right now they are meeting via zoom calls. When things open up again, there are about 20 meetings a month for you to attend, network, find mentors that live and invest locally etc. I have been a member since 2014 and it has done a lot for me personally.

I will actually be presenting a 'deal of the month' for our April general meeting. It is non profit and is recognized as one of the best REIA's in the country. Feel free to reach out if I can help answer some questions. I know several local mentors/coaches. Look up some FB groups in Orlando, there are several, also try Clubhouse, I have a few friends that have some rooms and do a fantastic job. Kari Lyke, Josh and Marlena Dates...lots of great resources locally.

@Sumner Rabin. Wow @Melissa Jolley and @Share Ross pretty much nailed everything there is! Florida is no secret, it has always been the dream of everyone in the mid-west and North-east to eventually get down here. Covid made many realize that living in crowded spaces may not be such a great idea, pair that with the weather they deal with and Florida just makes sense. Not to mention there are like 10,000 people a DAY turning 65!

The Orlando market has been appreciating in near or at double digits due to so much demand and so much new construction. Now with businesses forced to either comply or adjust how they deal with social distancing (think theme parks, beaches, restaurants), our climate is much easier to move outside to accommodate those types of businesses. South Florida will get more of a punch from outdoor dining as the weather there is a bit more stable. 

@Jessica Wygal I do not feel we are saturated. Yes, there is a lot of competition for vacationers. I'm seeing/hearing that bookings are really ramping up especially for later this year and already solid for 2022. My PM company rep does a great job with tour operators, youth sports leagues coming for competitions and markets aggressively to keep their units full. They have over 700 and they are all full thru April. Zero availability. So there is room and once everything 'opens up', I believe you'll be in a really good position.

@Jessica Wygal responding to your 'theme it up' question. It can easily be shown through nightly rates and overall number of bookings that units that have pools, game rooms and themed walls/rooms do much better. I just sat down with my PM that has hundreds of units and she showed me two literally identical properties in Windsor Hills. One was themed and one wasn't. The themed unit had 35% more bookings and at a higher nightly rate.

If you want to keep it simple and not spend a ton on furnture/tv's & theming expect to get less per night. This is especially true if you have larger SFR with 5-10 bedrooms.

I spent some time with my Property manager contact and we went over a lot of what is going on in the area. Her company does massive business with tour operators, youth sports leagues and the like to make sure her units are always performing. Having a PM that lives and breathes this market is crucial if you want to stay booked, get great rates and maintain a quality product. 

It is very competitive here and if you are trying to do it all yourself, you could be missing incredible business. She has over 700 units and not one is empty thru April! If you are just putting it up on AIR/VRBO and hoping that someone chooses your unit, you are leaving money on the table, IMO. So, the demand is there, but some PM companies slashed prices to keep units full and that just marred the community and the owner. Get in a community that already has a good reputation and following, do the things that attract people in your finishes, theming and amenities. Bookings are filling up for the rest of the year and well into 2022 already, don't miss the boat.

Hi @Frank Paternoster welcome to the forums, great first step toward your goals! You are correct about the Orlando market, especially for a newbie and pulling the trigger. There are risks and rewards in every market and lots of thing to take into consideration like self managing a property that is 1-2 hours away for example (not sure if you will self manage, but most new people tend to think that way). Also who are your tenants and what is the work force like, are the homes appreciating as fast in those markets etc...

Happy to have a conversation with you anytime about your strategy and goals to see if I could add some value to your search. Feel free to reach out anytime and we can schedule a call.

Good luck,

Shawn

Hi @Kenneth Burdick Happy to talk about the Orlando market. Appreciation is going strong, cash flow if tough to get. STR strategy could be could for cash flow when everything 'opens up' the theme parks will be crazy with travelers.

Let me know if you would like to talk thru some things going on here. Happy to help.

@Flavio Zanetti I sent you a message. Let me know if you would like to connect and go over some thoughts on those communities. Happy to chat.

Hey @Anthony Tonsoline.  Multi family is has been very tough for a while and your right, they rarely make sense, but they are still moving.

If you want STR, there are many things to consider. I would be happy to talk over some strategies with you. Reach out and we can schedule a call to talk some things through.