All Forum Posts by: Shawn McCormick

@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.

Hi @Joshua Merrow. I've helped several BP members purchase homes here. I am a full time Realtor® and investor here in Orlando and would be honored to help out. We can schedule a call whenever it is convenient to you to see if I would be a good fit your you.

Good luck!

@Leanne Waugh Orlando market, like the rest of the country is experiencing extremely low inventory and is very competitive. STR/vacation communities are a little different, but if priced right, they are moving fast too. The competitiveness of vacation homes is also quite fierce. Depending on what you are looking for (condo, townhome or SFR) there are a lot of things to consider. IMO, condos and townhomes are hard to make stand out from each other and there are a ton of them online for vacationers to look at. How will you get yours booked over the countless others (price, amenities, location, fees)

Make sure your PM knows where to market at different times of the year, is hands on in doing so, not just throwing it out there. As soon as the parks open up and people start moving around to get out of where they live, there will be a gold rush for units here. But you have to take the good and bad and make sure your expenses are covered.

One thing to consider if you are buying in a STR only community is that when you are ready to sell, only another investor is going to be able to purchase..and what do all investors want....a good deal. No one is going to fall in love with your kitchen or bath and must buy it, it will come down to numbers.

I'm currently helping someone buy a townhome in Windsor Hills and a SFR in Windsor Island, there are many options, but don't buy strictly on price point, buy in a community that performs well and has a good reputation and amenities. For many people coming here is a really big deal. Some want to splurge and others don't care much about the house because they will be at parks all day.

Hope this help a little, reach out if you want to talk thru some things. I'm a full time Realtor and investor in Orlando and always happy to help.

@Samuel Leatherwood. Sounds like you did some homework, good for you. Appraisers are so busy and likely wouldn't do anything as it would be too subjective if its not built yet. They go off of factual, actual data and even though much is opinion based, they still would want to see it and then compare to other similar. You might get a desktop appraisal done to include finished properties but still wouldn't hold up if you used it to show actual value.

Hope this helps. Keep us updated please.

@Sam Spade I would reach out to your lender and CPA if you have them to get actual advice from qualified people with your interest at heart. Doing a refi is not very complicated, just submitting docs and getting an appraisal. I would caution doing that unless you plan on staying in the house longer than 5-7 years or more. 

If you can get the property classified as a vacation home, you will only need 10% plus closing costs. An investment property would be 20%, so that might make a difference. 

For properties that are $150 are likely condos or townhomes and will have pretty high HOA fees, so make sure that you are including that in your calculations. If you are trying to Airbnb, you can't be in Orange County (you mentioned Orlando), so be careful where you are looking. I would also research rates on returns for properties that you are interested in. There is a lot of competition and that means your nightly rates will be lower and many people may turn to a hotel room vs a airbnb that is small or doesn't have good amenities in the community for a similar price. It is much harder to make a small condo or townhome stand out against all of the other ones. JMO...

Good luck and reach out if I can help further.