All Forum Posts by: Shawn McCormick

Hi @Carline Charlostin, Tyler is right on. Your income level will need to be high 40's at very minimum to qualify for most loans. You may need to get creative with your financing, perhaps reach out to family that would partner with you or perhaps market to owners of duplexes and find one that would be willing to seller finance or take it subject to. 

Happy to talk over some options if you like, reach out and let me know if I can help.

HI @Rebecca Naranjo Message me and I can give you some contacts. Are you looking for homes to flip or keep as rentals? 

@Mark Vivanco Lots of good advice here from the others. I am working with a few different buyers considering other communities and we are finding the same thing. Bookings are already seeing an increase in the 3/4th quarter of 2021 and 2022 looks good already. Pent up families from all over the world are eagerly awaiting to travel.

You asked about Windsor Hills, I am under contract on a townhome there now. I found many of the units to be in need of upgrades both mechanical and finishes. The single family generally more amenities and nicer finishes. But as someone pointed out, it is very competitive so your finishes, theming etc have to really stand out in the photos (everyone is shopping with their eyes). Some of the newer communities like Storey Lake have amazing, modern, amenity rich homes that Windsor Hills can't compete with, but Windsor has a great reputation and gets more bookings than many other communities with repeats and good marketing. So keep that in mind too, do you want something turn key that will keep your cap ex down or something more of a bargain that you could update, but not be marketable for awhile. 

Having the benefit of a unit that already has good traction and exposure is something to consider too. If you start with a new unit, you will have to build your ratings to get you in the agorhytm mix high enough to have your occupancy where you need it.

Hi @Troy Anderson Great question. My advice would be to talk to a real estate attorney that specializes in investments. I can recommend a couple that I personally use if you like. Some have a suite of contracts for different types of deals (wholesaling, subject-to, regular P&S etc) and also leases. I would suggest a company based in Florida that knows our laws and what works and what to avoid.

If you are not licensed, I would highly suggest learning the laws regarding practicing real estate with out one. 

Under Florida Statute 475.42(1)(a), the crime of Unlicensed Practice of Real Estate is committed when a person engages in real estate activities listed under Florida Statute 475.01(1)(a) without a real estate license for compensation. 

This could be a 3rd degree felony and fines, so you really want to be careful, work ethically and morally.

Good luck,

Shawn

Hi @Andrew Brown Great question. Condos, in my opinion, can be dangerous if you don't do your due diligence. Assessments and lawsuits are the two things that come up as red flags when looking at condos. Many condo associations tend to have legal issues that they battle and owners tend to get hit with assessments that they weren't expecting, ruining your returns. Another thing to consider is that many associations limit the number of units that can be owned by non-owner occupants. So selling could cause issues with the buyer qualifying and some communities are not available to take FHA financing which cuts out a segment of potential buyers.

Not saying that they are all bad or a bad investment, just find the right community and do some homework. Happy to have a call with you sometime, just message me and we can set something up.

Good luck,

Shawn

Hi @David Feder I'm in Orlando and can suggest a couple depending on your needs (drawing up contracts, doing probate deals, purchasing property etc etc.)

Let me know what your needs and I will point you in the direction of attorney's I've personally used. Good luck

Hey @Moises Diaz. You have a lot of options depending on what type of return you want, how quickly, level of risk you are willing to take your age & family situation etc. You have enough to purchase a couple single-family or townhomes for short or long term rentals, do some private money loans, find a rehab project and flip some properties.

Message me and we can set up a call to discuss some options. I am not a financial advisor and don't give legal advice, but we can certainly go over some ideas. Good luck.

Hi @Tyler D. You can do well in any of those markets. Florida is growing at alarming speeds right now (for several years now and the future looks quite bright too). The bigger cities are getting scarce for land, so it is driving new construction pretty far out. That is making for good appreciation even in outlying areas. I am more familiar with Orlando, but Tampa generally has more inventory, especially in multi family.

I like the new construction path if you don't absolutely need cash flow. If you get in early in a community, the builder will set the prices in an upward motion for you, gaining equity by the time they are built out. That is just one strategy to consider since we are in such a competitive market and you won't have to worry about having to offer 'highest and best' against motivated buyers.

Reach out anytime and we can schedule a call to discuss your strategy and see if I can add some value. Good luck.

@Steven Murphy so sorry you are having this experience. Unfortunately a real estate license is not too difficult to get and many agents do t adhere to the ethical portion of our industry.

That being said I have been lucky since 2006. This is my full time job and I love it. I am a member of the National Association of Realtors, so that makes me a REALTOR®️which holds us to higher standards. 

i would be happy to have a conversation with you and discuss your needs and make sure you are comfortable working with me. Reach out anytime.

Hi @Brandon Combs I am a full time Realtor in Orlando, would be happy to connect and see if I can help you get started.

Message me and we can schedule a call.