All Forum Posts by: Shawn McCormick

Hi @Monty Panm. Sounds like you got some good advice, those are all good areas to invest in, you will have more families in these areas than in other parts of Central Florida which might get you longer term tenants. Our market needs more rentals and prices have stayed very firm due to the high volume of people moving here. 

Glad to hear you are aware of the cash flow issue, so many people I talk to want both cash flow and appreciation and that is just difficult now, but the appreciation side is going strong. I feel personally we will be seeing a lot of short sales and possibly foreclosures in the coming months due to loan forbearances and modifications due to Covid and those homeowners will likely be forced into the rental market.

I live in Clermont and work in all of the areas you listed and more as a full time Realtor® and investor. I am happy to have a conversation to help narrow your focus and find you some good options. Feel free to reach out anytime!

Good luck!

Shawn

Hey @Tesho Akindele look into joining CFRI, the National affiliate real estate investor association in Orlando. They have several virtual meetings right now and when we can meet again in person, there are over 20 meetings a month all over central Florida. I have been a member since 2014. It is a great resource for everything you will need from networking, meeting investor friendly trades, lenders, wholesalers, coaches and other local investors seeking knowledge and information. I'm also a Realtor® and happy to discuss the market here if you need some help.

@Tesho Akindeleundefined

HI @Lilach A. Let me know if I may be able to help you. I am currently working with 3 investors interested in STR in Orlando. I am a full time Realtor® and investor here and happy to answer any questions you might have. Reach out anytime!

Hi@Stephanie Nachtrieb. Glad to see you are being cautious about this purchase and asking good questions. Your concerns are quite valid and your budget should be fine for a smaller SFR and unless you are in a resort style community, like Champions Gate or Reunion or Windsor Hills etc, the HOA will be quite reasonable. One thing on some of the HOA's information, depending on where you are getting it can be misleading. Some of the big sites just import information from the MLS. If the agent enters it wrong, then that data will be wrong. Some communities have 2 HOA's (master and neighborhood), but the site can only import one field. This can really throw off your analysis if both are not available. On the flip side, some communities offer cable/internet or lawn maintenance included in the HOA which will make it appear out of reach, but if you back out those costs, the HOA is actually reasonable.

I don't feel it's too early for you to start reaching out to vendors, realtors or property managers to get an idea of the market, costs of services etc. I am a full time Realtor® and investor and can also help you with local lenders that can get you started and coach you along the way to make sure the loan process goes smoothly once you are ready. Although getting a pre approval may be a bit pre mature, speaking with a lender to get everything in order will save you headaches down the road. 

I'm happy to speak with you about any of this whenever you are ready, feel free to reach out anytime! Good Luck.

Hi @Max S., I would be happy to discuss the Orlando market with you. I am a full time Realtor® and investor. I have sold some investment properties in the Tampa market, but I'm not as well versed as Orlando. We generally only have 25-30 multi family properties available in Orlando and they usually go very fast. Tampa has 2-3X that many at any given time.

Reach out and we can talk about what you are looking for and how I can help.

Hi @Fab Ragh What are you planning to do with the property? That will help determine how we can best help you. If it will be a primary residence or rental. Orlando has many great pockets depending on what your goals are and how you will use the property. Obviously, your budget will come into play here too.

Feel free to reach out, I am a full-time Realtor® and investor in Orlando and happy to answer some questions for you.

Hi @Christine Rodriguez. I don't want to knock any of the 'guru' courses out there, but their primary focus is selling you a course and coaching you. If you want to learn about your local market, first step is to join the local REIA. Central Florida Realty Investor Association is where I go my start in 2014 and it has been a great source for networking, learning, meeting contractors, lenders, other flippers, landlords, attorneys and everything else you will need to start doing business.

I am a full time Realtor® and investor here in Orlando. I can tell you that wholesaling is very competitive and there are 5-6 really big players that are spending $5k a week in marketing, so picking up deals to wholesale will be tough and it is a job (once you sell it,you have nothing again, so you have to find another and another). What is it about wholesaling that is attracting you? There are a few coaches locally that have courses and can do some mentorships if you like.

Hi @Garret Myers Congrats on ramping up your investing strategy! I am a full time Realtor® and investor here in Orlando. I have connections for all of your needs when you are ready. I would be happy to chat with you to see if I can add any value to your search or just answer some questions. Feel free to reach out anytime.

Interest rates could be around 3-1/4 to over 5 on investment properties. Lenders are being very cautious right now, so just shop around. I have a few I could recommend if you need. As far as cap ex on new construction, I would not account for any (personally). You have well over a decade before you shoud have to worry about those items (Roof=20 years, a/c= 8-12, plumbing/electrical shouldn't be an issue either, you'll get a 10 year structural from the builder too). Just because you are out of state, I would keep your regular maintenance % the same as you may experience turnover and depending on your PM company, finishes (flooring/tile, paint etc).

Hi @Nicole Spain. I am a Realtor® and investor in Orlando. I would personally be interested in your property, especially if you are interested in doing something creative. My company also has a  partner program that can give you a cash offer with no obligation. I am very connected to the wholesalers in the area which would also be an option for you to sell without using a Realtor. 

Is there a reason in particular that you don't want to use a Realtor?, just curious. Reach out and we can talk about some options for you.