All Forum Posts by: Shawn McCormick

Hey @Dean Nigro. I'm in Orlando as well and have to agree that we have most everything you could want. Amazing opportunities for STR, (unfortunately) many lower-wage employees that will always be here due to the nature of the tourism/hospitality industries, Worldwide recognition (you don't have to explain to anyone 'whats there to do in Orlando'). We still have very affordable housing compared to many other big metro areas, no state income tax, big corporate money investing here(cruise lines, space program, tourism/hotels, lots of infrastructure projects for many years to come, lots of tech/medical growth. I believe we have many great attributes, but it does boil down to what are you looking to do here? Flip, BRRR, STR, buy and hold, multifamily....

@Devin

@Devin James What is your budget and what type of loan are you getting? If you need help with finding a lender, I can certainly help you there. I know of several duplexes that are off market and the ones that are listed go very fast in the Orlando area. I would be happy to help in any way and show you properties, but you have to be willing to act quickly. I have two buyers looking for duplexes and they keep getting beat out (both on price and timing). Message me if you like and we can talk over a strategy. Good luck!

Hi @mike 

@Mike Sullivan. There will be more answers needed to help better serve you. There are many different areas, some are geared toward STR, some hospitality workers and many others families. Are you. Using for appreciation or cash flow. So many variables. Happy to discuss further if you like.

@Brandon Faleide, Welcome to Orlando. I am in Clermont and a member of several meet up groups as well as a 6 year member of CFRI, the largest REIA and know plenty of people from hard money to contractors to coaches. Your first meeting at CFRI is free if you like (they are meeting via zoom right now). My first flip was in Apopka on Rossman Rd near Sheeler and 441, did pretty well on that one! Happy to chat anytime about the market or where to get started.

Hi @Kris Columna. As some of the others have questioned, we need some more info. What is your strategy, budget, exit strategy, are you buying for cash flow or appreciation. Are you trying to house hack using your VA benefits, or a STR to take advantage of our tourism market.

I would be happy to discuss some scenarios with you, feel free to reach out anytime! Good luck and thank you for your service!

@Willy Ortiz Now that you clarified, your question makes more sense. I personally would not try to do that, there is a chance your loan could get called due if you try and work the system like that. Remember, FHA is a government agency and has pretty specific guidelines. Your lender/broker could also face serious problems if they knew anything about this. You only have to live in the house for a year to season the loan, then you could rent it out. So it's just not worth the risk.

Hi @Willy Ortiz you have some good questions and possible strategies. I am in Orlando and would be happy to go over some of your questions. I have two Park Models that I use as airbnbs, but they are not towable. I need to understand your question better about that, an RV and mobile homes are treated as vehicles in Florida, so you wouldn't have a mortgage. Unlesss the mobile home is 'attached' as 'real property'.

Let me know if you want to talk further, I'm happy to help. 

Hey @Account Closed glad to see that you will be taking advantage of your VA benefits, thank you for your service! As stated Windermere will be a no go for short term. There are some stipulations that might work, but includes you living in the home and renting a room or area within it, and that doesn't sound like what you want. Davenport and Clermont have many communities specifically zoned for STR and you can pick them up at pretty good prices. Many are owned by Foreign investors. These areas are pretty close to Disney and even better access roads are coming to connect them right to the back door of the parks.

I would be happy to have a discussion with you whenever it works for you. I also have some great VA lenders if you haven't decided on one yet.

I'm a bit familiar with Palm Bay, they got hit really hard the last go around with foreclosures and short sales. There are still some remnants there to pick up deals. That is a bit too far for fix and flips for me. I've looked into some subject to deals there and partnered on a couple wholesale, but still don't know enough about the area to give really good insight. 

Most of this boils down to what are you looking to do, buy and hold..long term. Go where there is good growth, jobs and higher wages. IMO, Palm coast doesn't provide enough in any of those categories.

Hi @Patrick Houlihan. I'm in Orlando and there are plenty of great areas in Central Florida. We are only an hour from beaches, minutes to the theme parks..which everyone in the entire World knows from Disney..so it's a natural attraction for so many. Although it is changing, we still have a lot of lower wage jobs due to tourism, hospitality so always a plethora of renters. Time shares, condos, microhotels, short term rentals, high end resorts catered to larger families with amazing amenities, and of course SFH...so much to choose from.

Let me know if you need some specific info and I'd be happy to help.