All Forum Posts by: Shawn McCormick

Perhaps get your license and join a brokerage (commercial?) that will allow you to learn as you grow. Be apart of a successful team while you learn the ropes. I'm not much of a reader either and just getting licensed won't teach you much of anything. Join local RE groups on Facebook, Meetup and your REIA to network with people that are out there and looking for deals and hungry investors.

Anything is possible if you have the desire and resources. Luxury is controlled by a few of the top agents and/or teams in almost every market. If you want to go at it yourself, you'll need deep pockets, great branding, a superior knowledge of the area/market, high level connections wouldn't hurt you either and a clear understanding of real estate, contracts, and homes in that niche.

 Your best bet is to find a team and join as a buyers agent or admin type roll to start and work your way up. I know a few in that space that I could refer you to when you are ready and decide that is the direction you want to go.

Hi @Michael Broderick. I am a Realtor in Orlando. Who are you looking to ask, the seller of the lots? Lots are pretty easy to move, but a few of the things you will want to know is zoning, are there utilities on site already, is the lot hooked into city sewer or does it have septic, any code violations/liens, is it in an HOA that may require a minimum sqft house to be built or use a specific builder. Depending on what county you are looking in the building departments are quite different. You said North Orlando which should be Orange County, but just North of Orlando 'could' mean Seminole county too. Hope this helps, reach out if you need more info that I may be able to provide.

Hi @Justin Buchanan, wholesaling and commercial are two very different animals. What is your goal? Are you licensed? Are you looking for money making opportunities now (wholesaling) or a career in commercial real estate? Or am I missing the point and you want to wholesale commercial properties.

Hi @Narat Eungdamrong. I am a full time Realtor®/investor in Orlando. Our market has been fantastic for the last 8 years or so. As you mentioned, the future is yet to be seen. We are still quite active here and our inventory has been low for some time. I believe will see a lot of short sales coming up as we have SO MUCH new construction which has driven our appreciation up since inventory is low. It is changing quickly, but a lot of our workforce is hospitality/tourism and fairly low wage. So I think those people will face hardships and are at risk of losing their homes. That is a good sign for landlords to capture them back as renters. We have so much hedge fund, International and investor money here that our market will stay solid. This is much different than when the markets were affected by the banks. I'm happy to discuss and help you with and be a point of contact for information here. I'm in Clermont, not too far from your relatives in the Villages, so happy to help.

Hi @Dovi Schwartz. Need more information. Is this strictly for an investment property?  If it is a second home/investment typically lenders will look for 20-30% but there are a lot of variables that they would look at. 

If this is a primary residence for you that you will live in, then yes of course. USDA and VA loans are both 0% down loans, FHA is 3.5% down and conventional can start at 3%-20% (lots of programs inside those types, like the homestyle loan etc)

Also if this is an investment home, you could negotiate with the seller to finance the note or take it 'subject to' with little to zero down also. 

I'm in Orlando and would be happy to discuss this more and hook you up with some lenders that know this market and could give you some guidance. 

@Colin M.  Like Tyler, I am a local Realtor®/Investor. I'm happy to help in any way to evaluate deals you are looking at. I am well connected to all the top wholesalers too if you are a cash buyer. If not, I can help locate other areas that may interest you. If Kissimmee/Polk County is what you are looking for, there are plenty of multi-family units in that area. This market is always lacking in mulit-family inventory and when they do come up, they go super quick.

As far as evaluating, I like to start with 40% of revenues go to expenses (vacancies, utilities, lawn, pest, taxes, insurance, management (always include this even if you self manage!!) as well as advertising etc. That leaves 60% for profit and debt service. The 1% rule you asked about is typically that you want the rent to equal 1% of the total purchase price. So in your case 1% of $315,000...you would want to collect $3150.00 per month in rent. Have you checked Zillow, Rentometer etc for rent analysis in that area, $1300/door sounds low for a 3.2. If you are interested in short term rentals, your money will go a lot further in that area. you could get a SFR and generate $50k+/yr and have a place to come on vacation!

Hope this helps, feel free to reach out if I can help in any way. Good Luck.

@Ben Morand, feel free to reach out anytime, we can grab some coffee or something. If you would like to sit in on our weekly zoom call, I can send the link, it's open to anyone. Usually about 50-60 on and open forum. It is each Tuesday at 8:30. Looking forward to connecting. 

Hi @Ben Morand great question and it gets asked very frequently form new agents. It ultimately comes down to you and what you need. Do you want your handheld and attend in person seminars and interact with people or are you comfortable with tech and want the most out of your business without giving so much up of what you earn.

I am with eXp and love it. We have so many benefits to build the business that helps you in the long run, not making the company rich(er) along the way. If you are a self-starter and want to build wealth for yourself, eXp is the place. Like @Michael Webster stated, so much upside all the way around. I am in the Orlando market and we have a fantastic team dedicated to the success of everyone, not selfish or competitive, but sharing and concerned for your success. Let me know and I can send you some info, invite you to join one of our weekly calls and even talk to someone who knows eXp much better than me!

Hi @Rotem Ovadia. If you still need help, let me know. I have several great lenders that I could refer you to. Also have buyers if you would consider selling.