First STR in Windsor Island Resort in Orlando - Any Feedback?

Question

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $675,000 Cash invested: $230,000

10 Bedroom/8 Bathroom STR home within Windsor Island Resort 20 minutes from Walt Disney World.

What made you interested in investing in this type of deal?

We were looking to get into the STR game, but we needed a 100% turn key solution as we had day jobs and were located across the country. After traveling to Orlando we were exposed to a new build in the brand new resort of Windsor Island (Pulte). We were very hesitant at the time, but we connected with an amazing realtor that had been in the industry for over 20 years. She also provided a an independent design service and property management. With our comfort building, we jumped head first!

What was the outcome?

The design experience was amazing. Within 30 days of closing, we had a property ready to rent! Within days, we had our calendar filling up. As we sit, 3 months in, we have the first 6 months of the year pretty well booked. Waiting for international travel to pick back up would really help!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with an amazing local realtor that also acted as our designer/furnisher and property manager. 100% turn key.

David Bilandzija · Answer

@Mike D'Arrigo how did you finance a 10 bedroom home? Sounds like an unusual property that would be difficult to comp out.

Mike D'Arrigo · Answer

David, I'm not the one with the 10Br house. I agree though, that would be hard to comp.

Jay Breitlow · Answer

Fantastic! Congratulations @Dean Olson! 😁 Well deserved

Shawn McCormick · Answer

@Dean Olson Congratulations, especially at that price for a 10 bed, you should have lots of equity!! I also know your PM very well, she is the PM for many of my clients as well and has done and still doing many theming projects for them. Love her knowledge and skill getting all of that done at a high level!

@David Bilandzija This is a new construction community, most financing is done directly thru the builder's lender. You can, of course pay cash or bring your own lender, but they usually pay part of your closing costs if you use their in house lender. Not sure what Dean did however. There are a very limited number of 10+ bedroom properties, so although hard to find comps, but this is generally based on revenue projections rather than comps. This is a STR resort community (although you could live here if you wanted) so all homes are STR and appraisers generally know that and buyers are investors so all are financed with 20+% down or bought with cash.

Corey Morrison · Answer

I agree with @Mike D'Arrigo on the PM.

I’d also like to learn more about the numbers (expenses / income).

Mike D'Arrigo · Answer

@Dean Olson Congratulations. Looks like a home run. I'd be interested to hear how you're handling property management. Do you have a PM that specializes in STR?

First STR in Windsor Island Resort in Orlando - Any Feedback?

First STR in Windsor Island Resort in Orlando - Any Feedback?

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