All Forum Posts by: Shawn McCormick

@Ryan Marble I can't speak too much on Tampa, but have a lot of experience with Orlando and the resort communities that you should be looking at. As others have mentioned, theming is very important. There are literally hundreds of units for sale by investors that thought it was easy and passive. Orlando is very competitive, therefore you have to provide an extremely clean, themed out home with close proximity to the parks in a community that also offers great resort amenities. 

So, size, location and theming to answer your question. Obviously, as a buyer, price is top of mind for you. I typically advise to buy as big of a home as you can. There is much more competition for the smaller homes as hotels, condotels, condos, townhomes and small single family are all competing for the same guests. Larger homes provide more opportunity to make the home unique and capture larger families/groups to share the expenses of one home vs renting 2-3. Starting smaller is fine, but the unit has to be spa like or you will likely fall victim to pricing wars or get lost in the booking sites algorithms. 

I'm happy to dive a little deeper to give more advice on what you may need specifically. Reach out if I can help.

Best of luck!

Thank you @Michael Baum!!

Hi @Sejin Kim I'm personally not a fan of condos anywhere, especially in Florida. But I have clients that own and are doing well, others not so much. If you aren't using it personally because you come to Disney alot and like the resort for your lifestyle, its hard to justify the expenses/assessments. 

When it comes down to a 1/1 vs 2/1 etc, it may depend on the resort. If you are shopping strictly by price, you will likely not do well at all. If you are strategic and buy in a solid community (think Windsor Hills or Storey Lake) I wouldn't set my expectations too high. But if you are committed to purchase, a 2/2 would prevail over a 2/1, the price difference has to be nominal and now you might attract a different user like tow couples or adult friends that don't want to share a bathroom vs a young family that the kids are okay to use the same bathroom as the parents. 

Happy to dive deeper to see what you are looking at and maybe offer some suggestions. 

Best of luck!

@Britney Lewin Welcome and congrats on getting started. I would think anywhere inland will be much more affordable. But consider your lifestyle and what you want to have access to while you are living there and also where the tenant pool is strong and demand is high.

Much of the state, although still #1 for RE investing is softening. So look for very high growth areas or reliable/stable areas that won't get as affected if any type of downturn actually happens. I am in Orlando and we have a strong economy and its not all theme parks. I believe strongly we have great opportunities for all types of investors. I'm happy to talk through some options and what this area has to offer. 

Best of luck to you!

@Jorge F Rodriguez I can agree with others to hold until your two years and also agree that Nothing in Orlando is appreciating at 8-9% anymore. That was the case, but the MSA is closer to 3.5 now. Small pockets may be higher, but certainly not townhomes and certainly not 8% any longer. 

You may have an issue with purchasing in Tampa if you do keep this one as you will be qualifying for a second home and your DTI may not handle that. I would consult with your CPA and your lender on options depending on which path may be more beneficial.

You may consider mid term rental as that area would support that strategy and you should be able to close that gap of PITI and income.

Best of luck to you. 

Way to go! Best of luck going forward!

 Hey @Braedon Page. There are many communities that are specifically built to be STR, so no worries about HOA or city coming in to change that. Disney is located right at the border of 4 counties, three are STR friendly, one is not. Orange County, where most of Orlando is, does not allow anything less than 7 months unless you live in the property and rent out a portion. Thats why all the STR's are in Osceoloa, Lake and Polk Counties.

If you are in one of the resorts, you have no worries. If you go outside of those, which are presently fine, you could always have a LTR strategy just in case. But with the growth of Disney and tourism, I don't see most making any changes. 

Happy to discuss further and show you the best performing communities etc. You can schedule a call from a link in my profile. 

@Hyokyung Woo I specialize in STR near Disney and have helped dozens of Bigger Pockets members purchase homes here. I'm actually meeting two and showing vacation homes tomorrow and Thursday to members.
I’d be happy to share my knowledge of which communities you should consider as well as explain the nuances of owning here in Orlando. 

Please check my profile for a link to schedule a call.

Best of luck, looking forward to hearing from you.

 Hi @Kenneth Lewis, welcome an congrats on getting started. 

I serve on the board of CFRI, the local chapter of the national REIA. I'd love you to come out and see what we're all about. You will have great opportunities to get some education & network with other local investors. We are celebrating 35 years and have meetings all over Orlando throughout the month. I can get you a free guest pass, just DM me.

Let me know if there is anything I can do to help you out. 

Best of luck to you. 

@Seth Claiborne congrats on taking the steps! I serve on the board of CFRI, the local chapter of the National REIA in Olrando. Would love for you to come out and network with other local investors, meet some of the trades and see if you can make some connections to help you get started.

I'm also a full time agent, so happy to help in any way I can on that front. 

Best of luck!

Way to go @Lindsay Tucker!