All Forum Posts by: Shawn McCormick

Welcome @Wu Jiang. What part of michigan are you from? I grew up in Toledo and spent a lot of time in MIchigan. Still a Wolverine fan even though I've been in Fl for 20+ years. I'm in Orlando and we are the king of STR here. Let me know if I can be of any help!

Best of luck!

@Steve K. I would be happy to have a call with you to see if I would be a good fit for you based on your needs. I've helped dozens of other Bigger Pockets members. I'm ranked in the top 200 of over 22,000 local agents and an investor myself.

You can find a link in my profile to schedule a call if you like.

Looking forward to hearing from you.

 Send me your email and I'll send an invite. 

Need a lot more information about your property. Sounds like you are in Orange county, which does not allow STR unless you live at the property and are allowed to rent out a portion. First step is to find out if a shed would be considered a portion of the house.

Also need to understand what your definition of a shed is. To me its where you put your lawn mower and christmas decorations and wouldn't have the space to put a bed, fridge, closet or other storage, tv and other basics. If you are thinking an actual ADU, thats different. Does your shed have electric, plumbing, a/c? Will it have access without disturbing who lives in the main house? Is there parking to accommodate them, will they disturb neighbors that may not like the idea, are you in an HOA which may have rules agains this?

And other questions would be how much revenue do you think you can generate from this? How would you repay the investor? I lend money privately and would never consider this as it is dependent on things out of my control (permits, neighbors, you being a good host, rental demand etc) I sell a ton of STR that are in actual resort communities and have great amenities and they are all competing for the same guests, I can't imagine that there is a need/demand for this type of unit. What is the plan if it doesn't work?

Wish you the best of luck!

Welcome @Michael Sprouls and congrats on taking the first steps. The UCF area is no secret to investors. It has long been a favorite for local investors and in the 6-8 years the word spread and it is a hotbed for many more now. Values have stayed very steady in that area, with its proximity to Oviedo and Avalon on either side that have the great schools and shopping/family friendly retail. 

I know several locals that invest there and have had many clients that have purchased there as well. Student housing can be a bit trickier as far as leases go, but typically, you would rent by the room and want the parents on the lease. There are a lot more nuances to it that would make my reply several more paragraphs.

I'm on the board of CFRI, the local REIA here in Orlando and we've had a few speakers come thru on this topic, like Dixie Decker and Jeffery Taylor. You might want to come out to some of our meetings and network with local investors that can give you alot more insight and maybe get the inside scoop of some that are ready to sell off some of their properties. Let me know and I could send you an invite.

Best of luck!

Nice Job!

Also, I'll add in that in Orange County (most of Orlando) the minimum length is 7 months, if it's within an HOA, they may have a 12 month minimum. So you will have to watch out for municipality, county and HOA rules to determine what you are able to do.

@Victor Del Hierro Welcome to the US and Florida! Florida is extremly sought after globally. The competition for quality properties is fierce. Pricing has been softening a bit, but values are still appreciating above the National average. Finding a quality property that cash flows (if that is what you are seeking) will be difficult. 

Buying an investment property (non owner occupied) will require at least 20% down and with median prices in the mid $400k range, you have a long way to go to save for your down payment. There are some bond programs both county and state level that you can get the downpayment and some closing costs paid or go new construction and do the same via the builder. Those will be opitons only if you live in the property, so you could house hack if that is a vialble option for you. 

Hope this helps

Best of luck!

 It's too difficult to narrow down a KPI that would attract someone. When these homes get listed, we get photos and the 'dream of owning your own vacation home' So we have to start with price & location..if those both meet the criteria, then we hone in on weather we want one that has not been taken care of and likely not generating enough income to cover expenses or one that is fully themed and likely will continue to do well if all else stays the same. We rarely get a P&L or a website to figure out if the calendar is full. Depending on the price point and community, any buyer has dozens of choices in each resort. Every investor wants to feel like they got a 'deal', so they gravitate towards the bottom rung of pricing.

So proving value over the dozens of others because you think yours is worth more will not fly. They have a budget in mind when they start looking and if yours is outside the normal realm for say an 8 bedroom, it likely wont' even show up in their search. If you want $850 and their budget is $800 and that is where the bulk of the listings are, that is what they will focus on. Getting an investor to see value in paying a premium is very difficult, even if you show them the numbers to back it up.