All Forum Posts by: Shawn McCormick

@Krista Moreno sorry to hear about this situation, never heard of this yet. There are likely attorneys that can/will chime in. I wouldn't take any advice of anyone not licensed. If not, let me know, I have some resources that may be willing to provide a free consultation. A title company can do a simple lien search to find out what is attached to the property too. 

How much is the lien? If you do inherit and have to sell, you can negotiate the buyer to pay any taxes due. Most investors are willing to do that if they get some equity on the purchase, I know I would. 

It's possible that she could do a reverse mortgage(HECM) to get some equity out and pay off the lien, I have a resource for that too. 

Wish you the best. 

@Flavia Vangelotti Orlando is still a very good, appreciating market. Cash flow has been super tough for the past 3-4 years since prices jumped during COVID. Lake Nona is still a premier area and entry level price points are higher here than most anywhere in Orlando. Median prices are low to mid $400's, but in Lake Nona you are pushing $500. The retail is booming, the only downside IMO, is the infrastructure. The main road (narcoosee) lacks the ability to commute well if that is your main way in and out. The high school sits right on this road and so do all the big box stores and restaurants. But still a very sought after area.

There are exceptions to some communities a little South and East of Lake Nona and taper off a bit in Saint Cloud. So if you can trade off some cash flow subsidies for her, you will make it up in appreciation as there is still so much land there. 

As far as location, it is very sought after as it is is very close to the airport, easy access to the Space Coast on the 528, the 417 will take you right to Disney and downtown is just West on the 408. These are all toll roads, but easy drives. 

Hope this helps, let me know if I could help further.

Best of luck!

@Shawn. Can you PM me details please.

@Robert Rixer you can try Nreig, many investors use them that have portfolios or larger properties. I personally use a broker for my properties so they can shop around, unlike Allstate. Colleen Pacheco with Secured insurance in Orlando is a friend and is fantastic. I would start with her and if she can't help, she'll have suggestions for you.

Best of luck!

Hi @Caesar Bhagroo welcome to Florida and Bigger Pockets. I'm also a Realtor® here in Orlando and also on the board of CFRI, the local chapter of the National REIA. Would be happy to connect and see if we can provide some value to each other and mastermind.

Best of luck to you!

 I'm sorry, but if you don't have it under contract, I wouldn't be interested. Does another wholesaler have it under contract and you are trying to help them or just daisychaining?

@Jackenson Deshommes we are going to need a whole lot more information than that! Are you direct to seller, is it under contract now?

Price

address

location

title company

deposit amount

inspection period

ARV

repair amount......................

Hi @Kari Munoz Welcome and congrats on getting started! I get investors looking in Miami and from Miami looking here, maybe we can do some referrals together. Always love to network and collaborate, let me know if I can do anything to help!

Best of luck!

@David Sanders Good insight from @JD Martin. I do believe for what you clarified from your original post that breaking even is okay and you'll be using it for personal use that you can do this. 

I always start off clients in the resort style communities rather than trying to make a go at it in a 'regular' community. You mentioned a couple, but most of them start single family homes at 5 beds, so not sure of your budget, but that will open up several more opportunities. Windsor Hills is a great choice, Emerald Island will do well also. Both of those properties are older and may present opportunities to get in at a lower cost since you are willing to do the updates yourself.

I would suggest if you are going to go with more moderate theming, a larger house will suite you better. Think that the parents need a primary bedroom, that leaves 3 for kids. Which way do you go? boys or girls, toddlers or teens, scary or imaginative. The more bedrooms you have, the more risks you can take without alientating a family with all boys (princes beds) or that are all still young (star wars). Bigger homes just perform better here for this reason. 

Hope this helps a bit, happy to dive a little deeper with you if you want and maybe have one of my PM's run some numbers for you based on actual bookings and data, not just airdna etc. 

Best of luck!

Sounds like you don't know Orlando as well as you may think. We actually have a couple dozen great communities built specifically for STR and we have much much more than Disney that people come here for. In fact, most of my clients that own STR's near Disney say that only about 40% say they are here for Disney. Its the location to Disney that is the key, thats just where the zoning is friendly and the inventory is plentiful.