All Forum Posts by: Shawn McCormick

@Account Closed You have no opportunity if it is under auction terms. If it is pre foreclosure, that means lis-pendes hasn't even been filed yet, so find the owner and talk to them. Find out the situation that got them into that position and help them solve that issue. If you can help them resolve the problem, you may have a shot at getting the contract to sell the house. If not, you just got lots of karma points and you move on to the next opportunity. 

Best of luck!

@Dallas Stokes Welcome to RE investing and BP! I'm in Orlando and on the board of CFRI, the local chapter of the National REIA. We have our general meeting tomorrow (Jan. 9th). If you are able to attend, I can get you a guest pass to come in and network with all types of local investors, trades, flippers, wholesalers, etc. Everyone is always looking for private money at the meetings so you might make a great connection there to jump start your journey.

PM me if I can help in any other way. Best of Luck!

@Kevin L Bock Welcome to BP. Is there anything in particular you need out of the forums. Do you own and manage rentals now or looking to purchase properties and are researching? Lots of great people on here and quite a few other Floridians too. 

Best of luck!

@Rose Marie Coleman Welcome to both Florida..are you the one that brought the cold weather with you?! ;)

Lots of great people here, take advantage of the forums, podcasts and networking! Let me know if there is anything I could help with. 

Best of Luck!

@John Carr using a lease is always best practice, its establishes expectations and allows for consequences should something go wrong. If you daughter is to be the landlord, a lease will let her refer back to it and not have to be the 'bad friend'

I would make sure the leasees are okay and understand the rehab process as they may view that as an inconvenience and may want a discount. After that is done, you should have a pretty good idea if you want to keep that model going or rent the whole house out. Depending on where it is (near UCF or somewhere that has a great need for affordable rentals) You may get 20% more renting by the room, but that will likely come with more turnover, time managing and expenses. 

Best of luck!

@Luis Arthur Williams I would be happy to have a call with you. I've helped dozens of BP members purchase short term rentals here. You can look through my past posts/responses to get an idea of my thoughts on communities, market conditions and expectations owning here. 

There is a link in my bio to schedule a call or you can just PM me. 

Best of luck, hope to hear from you. 

Welcome @Jameelah Jordan congratulations on your success so far and setting bigger goals! It's a great community here, I'm sure you'll find any answers and guidance you may need!

Best of luck!

@Dillon O'Connell Plenty of great information given here, so I won't clutter it up saying much of the same. I will invite you to come to CFRI (Central Florida Realty Investors). I'm on the board and we are the largest non profit REIA. We have about 2 dozen meetings a month all over Central Florida. We have focus groups literally what you are looking for "flipping 101", others focus on landlording, women investors, finding money, creative deal structuring etc.

I can send you a free pass for our January general meeting this Tuesday the 9th, shoot me a private message with your email. We can chat there and I can introduce you to some others that can also help. It is all volunteers and local investors, no selling, no gimmicks, just other investors looking to grow and learn.

Best of luck!

Hi @Vladislav Bobkov You are correct the inventory is up across the board here in Orlando and the two biggest segments are condos and townhomes specifically. Condo inventory is up 42% and townhome is 24% (source ORRA .org) This isn't just factor of insurance, although that is a looming issue that I feel is going to have a rippling effect here in Florida. 

Condos are always going to have issues due to high HOA fees and the mismanagement of those funds. I can't tell you how many complexes are not solvent or at the threshold of maximum allowable non occupied owners. The relatively low cost of entry is attractive to investors, but many don't take care of them or run their businesses well and often wind up walking away. Condo prices are actually appreciating faster than single family right now, but I expect that will flip this spring.

I would encourage you to get an insurance agent that can quickly underwrite properties and a lender that can find out if the complex is warrantable or non warrantable before you make offers or at least during your inpsection period. 

IMO, if you are able to get into a single family, you will be much better off, but again, watch out for insurance issues (age of roof, water heater, type of plumbing, type of wiring, if its in a flood zone

Happy to talk through this if you like.

Best of Luck!

@Theodor Kim I am not a lawyer or giving legal advice, but this is how I structure my properties. 

a land trust is the way to go for privacy and protection. Your LLC can then be the beneficiary to the trust. Although public record will still reflect the transfer from your personal name and then to a land trust without an actual sale, people can make the leap that you still own the property. However, a good trustee cannot legally reveal the ownership of the trust unless court ordered.

I have two great trustee companies here in Orlando if you want to speak with them. 

Best of luck