All Forum Posts by: Shawn McCormick

The answer is most any market near colleges that have student housing deficiencies, I have several client that employ this strategy near UCF and are pretty successful. As cash flow from single family is tougher and tougher, this is one of the opportunities for investors that need that strategy. We have enjoyed many years of appreciation, but cash flow has been dwindling, so this may work for you in Orlando..

@Aaron Ng Welcome to BP, you will find plenty of help here!

I'm in the Orlando area and based on a 20% down payment, you are under $300k with down and closing costs with your $60k. That is very difficult to find anything in our market under 300 that is in a descent area and in good shape that won't need updating to attract good tenants or to qualify for insurance. You will likely have to go to smaller markets outside Orlando and still, you will have trouble cash flowing much. Tampa is likely the same. I would focus more on Ocala, Gainsville, maybe Jacksonville, Lakeland and some other secondary markets.

Best of luck!

@Jason Velie Awesome story, congratulations. I'll be at BPCON, hopefully we can meet up!

@Brennan Michael O'Brien Welcome to Orlando and Bigger Pockets!

There is a 'Find an agent' tab at the top of the screen that you can use to seek out local agents. Myself, along with several others will likely respond here and you can PM and connect with investor friendly and knowledgable agents. I have a link in my bio that you can schedule a call if that works for you too. 

Best of luck!

@Anna Sam There aren't really any ways around it (for now), but the best thing you could do is to have a wind mitigation report done. Depending on the age of your roof, that is likely the case. You can have one done for $200-300 and it 'should' help keep your rates reasonable if the report comes back clean.

With the rise in home values, the cost to reconstruct your home should damage occur is much higher (replacement costs). And values won't be going down here, there is just too much demand.

Best of luck

Hi @Sharina George welcome to BP. I work all over Central Florida covering 7-8 counties, sure we'll run across each other at some point. Happy to help in any way.

Best of luck!

@Israel Mendiola You are getting some mixed signals here. I live here and work in this area and have sold dozens of STR in Davenport/Kissimmee. You do need to be in the right community if you are looking for strictly cash flow. If you plan to use it yourself, use it as a write-off or something else, you'll have more options.

There are resort communities like Championsgate, Windsor Island, Solara and several other top tier resort style communities that are literally built to be STR without fear of the HOA or city retaliating against you like is happening all over. You can go outside of these or pick a lessor amenitized or 'regular' community, but the numbers will likely not pan out.

Happy to dive a little deeper on this if you like, there are a lot of nuances to understand about this market compared to others. Just PM me.

Best of luck. 

HI @Dar Cienma there are currently 44 units for sale in the Grove and there is a reason for that. Is there something that appeals about that community specifically that you like. There are a couple of others that you should look at that will cash flow for you. Is it a condo-tel that you want or will a traditional condo do?

Happy to dive a little deeper with you if you would like to reach out. 

Best of luck!

@Kim Conley unfortunatly, Orlando will likely be out of the running. For $250 near Disney, you will only get a condo in a second or third tier community. Condos are hard enough to make work in a great resort community, but it would be really tough for the few that are out there within your budget. Wish I had more encouraging news. 

Best of luck!

@Mark Nguyen you can search for assumable and seller financed deals in the MLS in Florida. Honestly, most agents never have a conversation with their seller about accepting those types of terms because they are not taught about them don't understand them.

You might be better off working with wholesalers as they will usually have the conversation around that as the sellers are generally more motivated by a life event and have a greater need to sell. 

Network at your local REIA, buy lists of out of state owners, pre foreclosure, probate etc and contact homeowners directly. Structuring a deal will be different for each and every deal based on the needs of the seller, there is no cookie cutter way to structure.

Best of luck