All Forum Posts by: Shawn McCormick

That area is quite commercial, you are only a few blocks from the County sheriffs office, not super desirable. If it is cosmetic, what do you need permits for? Orange county is experiencing very long delays in permits if you do need them. Just be careful of your timeline and ARV.

@Krystie Buena  Are you looking to Flip or hold it?

Yes, it is still considered 'crime hills'. Not all of it is bad, it would be better in 32818, but this will depend on where it is. For the most part, the closer you are to Pine Hills rd and HWY 50, the worse you will be. I do this for most of my flips no matter where they are, but if you do flip there, protect everything inside..tools, appliances, a/c. Invest in a portable security system. 

Your end buyer will likely be an investor, or FHA so take that in consideration when running your ARV and build in some closing cost assistance or plan on a lower cash offer and if the numbers still work, go for it.

Best of luck!

@Lorena Bermudez Have them reach out to HBI..Harding Bell International, this is exactly what they do and its a one stop shop. 

Best of luck!

@Josiah Earl

I'm right here in Orlando too, happy to meet up or have a call to discuss. I add my two cents in many of the posts regarding STR if you want to dig thru some of my answers. There are a lot of nuances that you will want to be aware of and questions from you that I would want to make sure you understand well enough before advising you on where to invest specifically. I have a map of my top recommendations for communities to start with, but depending on your budget, we could look elsewhere.

One thing I might suggest is to consider speaking directly with a local PM that has real data from actual homes being rented rather than relying just on an algorithm site. 

Happy to have a call or zoom if you like, best of luck!

 Not sure where you heard families are losing interest in Disney, it is literally sold out every day. Keep in mind, this is a Global destination that everyone, everywhere has heard of and wants to experience. Not just for Americans with a small family coming here. Disney, Universal Studios, Lego Land, SeaWorld and the beaches are not far away and just the weather, so even if that were true, there are many other options. 

@kevin

@Kevin G. I'm in Orlando and deal with a large number of out of state investors that buy both STR and LTR here. I can attest that the overwhelming majority of the STR here are owned by out of state or out of country investors. As far as boots on the ground, depending on if you plan to self manage or not. If you align yourself with a full service PM, you should be all set. We have 10's of thousands of units here so the workforce for cleaners, handymen etc are in high demand, finding, trusting and scheduling them could be daunting on your own, especially since when you need them, it is usually crunch time and don't have the luxury of waiting as you have guests inside or coming in.

I would advise to stay in some of the resort style communities for the best cash flow, if you are looking for a 4 bed with a pool, there are plenty, but we have quite a few communities that are literally built to be STR so no worry about a random HOA changing the rules, the neighborhood not being impressive with upkeep and/or amenities.

All of the homes (besides new construction) in the resort communities will come fully furnished and will have a pool/spa. There is a value add aspect to some homes that have owners that don't know how to theme or attract guests, but as far as a fixer-upper, that is going to be much more difficult. Most of the homes are less than 10 years old. They have wear and tear, but not fixers. 

Happy to dive deeper into this if you like.

Best of luck!

Hi @Alex Show (Thank you @Michael Baum)

Lots of questions here, are you looking at townhomes due to entry price, location, specific community, apparent ease of owning, no exterior maintenance etc?

As far as historical data and revenue, you can get generalized data from any number of sites. I would recommend that you speak directly with a PM locally that has live data that is gathered from other participating PM's, not just an algorithm that may not be current or pulling info from multiple communities. It is important to note that the units here, of all sizes and types (sfr, towns, condos) are in the 10's of thousands and each one is basically a small business. So the historical revenue on one could be drastically different from an identical unit on the same street, depending on how the owner manages the property. I see this alot, someone buys a unit based on it being booked alot and good reviews, but the new owner isn't as savvy in STR, hospitality or tech/marketing and they don't do well and have to sell.

As far as appreciation, during covid, prices jumped 50% or more in many cases. We haven't been out of covid long enough to see true effects yet, but I'm seeing it fairly flat. It peaked, but hasn't fallen off much. I contribute this mainly to that everyone that owns a unit here is an 'investor' of some level, and as long as they are cash-flowing, why sell. If the unit they bought has appreciated very well, they may sell, but if you bought at the height and are waiting for further appreciation, I wouldn't look here. With the shear number of units we have here and more on the way still make the area desirable but will become more difficult to a new or inexperienced investor in the STR arena.

Hope this helps, surely this will spark more questions, so feel free to reach out if you like.

Best of luck to you!

@Joe S. Sounds like you have plenty of advice and opinions going both ways. I am honestly surprised at how many just in this thread said they would be okay with it. 

I am on the side of that it is a must have. You could put them into entertainment centers that have doors on them or design something that you can slide a large photo or something in front of the TV's while you are there if it is a distraction to you. I  wish I could say I don't want or need them, but honestly, I watch a lot and would be very disappointed if I stayed somewhere without them. Look at the hotel business, have you ever in you life stayed in a hotel of any price range that did'nt have one, it is expected, just like coffee makers (I don't drink coffee, but would definitely notice if the unit didn't have one! 

In my market, I see owners trying to one up each other..offering bikes, kayaks, golf carts, scooters, instagram booths, extensive pool toys and so much more just to add value. IMO it would be a mistake. 

Best of luck!

@Anita Ainsworth

If you decide to go with a public adjuster, that will almost asuradly add time to the process. I just went thru this and had a public adjuster from day 1 and it still took 11 1/2 months. This was on my personal house, so it was frustrating and the insurance industry has changed so much in the last 2 years and they are winning. 

I don't know anything about your situation, but possibly think about selling the home and leaving it up to the next buyer/investor to deal with. Their health is more important. 

If you want the name of a public adjuster, let me know. 

Best of luck to you!

@Sandra B. You are not alone with not knowing where to start, believe me, I've seen hundreds try to find answers and either give up or spend thousands on courses that don't really give them any tangible advice.

There are ways to make your money work for you while you figure it out. You could be a private money lender and get 10-14% on your money lending to flippers. While that is working, you need to figure out what lane you want to be in. 

To name a few, wholesaling, flipping, tax deeds, long term rentals, short term rentals, note buying, private money lender, buying for cash flow, buying for appreciation, mobile homes, self storage, multi-family...and so on. Once you find something that interests you, you understand and fits in your ability to spend time educating yourself on and have time to dedicate to, then you focus your time on that. Many start out owning single family homes, graduate to multi family and then apartments, shopping plazas, self storage etc. If you plan on keeping your W-2 jobs, something passive would be good and it doesn't sound like you need the cash flow right away, so start buying for appreciation while you learn. 

I'd be happy to meet up (I'm in Orlando) and go over some options or have a call. I would also suggest joining our local REIA, Central Florida Realty Investors (CFRI), you will meet all types of local investors to network and find mentorship also.

Best of luck!