All Forum Posts by: Shawn McCormick

@Alicia Morrow Glad you found BP, welcome and good luck.

There is a 'find an agent' button at the top of the page that you can search for Realtors in your market that are always happy to help out. Finding one that specializes in STR may take a bit more research, but lots of us do. I'd be happy to talk about what I know and how it relates to my market, but ultimately you need someone that knows yours.

Best of luck!

CFRI has Anthony Chara doing a one day Multi family /Apartment seminar.

@Joshua Parsons

I've been dipping my toes into the whole "buy a house for $1" thing that Italy is doing. I have a contact at a military contractor that has employees transfer in for a 3-5 year gig. They are not allowed to buy a home due to tax and immigration reasons, so the company gives them a set amount for rent each month along with paying for other expenses. 

We are looking at purchasing a few homes this way and renting them back to that companies employees, and keeping one or two for airbnbs. Each area has its own rules on how it works, but basically, you buy the house, pay a deposit and agree to rehab the house within a certain amount of time. Some of the logistics are fuzzy as we would have to travel there regulary, get to have a great understanding of the cultural differences, build a 'team' of people as there are no Home Depots on every corner, but for about $50k US, you can own a pretty cool place in Italy.

Best of luck to you!

@Doris Garcia If you are looking to network with other investors and find mentors that can teach on the subject, I would suggest joining the local REAI (CFRI) and go to some meetings. There is a sub group meeting once a month just for creative deal structuring hosted by Augie Byllott. He is a master of that and the meeting is free once you join CFRI, so you get advice and questions answered by experts that are local.

I personally have done some seller finance and always make it one of my offers when dealing with a seller. Since there are no banks involved, the terms are what ever makes the deal happen..down payment, interest, balloon, amoritization schedule, options are all things that can be negotiated and even changed later on down the line. 

Finding these types of deals is much, much harder. Wholesalers will rarely have one they offer (usually if anyone finds one, they keep it for themselves!!). 

Best of luck!

 Thank you Shawn!

 For me.....the whole idea of getting a subject to is to hold it long term. You are essentially getting a house with equity and that is highly amoritized for a very low entry cost and didn't have to use your credit to do it. I would find the money. Put a prospectus together and you will find the money easily if it is as good as you say. Come to the Lake County CFRI meeting next Tuesday and you can present your scenario to a room full of investors that will help you out. 

I'd hate to see you wholesale a great deal for lack of funds now. You have other options that would be best worked out in person rather than here..going back and forth. 

Many coastal towns in Florida are restricting short term rentals or banning them. Orlando on the other hand has communities built specifically for STR. These are resorts with no chance of changing based on the city or HOA.

Orlando also is known globally and gets over 70 million visitors a year and we are a year around destination, not seasonal. We have 10's of thousands of units, so you can't just put it up and expect to scale. But the area has been doing short term for decades due to the theme parks. I would consider this market since you mentioned wanting to scale and have control.

Best of luck!

 Okay, so get it under contract, have the daughter put the house into a Land Trust with you being the beneficiary of it, record the contract at the county. Then catch up the loan and get it out of forclosure and then work on probate, this could take some time, but if the numbers are correct and I know the value of homes in Orlando, than it will be worth it. You have to be a problem solver for these people, not just a $ ticket. 

@Alfredo S. I see you mentioned Orlando. I would love to see where you are picking up lots for $15k. I don't see anything near that price range that isn't swamp or land locked. Secondly building costs in Central Florida are probably more around $150sqft for pretty basic finishes and that puts a 1500sqft home at $225 cost, plus land, utilities, permitting, and impact fees. Plus, who is funding the built, what is the interest on the money for the draws the builder needs.

Lots more to consider here I think, but keep researching and scouting out areas outside of the metro Orlando area. 

Best of luck!

@Maximo Dejesus

Do you know who is the personal representative for probate? What do you mean 'an open case with bank'? Has lis pendes been filed yet, are taxes and HOA current(someone, like the bank been paying them?)

You need to get whomever is the personal rep to sign an 'authorization to release' form so that you/your title company/lawyer can speak with the bank to get an actual current payoff (where did you get your numbers from?) and go from there. To deal with the daughter, if she is not the personal rep, consider cash for keys to her so she is out prior to you spending time and money