All Forum Posts by: Shawn McCormick

@Brandon Collins I have friends that own STR's in smaller markets including Lakeland, Sanford, Eustis, Casselberry and all do pretty well. The reason is choices, in smaller markets ,there aren't a lot of hotels, let alone airbnb's to choose from. It doesn't have to be super fancy, most people come to those places to visit family, funerals, spring training, family reunions etc so there is definately a market.

Do some searches and see what the competition is doing with decor, pricing, amenties etc. What the nightly rates are and how often they are booked, then work backwards into the property you are looking at and see if they would be profitable after you buy, fix up, furnish, pay taxes and insurance, marketing, cleaners etc. 

I think for the price point, you might be better off doing LTR or Mid term honestly, but due to low competition, STR may be the way to go.

Best of luck!

@Damon Kellar I've been on BP for several years and haven't gone yet, but just registered yesterday. I get to come home every night since I live here, but networking and investing in your education is paramount. Relationships matter and having/meeting like minded people from all over will serve you well. 

I would encourage to get you SO on board because this can be tricky, scary, risky and you don't want to be jeopardizing a relationship before you even get started. 

Hope to see you there, best of luck!

@Thomas Casella there are several meet-ups in Orlando. I've been a member of the local chapter of the National REIA since 2014 and have made some great connections and learned alot over the years. The one here (CFRI) has 6 counties in its chapter and has meeting throughout the month all over Central Florida.

There are others that hold meet ups for different niches like STR, Multi family etc, you can go to the 'network' tab at the top of this page, search on meetup dotcom website, search for cfri to help you get started here.

Best of luck!

Welcome to BP and investing @Jarvae Everett. Thank you for your service. You've gotten some good advice already, but can you tell us a little more about where you are thinking? Generally if you are looking OOS, it is somewhere you have some sort of connection to, grew up there, served there, have family in the area or just somewhere you've always dreamed of living and owning something there will help you achieve that.

There are great connections to be had all over the country on the forums here, so knowing a little more about you and your 'buy box' and budget will help us help you!

Best of luck!

@Lenny Reinstein congrats on finding BP and getting started on your journey. I've read thru the comments and there is good practical advise here. Based on your original post, sounds like condos would be about all that is in your price range in the Orlando market. That will bring up the issues of cash flow due to high HOA fees that are associated with them and another hurdle will be finding a condo that is warrantable in that price range.

If you have a rent analyzer tool (BP has one at the top of the page), you can find properties that match your budget and criteria and practice the numbers. You can get the help from a Realtor or find most of the info on the big home search sites. Make sure to factor in the 10% of rent for a property manager, always go a little higher on taxes and insurance than you think too (especially in Fl). 

One thought would be if you could bump up your budget to mid 300's, new construction homes would be a good way to go for you...new home with warranties, tenants willing to pay for a new home, little to no repairs/maintenance for years to come. Easy to manage.

Hope this helps, best of luck!

@Eric DePoto I'll send you a PM.

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!