All Forum Posts by: Shawn McCormick

Hi @Ramatu Kuyateh. If you plan to make Florida your primary than you won't have to put 20% down. The underwriter of your loan may want to see your current property be leased and make sure that it covers your PITI, but that will depend on the guidelines of your lender. That is a loan requirement, not just a Florida thing. However, depending on your loan type, if you put less than 20% down, you may have PMI (private mortgage insurance) which will make your monthly payment higher by up to a couple hundred dollars. I have some great lenders here that you could speak with about all of that. They will be able to talk to you about rates also. Since you aren't looking until next year, you wont' be able to get a rate quote now, most likely not until you are under contract and they can lock that in.

Not sure that there are any 'gotchas' when buying here that would be different than any other place. Be aware of insurance rates, they are higher than most other states. Some communities have CDD (community development district) fees. Its basically a tax that is over an above your property taxes and is used to pay back the developer that built out the infrastructure and amenities of the community. And of course, most homes have HOA's (homeowners associations) that can be $20-$250/month to pay for community maintenance, sometimes lawn care, cable/internet, amenity upkeep, pool, security etc.

Reach out if I can be of any assistance. Best of luck!

Thank you @Michael Baum!

Hi @Mariangela Ciciarelli. This market is literally built for STR and yes, there are thousands of units and yes, it is very competative. Having said that you can make money here, but choosing the right neighborhood (resort) is key. Many other have warned about HOA's...stay away from any neighborhood that doesn't have an HOA and isn't zoned specifically to be STR. Orlando is not like the rest of the country where you can have a cabin in the woods or a treehouse and be unique..we are built for 75 Million visitors a year and they all need accommodations.

Most of the more successful units are larger and have fantastic themed rooms/garages etc. You can do well with a more simple approach, but it won't be easy either way. The days of just putting something up and hoping for the best are long gone. 

Here are two of my clients, this is what you need to be doing and many do it at a much higher level than these. 

https://www.airbnb.com/rooms/1014578316554072541?viralityEnt...

https://www.airbnb.com/rooms/1020198834070920531?source_impr...

Depending on your goals (using it for you and your family a few times a year and hoping it pays for itself, parking some cash for a few years and hoping for appreciation or strictly cash flow) will determine what size home and what your budget should be. This is not as passive as it is thought to be, but can be profitable and fun if you run it like a business. 

Happy to dive much deeper if you would like to set up a call. 

Best of luck!

@Emmanuel Okelola Welcome and congrats on taking the beginning steps, asking for help is hard to do for so many. Taking 'effective' action is what you need to do next, find out what your goal really is and work backwards in discovering what you need to do to achieve it. Saving for a downpayment is obvious. But you need to learn all about landlord/tenant laws, how to do basic repairs, know what average labor and material costs are for common projects. learn about payment systems, how to interview property managers, tenants and handyman services, build a team of realtors, contractors, title, hard/private money lenders, inspectors, appraisers and soooo much more. 

As Jonathan said, attend some meet ups, we have quite a few here in Orlando. I am actually on the board of CFRI the local chapter for the National REIA. You should come check it out and network with other local investors of all experience levels, ask lots of questions and pay attention to the content provided. I can get you a free guestpass if you like.

Best of luck to you. 

Welcome and congrats on taking the steps to invest in yourself @Priscilla Pe! I serve on the board of our local REIA (Central Florida Realty Investors, CFRI) and this would be a great place for you to network with other local investors. We have about 20 meetings per month on a variety of topics including flipping, investing 101, landlording, multi-family, advanced investors etc.

Happy to get you a guest pass if you are interested and also be a resource as a Realtor if you need.

Best of luck!

@Paul Dalton Welcome and congrats on taking the steps to invest in yourself! I serve on the board of our local REIA (Central Florida Realty Investors, CFRI) and this would be a great place for you to network with other local investors. We have about 20 meetings per month on a variety of topics including flipping, investing 101, landlording, multi-family, advanced investors etc.

Happy to get you a guest pass if you are interested and also be a resource as a Realtor if you need. 

Best of luck!

Equity-title in Lakeland is fantastic, ask for Sue, they close anywhere in the state.

RTR title ask for Laura Hope Richards

 Send me your email and I can give a link to sign up. 

@Richard Lopez Welcome! A great place to get started would be checking out the local REIA. I am on the board at CFRI (Central Florida Realty Investors), the local chapter to the national REIA and one of the largest in the country.

We have about 20 meetings a month on a variety of topics from beginners to multi-family to flipping. Everyone there are volunteers and most are local to Orlando. We cover 6 counties in Central Florida, so you'll have plenty of networking opportunities with other local investors and all types of business members that offer every service you could need. 

If you are interested in coming out, I can send out a guest pass. 

Best of luck to you. 

Welcome @Katie Nolan. I would look into joining your local REIA, you can't beat in person networking and knowledge to the area that you are looking to invest in. This community is fantastic too, soak it all in!

Best of luck!

@Vin Gupta Insurance is an issue state wide, not just Orlando. When purchasing, things that will amplify rates are roofs that have less than 10 years life, old water heaters, flood zones etc. Relief is coming, but just not fast enough. More carriers are being approved to come into the state and the competition should help ease rates.

The overall MSA market is still doing well. Inventory has jumped over 50% from a year ago, but values continue to rise at almost 3%. So, things are taking longer to sell because we have more homes on the market, but prices/values are still high. You can find motivated sellers and still get some deals. 

Let me know if you need more info. Best of luck!