All Forum Posts by: Shawn McCormick

@Joseph Farnworth You can use the 'find an agent' feature at the top of the page if you just want to find a local agent that knows the city/areas you are looking in. You'll want someone with experience to your local market to help you understand market rents, demographics, and a slew of other things to make sure you understand the risks. They should also be able to direct you to a LOCAL lender that also knows the market you are in and what loan type would best serve you based on your goals.

There are plenty of podcasts and past forums that you can review to better understand the in and outs, but as others said, just reach out and we are all here to help. 

Best of luck to you!

@Catherine Javier Would need more information on which would be a better deal, lots of variables not to mention how long you plan to hold this. Why is being near hospitals advantageous to you?

Was the ADU on the first one permitted? Does it have its own laundry, parking etc? If they both generate the same income and the second one will take months of planning, permitting, and constructing (both sides) with no income being generated, it comes down to purchase price.

What are comps in both areas for rents and ARV once you are done?

Keep us informed, love to know how it works out.

Best of luck!

Hi @Julie Suckow Welcome, glad you found BP, it is invaluable to so many starting out. Absorb all you can, but find out what you enjoy rather than chasing shiny objects. There are plenty of ways to make money and still like what you do in real estate. 

I do have a home coming in Ocala in a couple weeks, but its in a 55+ community so may not be a good fit. Otherwise I don't go up that way too much, I do cover about 8 counties in Central Florida so happy to talk about the overall market and give thoughts on anything that I may be able to provide value to you.

Best of luck!

@Matt Caviness Welcome!

I am available immediately to speak with you on this. I live near the best resorts and have sold dozens of STR near Disney. I would be happy to walk you thru the do's and don'ts, the must-haves and the stay-away-from scenarios.

Feel free to reach out and I can get you the information to help you make an informed decision., I am also a featured agent here on BP.

@Shayla Corley

Welcome and congrats on getting started. One of the best places IMO is joining the local chapter of the National REIA (CFRI, Central Florida Realty Investors), one of the biggest ones in the country and covers six counties. membership is dirt cheap for what you get..over 20 meetings per month, no pressure selling, awesome, local investors always willing to share and be honest with you. There are some paid classes you can attend, but the free meetings are fantastic.

There is a meeting in Clermont tomorrow and the second Tuesday of each month is the General meeting near downtown Orlando. I can get a guest pass for your first meeting if you like.

Best of luck to you!

You're welcome. The county meetups I was talking about are with CFRI (the local REIA) they cover six counties in Central Florida and have a meeting in each monthly. They also have many focus group meeting for landlords, flippers, taxes, and several others, but you have to be a member to attend those. check out CFRI dot.net for the calendar.

@Yaseen Khan

There are several investors that hold local meet ups (try Meetup dot.com) and also the local chapter of the National REIA has their monthly meeting on February 14th near downtown. I can send a guest pass for you and they will also have county meetups (6 counties) throughout the month, so it will depend on when you are here which one will be best.

@Stephanie Espinal I always advise my clients to budget for 3% in closing costs. This will depend on what type of loan you are getting (DSCR, investment or conventional) and if you are buying points to bring the rate down as well as how much the lender will require you to escrow for taxes and insurance.

I would suggest you get with your lender and ask those questions so you know what to budget for. Taxes have gone up quite a bit around Orlando, so if the property hasn't been assessed in awhile, expect that to jump up from what is currently showing in property appraiser's site. Since you won't be able to take advantage of the Homestead exemption, that will always make taxes higher here too. 

You may not have as much luck with buying from investors on a competitive product (duplexes), but if its been sitting awhile or needs a lot of work, negotiate some or all of your closing costs into your offer. Or have the seller pay for points  (not a rate buydown...  2/1 or 3/1) meaning have them pay for your points especially if you plan to hold the house for long term.

Hope this helps.

Best of luck

I have an investor/friend starting to look for rules, regs and general information on starting a sober living house. This is just much purpose-driven as profit. What resources and/or advice do you have, should only be geared toward Florida.

Feel free to reply here or DM me. Thanks in advance.

Thank you @Michael Baum

@Steve Wolfrey. There is a lot to go over here in regard to what your experience is, budget, risk level, how you will use the property and overall expectations. This is a crowed market, so making sure you understand what it takes to be successful is critical.

Happy to discuss this further anytime.

Best of luck!