All Forum Posts by: Shawn McCormick

@Jim Halpert by no means an expert on this subject. But first off, if the property is in Orange County/Orlando you will have ordinances for short term rental to deal with, so that's probably not a path you can go down (if it is in Lake,Polk, Seminole, Osceola counties, not so much of a problem).

Rezoning isn't usually that difficult, but again, depends on the county and area of the county, some have density rules of X # of homes per acre etc. Doe the property have utilities, sewer, water, electricity to the other sections of the parcels? Are yo prepared to pay the impact fees and costs of putting utilities in? Is the current SFR in livable conditiion? What are the surrounding parcels zoned, are they all still Agricultural or have any of them flipped?

Best of luck, I'd love to follow along with updates as I'm in Orlando and always interested in or know people looking for opportunities like this.

@Andry Israel Congrats on your pre-approval and starting the process. What is your criteria, do you have some communities that you like? There are some that outperform others simply due to location and/or amenities. Size matters here to, some communities are saturated with smaller homes and you have to compete with your nightly rate against people who don't understand the damages they are doing.

I can tell you, most sellers (on the advice of their agents) are requiring you to waive the appraisal on these. I'm seeing them come in at value, but in case they don't you have to be prepared to come out of pocket the difference. Inventory is low (lots of homes being sold) but they sell so quickly, you have to be ready to go as soon as they hit the market.

Best of luck to you!

@Madeline P. Some of the best communities are (in no order) Championsgate, Storey Lake, Windsor Island, Solterra, Solara, Windsor at Westside, Windsor Hills and a few others.

@Sheril Varghese I sent you a PM.

@Sheril Varghese, An hour drive could be 10 miles from Disney sometimes, LOL! 1-2 beds would just be a condo then, most townhomes are 3-5 beds in the vacation resorts. You have plenty of options..even condo-hotels which I would generally not recommend as the fees and management agreements are too restrictive. But if you plan to use it alot personally, it may be a good option. Condos in general have higher HOA fees, so that is something to consider, but as long as you enjoy the amenities and get good use and feel safe that is most important.

Depending on if you like other activities personally, like golf and higher end resorts, Reunion or The Grove would be a good choice. Lifestyle choice would be Margaritaville or for just a nice place with a decent amenity center/clubhouse, you have lots of choices.

@Jillian Kitson @Nancy Bender Margaritaville and Reunion (and few condo resorts) all have rules about self managing and having access to amenities. There are about 10-12 other resort communities with similar amenities and have no restrictions on how you manage. I usually only recommend those communities if the owner gets a lot of personal use at the property and wants to have the rest pretty much pay for itself, but not as a cash flow investment.

Best of luck!

Hi @Sheril Varghese You have many options here, depending on what type of amenities you want in the community, how close to Disney, what size and type (condo, town or single family) and some other factors including budget. There are 10-12 big resorts that have great features and benefits and will help your unit pay for itself and then some. There are others that will suit your needs and cover costs, just depends on what you and your family enjoy...if that is your primary focus for now.

Best of luck!

@Nick Rich There are quite a few in here from Orlando. What are you looking for, how can we help?

@Gabriel Zurita Welcome (almost) to Orlando. Hate to be the bearer of bad news, but the inventory of multi-family properties is critically low and highly sought after. So just finding one that makes sense will be tough, let alone getting to choose what area you would like to be in. Most of the multi-family that comes on the market is highly overpriced and/or in the outer areas of Orlando.

Then you have the 'where there is good cash flow' aspect. I don't know your budget, but I just did a quick search and there are 23 multi-family 2-4 units currently on the market within 35 miles of Orlando. I'm guessing as newlyweds, most of these would not be desirable for you and be hard to cashflow.

Wish you the best of luck and congrats on getting started!

@Dean Olson Congratulations, especially at that price for a 10 bed, you should have lots of equity!! I also know your PM very well, she is the PM for many of my clients as well and has done and still doing many theming projects for them. Love her knowledge and skill getting all of that done at a high level!

@David Bilandzija This is a new construction community, most financing is done directly thru the builder's lender. You can, of course pay cash or bring your own lender, but they usually pay part of your closing costs if you use their in house lender. Not sure what Dean did however. There are a very limited number of 10+ bedroom properties, so although hard to find comps, but this is generally based on revenue projections rather than comps. This is a STR resort community (although you could live here if you wanted) so all homes are STR and appraisers generally know that and buyers are investors so all are financed with 20+% down or bought with cash.