All Forum Posts by: Wayde Hall

@Salwa Arafa Im not against property management but I fully encourage you to attempt managing it yourself.  I have seen many buyers accelerate their growth from this and widen their knowledge in the space! 

Book Recommendation - Short Term Rental, Long Term Wealth.  (Avery Carl) 

@Onika Washington if you need a reliable contractor reach out to Jim O'Reilly.  He is one of the most reliable and ethical I have ever met.  He specializes in mold remediation as well.  

(404) 304-7012

@Robert Buchmann you’re likely referring to Encore at Reunion.  Each of the large communities from 4 corners to Davenport have fairly high HOAs but at the same time they see higher nightly rates and occupancy due to the resorts they offer. 

Encore is different because they restrict guest access to the clubhouse there unless you use one of the two property managers partnered with the HOA. In there I do traditionally see it harder to cashflow for many.

As a whole, traditional cashflow here revolves around properties that have an experience around them (theme homes).  We have a different barrier to entry than most because of what it takes to get that done, but if properly managed and appealing to guest I have seen great returns.  

For that kind of interior Devore Design will likely be your best bet.  For normal homes I would recommend a company like homejab which does a good job for a budget but if you have a custom interior you're going to want a higher end photographer.  

Vic Devore himself invest and has a top notch team.  Check them out   

https://www.devoredesign.com/

@Mike D'Arrigo I’d love to learn more about this area.  Most of my knowledge of the space is in poinciana which is the furthest south I’ve been so looking into “true Davenport” would be a nice change.  Most of what I deal with is the resort communities in Championsgate or Reunion.  

I agree with @Brenton Miebach.  The areas he referenced are correct to a T though I can see it being quite difficult to find homes to flip in Oviedo specifically with the boom there.  Ive had success for both a long term and sandwich lease close to UCF in Waterford, I have a particular love for the area.  

Look in multiple markets but don't overwhelm yourself. When I first started looking I chose two areas that I personally knew I would be attached to and made sure I knew them better than anyone else. 4-5 might be much when you're just getting started. Being zip code specific can be tough in markets like Orlando as they all blur together, start a general search based on price and narrow it down as you do more research, run more numbers and find your niche. For me its STR's in North GA and Orlando, planning to check out FL Panhandle in the next year or two as I expand.

Regarding STR's in my market target Davenport, Kissimmee and Clermont. A personal favorite would be Davenport but they have higher taxes. Interior over everything, especially for KIDS ROOMS. Be prepared to have to update or theme kids areas, it can be done for cheap (2-5k) but if you're going extreme, 20k a bedroom (for full custom beds, lights, slides and all around quality work). I recommend Pool homes in the 4 bed or 6+ range. They simply have better cashflow as a whole.

Pillar to post is a great recommendation with Jeff Mackey.  He is a sponsor for Orlando Real Producers and his team does a phenomenal job.  

Be warned they aren't cheap.  Its anywhere from $400-1200 depending on the level of the inspection you get.  I HIGHLY recommend one with a thermal imaging scan to detect moisture collection behind walls and roofs.  

If you want some other recommendations Inspections123 with Brody (cheaper)

OR 

Xspect Inspections (Mid range) 


  

25 min Maximum for me is preferred.  Due to Orange county restrictions you'll find it extremely difficult to find something that is <15 min to Disney.  Our market is not just distance to Disney but more interior of the home and neighborhood community with distance being "icing on the cake". 

The absolute closest Ive actually been able to find for single family is actually that 15 min mark because of traffic with avg around the 20 min.  I-4 simply backs up and theres no fluid way to take straight to Disney.  They are however building a straight path from Champions Gate to HW-192 which will help with commute drastically where it bottles up on I-4 at exit 58. 

I would certainly say there are quite a few rentals occupying the space but more often than not the owners are being ineffective of appealing to the abnb/vrbo crowd.  

Do it right and I have seen great returns.  Personally I prefer davenport and four corners area over Kissimmee, however there are cheaper taxes there and generally a lower purchase barrier for entry.  

Investment Info:

Single-family residence fix & flip investment in Orlando.

Cash invested: $40,000

1960's Inheritance House of Dan Teston needed a complete gut job! New Kitchen, Plumbing, Roof and Wiring.

How did you find this deal and how did you negotiate it?

Home was inherited

How did you add value to the deal?

Full gut job.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Daniel Teston