All Forum Posts by: Evan O'Brien

When you have a property under contract what types of inspections should you have done on your property during the due diligence process? That way you have an idea of what potential issues/repairs will need to be made to the property either before purchasing the property or after closing?

With a property that is affiliated with an HOA, is it the responsibility of the property owner to pay for maintenance of the property to remain in compliance with the HOA's guidelines? Or can the owner of the property pass these costs onto the tenant based upon what is drafted in the lease agreement?

The reason I am asking is I have a family member who's been renting a house in Winter Park Florida that is affiliated with an HOA the past 6 months. He's explained to me that since he's been living there his landlord told him that he's responsible for trimming dead tree branches, trimming hedges/bushes and mowing the lawn to remain in compliance with the HOA. I'm not sure if these were terms that he agreed to in the lease agreement but something doesn't sound right. Any information would be greatly appreciated!!

When you purchase a property what factors will influence the seller of the property to agree to pay for the closing costs? Could these factors include that the seller is in a rush to sell the property? And that the seller has other significant matters going on in their life that could contribute to them wanting to close quickly? Or is there a way that a deal can be structured where it is beneficial for the seller and the buyer for the seller to pay for the closing costs?

If you purchase a condo that is affiliated with an HOA will you not be allowed to utilize it as a STR? Or will it depend on the regulations that the HOA has? I know that properties that have HOAS associated with them can be pretty strict with the regulations that they have in place and what they allow in regards to renting out the property.

When looking to utilize a 10% down payment vacation home loan to purchase a STR, is this type of loan usually offered by conventional lenders? Or will portfolio lenders also offer this type of loan product? Any information would be greatly appreciated! And is there a way to access a list of lenders that offer 10% down payment vacation home loans?

@Chris Hamilton you could try reaching out to landlords who have their rentals listed on Craigslist, Facebook Market, and For Sale By Owner and see if they’re interested in selling. If so discuss terms for a loan that would benefit both of you but make sure to do your due diligence

When you have a tenant that was either inherited through purchasing a property or needs to evicted due to not paying rent or is not abiding by the rules that the landlord sets in place, are there any approaches people have taken to get a tenant to leave without starting the eviction process? I’d be very interested in hearing peoples suggestions and experiences!

Does anyone have any suggestions for websites or companies that provide short term rental property insurance? If so, what should an adequate short term rental property insurance policy cover? And what is an expected estimate to pay for short term rental insurance on a monthly basis? Any information would be greatly appreciated!

@Riley Lucchesi Hi Riley, thank you so much! For the RE operating account do you use that account for the month to month expenses? And what expenses do you save up for in the savings account?

When you start purchasing short term rentals is there a certain amount of bank accounts that you have for your monthly expenses associated with the property? And if so what type of bank accounts should you have for those expenses?