All Forum Posts by: Evan O'Brien

@Lucia Rushton for multifamily I meant small multifamily (2-4 units) because any property greater than 5 units would be considered a commercial loan?

Is there a difference between the type of documentation you need to provide to a lender when applying for a loan for a single family investment property as compared to a multifamily investment property? Any information would be greatly appreciated!

Hello,

I recently learned about the 203k loan and I’m considering using a 203k loan to purchase my first property, live in it for a certain period of time and use the equity built from the rehab to purchase other rentals and begin building a rental property portfolio and even use the property I purchased as a rental. Does anyone have any experience using a 203k loan purchase a property? Or any suggestions on what factors to consider when using a 203k loan? Any feedback would be greatly appreciated!

When in the process of furnishing a STR, is there a specific list of items that you should purchase to make sure that your STR is fully furnished? If so, what items should be on that list? And is there a way to estimate how much it would cost to fully furnish a STR? Any feedback would be greatly appreciated!

How is a title search on a property completed? Do you contact a title company local to the area of the property to conduct the title search? And are there any fees that are associated with a title search?

@Kevin Woodard thank you so much for the info Kevin! I’ll definitely reach out regarding coordinating something in the future!

Where would be the most appropriate place to search for Foreclosures and properties that are to be sold at auctions? Would county and state websites be a great place to start? Any suggestions would be greatly appreciated!!

@Scott Thomas Thank you so much for the information!!

@Greg R. Thank you so much, I looked on AirDNA at occupancy and daily rates for the market of Charlotte, NC (STR I'm considering investing). Do you get an estimate of gross income by multiplying the daily rate listed on airDNA per month by the occupancy rate then slightly reduce the projections by 10-15%?

And thank for the information regarding furnishing! When you purchased your first STR what was the total amount of cash you invested for a down payment, closing costs, rehab and furnishing? I'm looking to purchase my first STR soon!

When you're calculating the potential rental income for a STR property is there a specific approach to take? Recently I've tried estimating daily rates to charge for STR's using the enemy method (estimating the daily rate for a potential property based on listings on air bnb for a property of the same size) and the multiplying the daily rate by the occupancy rate for that real estate market. If anyone has any other approaches or suggestions regarding how to calculate potential rental income for a STR that would be greatly appreciated!!