All Forum Posts by: Evan O'Brien

Does anyone have a template/document that they use when obtaining an estimated bid for rehab costs on a property from contractors which includes the scope of work required and a breakdown of the rehab costs (labor and materials) for each specific task? I’m looking to create a template that I use when obtaining rehab estimates from contractors for properties I purchase. Any feedback would be greatly appreciated!

@Nirmal Khanderia thank you everyone for the feedback! This brings me to another question, when you purchase a property do you need to have documentation or an agreement drafted stating that you’ll be living in the property for a certain time period of the year with specific dates provided to the lender? And can family members reside in the property during the required timeframe in your place? Or does it have to specifically have to be you (the person who purchased the property)?

When purchasing a property with a 10% down payment vacation home loan with intentions to use as a short term rental is not being able to use the property as a rental for 12 months a typical requirement of a 10% down home vacation loan? Or do the requirements for how long a property isn’t able to be used as a rental vary per lending institution?

I spoke with a lender last week who explained to me that with their conventional10% down payment vacation home loan program would require the property to not be used as a rental for 12 months. Any additional information for feedback would be greatly appreciated!

When search for a short term rental market to invest in, is there a certain website or resource in the area you’re looking to invest in where you can obtain information regarding what the regulations for a short term rental market are?

@Joshua Janus Thank you so much for all of this valuable information! I will definitely take a look at all of these factors when determining the market I want to invest in! This is extremely helpful

When searching for a Real Estate market to invest in out of state, what factors should you take into consideration when determining a market? I know the population growth, employment opportunities, attractions nearby and local tax laws within a state have a significant impact on a rental market but are there any other factors to take into consideration?

@Megan Templeton Hi Megan,

Thank you so much for all the information!!

@Tyler Peitzmeier Hello Tyler, thank you for reaching out! This information is extremely helpful!

Hello! What’re the roles of an attorney that specializes in working with Real Estate Investors? And what questions should you ask when interviewing a potential Real Estate attorney for your team?

@Tanner Cohen Thank you so much for the prompt response and this valuable information! I’ll definitely take all these factors into consideration when searching to obtain financing from a private lender!