All Forum Posts by: Evan O'Brien

@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!!

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