All Forum Posts by: Mike Grudzien

Ernest,
Besides all the real estate/property/transactional tips above; you need to understand that running a short term rental is running a business.  If you don't, or can't afford to pencil in short-term rental property management, you will be responsible yourself for a seamlessly running, response intensive, hospitality business focused on your guests.  Doing this remotely just adds to the challenges. You say that this is your first step into real estate and you're choosing a path that is a 24/7 obligation.  I wish you luck.  I'd be happy to advise, no-charge, once you have purchased a suitable property.  (look at my profile).
My 2 cents,
Mike 

@Clark Spalding,

I heartily agree with all the above.  You will benefit yourself far more in the long run by networking locally and finding a seasoned real estate agent/broker that specializes in working with investors, both building and liquidating portfolios.  They can work with you specifically to your needs and may end up being a mentor on your journey!
My 2 cents,
Mike

Rich,
I know that you're looking for a generic form, slam dunk.  But, especially working with family, I would have an attorney draw one up.  An attorney will still start with a boilerplate ( saving you time/fee) but can include all the "what if's" pertinent to your situation, family, etc.
My 2 cents,
Mike

Reuben,
I don't have an answer, but I feel for you.  I had a slightly similar situation a number of years ago.  I hate when thing come up after the fact and mess up a smooth running plan.  Just wanted to give you some encouragement to hang in there.
Mike

Ken,
Mike Hern's post is AWESOME!  Thank you.
Mike

Mike,
That was the most AWESOME breakdown of information that the "YouTube real estate newbies" need to hear!  Thank you!

Mike

 Brianna,
There is not a generic amount.  It is all based on numbers: average tax increases, average insurance increases.  Talk to your mortgage company.
Mike

Abby,
Talk to a local, traditional mortgage broker.  As you call and vett, ask each one about their familiarity with "FHA construction to permanent Loan".
Mike

Danny,
Is your attorney a real estate specialist?  I actually use 4 different attorneys based on their skill set and the project in front of me.

My 2 cents.
Mike

@Wei Jie Yang,

Check with a local credit union.

MIke