I'm just starting out and I'm interested in investing in condotel vacation rentals. Does anyone have any experience in this area of investing? Can I buy the condotel in an LLC or transfer it into an LLC? Do I even need an LLC for investing in condotels? I'm in the Myrtle Beach area. Any advice is welcome. Thanks.
I don't see why you couldn't own a condotel in an LLC or transfer it into one just like any other piece of real estate. All the usual challenges of due on sale clauses etc apply.
Do you need the extra asset protection or would a good insurance policy get the job done? What's your intended financing method - conventional, private, hard money, cash?
@Jeffrey Long I didn’t think anyone would finance condotels. I’m just getting started and trying to learn the ropes of how to do this. I would like to start with investing in condotels, I think. I’m looking for cash flow.
@James Cole The reason investor financing is hard to get for condotels is because they are typically Horrible investments, despite what any sales literature will lead you to believe.
@James Cole - Have you had any interest in purchasing a Condotel in Myrtle Beach? I am actually hoping to purchase my first in the next year if not sooner. Thanks!
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