Updated over 4 years ago on . Most recent reply
Investment Property Financing -- Condotel in Florida
Long time lurker and finally ready to pull the trigger again. I have had LTRs for the last 18 years (haven't bought anything in 14 years) and I sold them all earlier in the year because of the market and the area. Since, we have decided to buy vacation/STR property. We have found a Condotel (I had no idea this was a word/thing until 3 months ago) that we really like and want to purchase one of the units when the right one comes available. I can find anyone willing to giving me money if I put 20% down. I would prefer to be at 10% if possible. We live well below our means and both have credit scores 800+. Our current DTI ratio is about 14% including the mortgage on our primary residence. We are both W-2 earners as well.
I appreciate any insights! Thanks!