Anyone have any experience with getting financing on a Lake Cabin in WI or MN? Just curious if it is possible to get a fixed 30 year note or not as well as % down requirements etc. I foresee that it might get tricky due to lack of comps as well as not being a typical house.
@Eric Gutierrez - As long as you were using it and it was not an investment, I wouldn't see why you couldn't get a 30 year on it - as long as the price was reasonable, you could probably even approach it as a "second home" when applying.
Couple more details...
-Plan would be to rent it part time and treat it as an an investment
-If there aren't a lot of comps in the area (what im afraid of) even if the price is reasonable a banks might not agree. I'm thinking a small local bank would be best bet but even then still not sure
-This would be property #5. All 4 current properties are within a half mile of each other with 3 currently rented and the 4th will eventually be.
I'd like to the answer to that question also. I live in Minnesota and have interest in a cabin someday.
@Marcus Johnson I'm not sure this is even a possibility for me either at the moment, just trying to start feeling out the possibilites and get an idea of the hurdles
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