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Updated over 3 years ago on . Most recent reply
STR 2nd home loan questions?
Can someone help with these questions of mine regarding grand deeds and 2nd home vacation loans? I heard about buying STR's using a 2nd home vacation loan so you only have to put 10% down and post-closing do a grant deed to put your business partner on the deed but keep only yourself on the loan. Does anyone know if the grant deed can only be done with an individual coming on the title or can you deed the title into an LLC with this type of loan? 2nd Q - if I get an FHA loan, can I use a grant deed post closing to put that title into an LLC? 3rd Q - can any 1 person only get one vacation home loan? Like could you get a 10% vacation home at a lake, a beach, a mountain cabin, etc?
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#3 Short-Term & Vacation Rental Discussions Contributor
- Rental Property Investor
- Tennessee Florida
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#3 Short-Term & Vacation Rental Discussions Contributor
- Rental Property Investor
- Tennessee Florida
If it's for making income it's not a second home should do 15% investment loan instead. Or DSCR in LLC name.
Fist need to decide if you even need an LLC. Probably not at this point.
Second need to decide your goals. More than one on one market? Investment loans. Big W2 looking for a house to use and rent when not using, second home.
Talk to a lender or 12