Updated over 5 years ago on . Most recent reply
STR mortgage options?
Howdy BP friends! For those that play in the short term rental space, have any of you utilized the 10% down mortgage for your property? If so, what bank did you use? Wondering if there are any particular banks that excel with this offering.
Cheers,
Rick
Most Popular Reply
Michael Baum
#2 Short-Term & Vacation Rental Discussions Contributor
Pro Member
#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
- 7,101
- Votes |
- 8,322
- Posts
Michael Baum
#2 Short-Term & Vacation Rental Discussions Contributor
Pro Member
#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
Hey @Richard Lovering, I would take a look at that setup closely. HOA fees, resort fees, possible management fees and restrictions can turn that kind of place into a nightmare.
Here is an article that covers condo hotel units:
https://www.condohotelcenter.c...
On downpayments, condo resort/hotels they say is 20 percent. Sometimes more. I am sure it will depend on the lender.