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Updated over 3 years ago on . Most recent reply

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Sean Beyrouthy
  • Clifton Heights, PA
12
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22
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Short Term Rental Financing

Sean Beyrouthy
  • Clifton Heights, PA
Posted

Hey everyone! I am out of state and I'm looking into the short term rental market around the Orlando area and I had a question regarding financing. Is it better to look for a local lender in the area I want to buy as they may know that area inside and out, or is it best to look for a national lender (Wells Fargo) to help with financing. Any input would be greatly appreciated. Additionally, I already own a home that I currently live in so I was lookin to get this short term rental as a vacation/second home since the down payment can be less then if I consider it an investment property. Does anyone have experience with this that can shed some light on the pros and cons? 

Most Popular Reply

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329
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203
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Tanner Sherman
  • Real Estate Broker
  • Omaha, NE
203
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329
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Tanner Sherman
  • Real Estate Broker
  • Omaha, NE
Replied

@Sean Beyrouthy I would not suggest you go with the national lenders, as they are typically more profit focused and less user-friendly. A smaller local bank will be more personalized and will sometimes work harder to keep your business.

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