All Forum Posts by: Michael Weir

Hey Chris, yeah I will be doing all the actual management myself - you are right if you use an on-site management company that can take 20% to 50% you won't have any ROI.

 John a house on the beach is out of my price range, so looking into alternatives on the beach which 100% of them will be non-warrantable. On the beach, beach views with multiple building amenities etc etc etc.

 John most high rises around the country that allow STRs are non-warrantable - just how it is. Any major building that has more than 50% short term rentals is non warrantable.

Thanks for the Reply Michael - Yes these are usually 50% or more buildings that are not owner-occupied but STRs.  I'm not too confident I can find a 15% anywhere, but I thought I would ask around to the experts lol

Hello, I'm looking Into expanding my STR portfolio with a condo in Myrtle Beach, does anyone know of anyone that does loans for investment that would be considered non-warrantable properties will less out-of-pocket down payment, instead of the typical 20%+ down... any 15% options out there?

Michael

Apologies if this has been covered before, but I'm looking for a financial institute that does HELOC for not only investment properties but the Heloc will be against a home in Florida... I looked at some local credit unions, but they want you to live/work in a local county to become a membership... Any help would be appreciated.

Michael

I 2nd everything @Tyler Gibson just wrote with the emphasis on quality Operator - I have a 5/5 in ChampionsGate and what really separates me from others (even better homes) is my agility and quick responses to my guest's needs/issues.  I also visit the property personally twice a year and keep it updated as well as adding NEW to it, for any returning guests.  I would love a 2nd home in that area, but over the past 2 years, it has priced me out. (which isn't a bad thing)

PM me if you need any specific questions answered.

Thanks, Lyndsay, I'll PM you.

@John Underwood You know what I mean right John - it's a Condo on the beach, that is mainly STRs or in a Hotel Program - great building, but I am told they don't qualify for conventional financing due to them being not primary used for "Owner Occupied" 

Hello, I'm looking Into expanding my STR portfolio with a condo down in Hollywood Florida, but just found out from my lender these are usually non-warrantable due to more investors owning them than owner occupancy. Although he does have programs for those, they are at 30% down... and as you can imagine the less out-of-pocket the better.

Does anyone know somone or know of any other solutions for non-warrantable properties will less out-of-pocket down payment?

Thank you for any direction around this.