Destin Florida Condo Purchase

[Cristy George]

Hello everyone,

I am new to the BP and new to real-estate investing. My husband and I are in the process now of trying to buy a Destin, FL condo. We had no idea that all of the coastal condos there are considered "Condo-tels" even if they are owner occupied and are only eligible for 20 year financing, not 30, and require 30% down, not 20%. Just learn this today after being in the process of purchasing this for 3 weeks. So much to learn.....advice?

[Cristy George]

I really appreciate everyones input and advice. Peter, what you said is exactly what our new lender said. she is actually local, our ignorant one was from back east. We had gone to him based on a referral. Live and learn :) Tom, it is a place to snowbird but also want to use it as a rental to offset the expense of owning it. The HOA fees on these Destin properties are unbelievably high. I do want to continue to pursue acquiring vacation rentals but I seriously doubt we will buy another one in the Destin area. I'm told that Panama City beach is much more reasonable and just as beautiful. I may look up there next. Thank you for the advice Zach, that sounds like a great idea as I move forward.

I actually bought the pro membership today even though I am a beginner so I could have access to ALL the tools!

Thank you everyone!