Purchasing a short term rental

[Jill Widmer]

Hello,

I was hoping to get some advice on whether this was doable. 

Interested in purchasing a property-single family home or condo in Florida or Texas along the gulf coast around the $500k-$600k range. Planning to rent out short term and use it a couple of times a year. 

Currently own our primary residence in ohio. Have about $275k equity in it with a heloc with a little over $200k on it with zero balance. Have a 15 year mortgage with 2.3% interest rate and a payment of about $2100/month

Have a rental property condo in ohio that is worth about $175k and no loan. Taxable income on the rental was about $6k after depreciation last year

parent plus loan of about $27,000 in forbearance as my daughter is still in school

use credit cards but pay them off every month

no other debt

my w-2 income is 70k, and I am a shareholder in 2 small businesses where I get approx 25k extra each year 

my husband makes $92k w-2 income

have about 60k in savings

is it possible to get a loan while using the heloc for a down payment? Or what are my options?

thanks so much!

[Robin Simon]

Check out this article I published here on BiggerPockets on this exact topic - pros/cons on all the options for financing STR purchases. Hope this helps!

https://www.biggerpockets.com/blog/short-term-rental-loans-a...