Updated over 3 years ago on . Most recent reply
Vacation/Second Home Loan
Last question I promise. For people that have used a second home loan/vacation home loan for short term rental. I have read that through the second/vacation home loan, you are not allowed to have a property manager manage the property? Is this true? This is a deal breaker where I would just end up doing it as an investment property instead. HELP PLEASE.. has anyone used the second home loan and used a property manager for short term rental? Thank you!
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#3 Short-Term & Vacation Rental Discussions Contributor
- Rental Property Investor
- Tennessee Florida
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#3 Short-Term & Vacation Rental Discussions Contributor
- Rental Property Investor
- Tennessee Florida
I believe you will find this to be true. And if you think about it it makes sense from the banks perspective. “Why would you be renting a second home? Sounds like an investment loan to us” can get an investment loan for 15% in most cases. In the end you’ll likely find the 3rd party management is the deal breaker.