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Updated over 2 years ago on . Most recent reply

User Stats

26
Posts
11
Votes
Michael Elder
11
Votes |
26
Posts

Starting out in STR niche

Michael Elder
Posted

My wife and I purchased out home in 2021 w/ an FHA loan. After a year and half, we're ready to start using it as a STR while we house hack with family. We don't earn a lot of money from our W2 so we've been patient and want to do this right to keep the ball rolling.
I’ve read up on requirements for my market (Space Coast area in Florida) and I understand I need to get a business tax id.  However, do I need any license to do this legally? Also do I eventually need to refinance my FHA loan if I’m not living in the property? Our interest rate is only 2.75% currently.  
Any other steps I need to take or advice would be greatly appreciated. Thanks! 

Most Popular Reply

User Stats

276
Posts
259
Votes
Mike Terry
  • Investor
  • Fort Myers, FL
259
Votes |
276
Posts
Mike Terry
  • Investor
  • Fort Myers, FL
Replied
Quote from @Michael Elder:

My wife and I purchased out home in 2021 w/ an FHA loan. After a year and half, we're ready to start using it as a STR while we house hack with family. We don't earn a lot of money from our W2 so we've been patient and want to do this right to keep the ball rolling.
I’ve read up on requirements for my market (Space Coast area in Florida) and I understand I need to get a business tax id.  However, do I need any license to do this legally? Also do I eventually need to refinance my FHA loan if I’m not living in the property? Our interest rate is only 2.75% currently.  
Any other steps I need to take or advice would be greatly appreciated. Thanks! 

Why refinance? 2.75% keep that loan forever!!!!
  • Mike Terry
  • Loading replies...