1st Vacation Rental/Financing

[Charlie Beis]

We are looking at purchasing a rental in Orange Beach Alabama,  a condo, mainly for ourselves/young kids, but want to rent it to cover the costs. We have a property llc , 20% down, and probably 2 years reserves in the bank for it. We are looking for creative financing options, or even a trusted lender in the bigget pockets community for down there! We have our research,  hoa, rental rules etc and ars all good and also listened to the BP vacation podcasts! All knowledge/referrals are appreciated!!

[Ross Kerne]

Are you planning to purchase the condo with the LLC or your personal name?

I’ve puchased a beach condo in Orange Beach and Gulf Shores with conventional financing, 20 and 25% down. Nothing creative. I’ve heard of low 5% and 10% down loans, but you can expect higher interest rates and it’ll be tough to cash flow.