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Updated about 5 years ago on . Most recent reply
STR mortgage options?
Howdy BP friends! For those that play in the short term rental space, have any of you utilized the 10% down mortgage for your property? If so, what bank did you use? Wondering if there are any particular banks that excel with this offering.
Cheers,
Rick
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Michael Baum
#2 Short-Term & Vacation Rental Discussions Contributor
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
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Michael Baum
#2 Short-Term & Vacation Rental Discussions Contributor
Pro Member
#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
Hey @Richard Lovering, I would take a look at that setup closely. HOA fees, resort fees, possible management fees and restrictions can turn that kind of place into a nightmare.
Here is an article that covers condo hotel units:
https://www.condohotelcenter.c...
On downpayments, condo resort/hotels they say is 20 percent. Sometimes more. I am sure it will depend on the lender.