All Forum Posts by: Michael Furey

Quote from @Paul De Luca:

@Michael Furey

If it's not actually going to be your primary residence, you should not use an owner occupant loan. Also, if you are planning on renting it out as a STR FHA has a clause prohibiting that.

 It's going to be used as a vacation home mainly and then rented out when we weren't using it.  What other options do I have to put as little down as possible?  Does it help that I don't have any mortgages in my name?

I'm looking to buy a vacation/rental home and trying to figure out how to finance it. Am I able to buy it with an FHA loan to put only 3.5% down if my actual primary residence is in my wife's name? I have no real estate on my credit at all, so would I be able to apply for an FHA loan in just my name for this as my "primary residence"?

I’m looking to buy a condo around Disney to put on air BnB. It’s no secret interest rates are so high right now but I wasn’t sure if they’re going to keep going higher or if they might come back down a bit. Should I buy something now or just wait a bit and see if prices fall further as well?

Quote from @Tyler Gibson:

Quote from @Michael Furey:

I’m looking to buy my first condo to rent out on Air BnB in the Orlando area. I’ve been looking on their site to see what types of places work best and get rented the most. One question I’ve had that is hard to tell is what are the main differences that set apart a condo going for $100/night and one going for $200/night?  Is it the amenities, the size of the place, location?  There didn’t seem to be any one specific thing to determine that. Whatever I buy, I want to get something that will allow me to charge a higher nightly rate. 

 So to make sure you buy in the right location. You want to be within 15 miles of Disney not in Orange County FL. Then you want to have awesome amenities and the condo should have some court of a wow factor. This can be in the design, theme, or distance to attractions. In the Disney area however bigger is usually better. There are a ton of hotels and when you have a smaller property (2-3 bedrooms) you are directly competing with hotels. A family of 4 can stay in 1 hotel room comfortably so why pay more for a 2-3 bedroom condo? However, a larger family or 2 families traveling together cannot share 1 hotel room so they will elect a 4-7 bedroom home and pay the same or less than 2-3 hotel rooms. 

Do you think I would be better off looking for something with more than 3 bedrooms then?  Or for my first one, would 2-3 bedrooms be ok, just make sure the place has great amenities and really make the condo nice?  

I’m looking to buy my first condo to rent out on Air BnB in the Orlando area. I’ve been looking on their site to see what types of places work best and get rented the most. One question I’ve had that is hard to tell is what are the main differences that set apart a condo going for $100/night and one going for $200/night?  Is it the amenities, the size of the place, location?  There didn’t seem to be any one specific thing to determine that. Whatever I buy, I want to get something that will allow me to charge a higher nightly rate. 

Quote from @John Underwood:

Destin, Panama City Beach, Ft Lauderdale etc. Lots of great places to pick from. Go for a house over a condo if you can.

2 questions…first, what are your thoughts on areas in the northern part or panhandle where it might not be beach weather year round?  I was thinking further south so it can be booked year round. 
second, any reason why a house over a condo?  We were thinking a condo would be better since there might not be as much maintenance. 

Hi, I’m new to all of this and want to get into the air BnB world and looking to buy a condo or house in FL.  What is the best city in Florida (assuming on a beach) where I can not only charge a good amount, but more importantly will have consistent year round rentals?  Looking for a 2 or 3 bedroom place and can fix it up if need be.