STR in those areas do well year round because of fall colors and ski resorts and snow mobiling if they are on a lake, but on the flip side you are paying significant more because they serve dual purpose.  

It is fairly convenient to ski areas for winter sports when rentals are in higher demand. 

I borrowed 62k at 10% APR for 12 months with interest only payments and a balloon payment at the end of the loan term.

Hi Kyle, How long have you been in your current loan and is there a pre-payment?  

That could be as high as $14K to $15K not to mention Title fee's, origination fee's and days of interest another $7K to $8K.If you choose a lender or broker and they hit you with lender/broker fee's/points that’s another added cost.My best advice as a Banker is reach out now get a Pre-approval letter up front and give the Bank an idea of what neighborhood or a "mock" address and you can get an actual quote up front to avoid surprises.

Get your finances in order, get a pre-approval, make sure you can spend that amount and still have 15k in reserves and solid income before you buy anything. 

I would grab anyone who will do it for you and I would expect you will pay 15 to 20% apr for those type of loans given the risk profile.. has nothing to do with you personally as a qualified borrower but for a PML if something went wrong and they are sitting behind 3 to 15k mil in senior debt most could not pay off the first to protect themselves. 

I'm looking at purchasing a condo in a ski town/village to use as an STR and am curious what locations others have had success in. 

Hey everyone, if I’m planning on trying to land a pre foreclosure home to wholesale, would I still use the usual 70% rule to calculate my MAO?

Originally, you had a loan of $355,000 with a current balance of $310,000 at a fixed 3.5% APR over 30 years.