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2nd Home Mortgages
Posted on 3/19/23 at 3:46 pm
Posted on 3/19/23 at 3:46 pm
I have been out of the mortgage business so long that i have no idea what the deals look like these days.
Example scenario- a condo on the beach. Use it as second home, rent out when we aren't using it. In the old days, as long as you only had 1, it would be considered a second home and you get much more favorable terms than a straight-up investment property.
How does it work now?
Example scenario- a condo on the beach. Use it as second home, rent out when we aren't using it. In the old days, as long as you only had 1, it would be considered a second home and you get much more favorable terms than a straight-up investment property.
How does it work now?
2
Posted on 3/19/23 at 4:02 pm to deeprig9
I got 2nd home loans for my vacation homes/rentals. I told the banks my plans and they were good with it.
That said, a beach condo makes all of its money during peak season. So when you use it, you are losing rental income. Prices have soared in the past 2 years, interest rates are way higher, and insurance costs are through the roof.
I bought an ok one for $400k that was closed after Sally. Interest rate 2.75%. A similar one in my complex just sold for $650k, and I imagine the rate was 6-8%. Also we are going to get $10k complex assessments to pay for the insurance on the complex every year going forward, since we are right on the beach
That said, a beach condo makes all of its money during peak season. So when you use it, you are losing rental income. Prices have soared in the past 2 years, interest rates are way higher, and insurance costs are through the roof.
I bought an ok one for $400k that was closed after Sally. Interest rate 2.75%. A similar one in my complex just sold for $650k, and I imagine the rate was 6-8%. Also we are going to get $10k complex assessments to pay for the insurance on the complex every year going forward, since we are right on the beach
This post was edited on 3/19/23 at 4:04 pm
Posted on 3/19/23 at 8:02 pm to AndyJ
Condo rental prices in Destin are stupid crazy during the summer now.
Posted on 5/24/23 at 7:20 am to Double Oh
quote:
prices in Destin are stupid crazy now.
FIFY.
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