Other than my home, I have never invested in real estate. My wife and I would like to have a condo in Myrtle Beach. We would rent it out through most of the year, then we would stay there through the winter months.
Providing all the numbers looked good, I was just wondering how eager lenders are these days to lend on these types of investment properties.
We intend to do this no matter what.
Any info and guidance will be deeply appreciated.
Great website.
Thank You
Chuck
If possible, I would stay away from condos. Try to find a town home or single family home instead. Condos usually have an HOA, and are very strict. Lenders have no problem lending you money as long as you qualify. Since it will be rented most of the time, you can qualify for a non-owner occupied loan. Do not get a owner occupied loan, as you are going to rent it out. There is a fine line with regards to that.
Aristole is correct…HOA fees, rules and by-laws can drive you NUTS.!!!
Been there DONE that…and…did not like it…sold and moved.
Have very good friends here that retired, bought one of the nice high rise condos…original monthly was $400…now about 18 month later up to $600.
Maintenance provided by HOA depends on what their rules and by-laws, etc., say.
Some places allow Long Term Lease Rentals… but WILL NOT allow NIGHTLY RENTAL… such as you mentioned…and…they can be very hardnosed and strict about it.
HOWEVER: if you are bound and determined to get a condo…BY ALL MEANS do your due diligence…BEFORE…you act.
INVESTIGATE…before…YOU INVEST.
Good Luck,