“Buying a Short-Term Rental Property”
I hope you are well. We are down here loving Florida! My wife and I would like to buy a short-term rental property to help increase our income. Not sure what my best option might be for financing. Use equity in my house for down payment? Do I have too much debt to income? Can we count the income the property will make as income? Maybe we can chat this week when you have a minute. Thanks Brice
Buying vacation properties that can be rented on a weekly or monthly basis can be profitable, but it is not for everyone. I can speak on this topic as I have owned vacation properties, fortunately for us it has been profitable.
The biggest challenge is managing the tenants and their expectations by making sure that their vacation is one that that they will want to experience over and over again. Sure, there are many more aspects, but tenant management is right at the top of the list.
Image courtesy of Jscreationzs/freedigitalphotoes.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
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