Newbie in rental business
I am a new investor in the rental arena and I want to know if banks allow for properties to be leased as vacation rentals? If there is a mortgage agreement already, what would stop owners from entering the short term rental business and stick to long term rent? by jsbach897 from San Luis Obispo, California. Dec 20th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Most standard loans do NOT officially allow for "short term" rental properties. But with that said, there are many situations that essentially end up being we don't ask. This usually comes down to things like do you need rent to help qualify, and/or if we can use a 1007 appraisal addition known as a "Small market rent analysis" to determine possible rent versus an actual lease. Talk to a local mortgage broker in your area. I lend in MN WI IA ND SD. I can be found at JoeMetzler.com - Cambria Mortgage, NMLS 274132
Ask our community a question.
Get an answer
Related Questions
