Buying a Condo as an investment property and a getaway for your family is a great idea. In today's video we will learn a few things that are very important to ask before you purchase a condo down the shore. I not only live in Wildwood, but own rental property here as well. I love helping families find and buy their first investment property. I am always available as a resource for referrals and guidance when investing in real estate down the shore.
Thanks for Watching!
Have an Awesome Day!
Suzanne Gilson, Realtor ~
Cell/ Direct: 609-231-9347 ~ suzannegilson7@gmail.com
👉Search ALL the listings @ homedowntheshore.com www.homedowntheshore.com
👉Subscribe to my RU-vid Channel~ bit.ly/2RoRooa
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Welcome to my Channel. I'm so glad you are here! I'm Suzanne Gilson, Realtor with Century 21 Alliance in Wildwood Crest, New Jersey. I've been helping families Buy homes, Sell homes and Invest in property here Down the Shore for over 20 years. One question I get asked frequently, What's it like living down the shore all year long? Well, we absolutely love it! My Husband Rich, a licensed Contractor & Home Inspector and I Love living in Wildwood. We also own a few rental properties in the area. My clients say they breath better as soon as they cross the bridge and are blocks away from their beach home. Well, imagine that all year long! Each week I'll be uploading a new video with real estate tips, market news and we'll visit some of our great local attractions. Miss the beach? Be sure to click the Like 👍 Subscribe and Bell so you'll be notified of every new video.
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Resources:
🏡Spring Sellers Guide👉 bit.ly/2OBeE0O
🏡Spring Buyers Guide👉 bit.ly/2HBijYB
🏡 Search all the listings @ www.homedowntheshore.com
➤ Read my Blog*****@homedowntheshore.com bit.ly/2W8Vun4
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Instagram: / homedowntheshore
Facebook: / homedowntheshore
Twitter: / suzgilson
Linked In: / suzannegilson
Financing Options
If the Condo building is run like a Motel, whether it’s a large or small building, it may require financing from a local neighborhood bank. Since it rents out nightly and most owners are investors, it doesn’t meet Fannie Mae and Freddie Mac guidelines. Local banks do not have to follow every Fannie and Freddie guideline and are able to loan on what appears to be a “risky” property. Down payment amounts on a condotel style unit under 400square feet will be 30%. 400 square feet and greater will be 25%. Down payments on larger Condos, not run as a Motel style can run as little as 10% down. Many local lenders in the town you are looking to buy will have first hand knowledge of individual properties. They will be able to assure the Condominium complex is financially stable.
Buying a condo as a vacation home is a great option. You’ll have less day to day maintenance to worry about. If you can rent it out for a portion of the year, this will provide passive income which you can use to pay the expenses. With the huge tourism industry in the Wildwoods, buying a vacation home down the shore that creates passive income is a plus.
17 мар 2021
