A lot of us are staying home to stay safe and to stay healthy. I have found that people are finally able to explore things that they may not have had time to explore before, like the possibility of buying a vacation home or investment property.
With interest rates so low, now would be a good time to talk to a lender about the options and possibilities of getting a loan to purchase a second home or vacation property. I have several lenders that I work with hand in hand that would be able to assist you and talk you through this process..
If you are curious about how this might work, I wanted to take a few minutes to give you a scenario.
Consider this listing at Caribe:
This is just a scenario, several of the numbers used in this could change depending on the market, the amount of time you are going to rent the unit, and many other factors.
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24 photos of this $549,999, 3 Bed, 3 Bath, 1796 SqFt, Condo/Townhouse property located at ...
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Listing Price - $549,999
| Taxes |
$3,200 |
| Insurance |
$1,000 |
| HOA |
$8,750 |
| # of Years |
30 |
| Rate |
3.50% |
| % Down |
20% |
| Closing Costs |
$3,000 |
| Annual Payment |
$23,494 |
| Gross Annual Rent |
$41,000 |
| Gross Annual Rent |
$41,000 |
| - Total Expenses |
$14,450 |
| NOI= |
$26,550 |
| NOI |
$26,550 |
| Debt Service |
$23,494 |
| Cash Flow= |
$3,056 |
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If this is something that interests you and you would like to check out some other options in different price ranges, let me know. I would love to help you with achieving this this potential dream.
