Foreclosure in Orlando>Question Details

syrwxman, Home Buyer in Baldwinsville, NY

Can we get a mortgage for a 2nd home out of state for rental unit & who would we work with, a buyers agent or a realtor?

Asked by syrwxman, Baldwinsville, NY Tue Mar 5, 2013

I'm looking to buy a condo in Orlando to use for personal vacations and also short term rentals to help pay the operating bills for the unit. Being out of state and this our 2nd home, are there mortgage programs out there that we could find. I have read banks statements about needing to live within 50 miles of the 2nd home, and not a rental unit in order to get the mortgage. Only looking to put down 10 percent on this as well. Do we need to work with a mortgage broker in Orlando or our home state?
Secondly, seen as we are not selling a home, should be look for a buyers agent in Orlando, or just a realtor? I have heard using a realtor might steer us towards a unit we don't want or not for a little as we want to pay in the end for the unit.
Is there a company in Florida or Orlando which specializes in selling bank owned units?

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Answers

7
Bernard Scarpa’s answer
Hello, Syrwxman,

I specialize in income producing properties in the Disney area. (Central Florida short term rentals,vacation homes,second homes) I have been an investor for 17 years in this area as well as helping others invest in Florida properties. 90% of my sales in the Disney area are international buyers. I am sure I can help you find a very good vacation/income property that you can use at any time you want to use the home.You can call me at any time and we can talk in depth about how the best way for you to purchase a property, what is needed for you to start the process, managers taking care of your property and what they charge, how bookings/guests are placed in the property and the fees involved and what kind of income you will receive in all the different communities in the area. Every community close to Disney has a little different income ability. This is where I come in. You do not want to be to far from Disney. Please contact me and I will answer all your personal questions over the phone. It's best to answer all your questions before we start looking at properties. You can call me at 407-572-3022 or email me at btscarpa@aol.com

Thank you
Bernard Scarpa
American Ideal Homes, LLC servicing all of your Florida Real Estate Needs.
Income producing properties
Disney Florida Vacation Property Investment Specialist
Resort and Second Home Property Specialist
Office Hours are 7 days a week
9:00 Am to 9:00 PM EST
Cell # 407-572-3022
Fax # 407-957-5843

btscarpa@aol.com
0 votes Thank Flag Link Sat Jun 15, 2013
Look in the Disney/Kissimmee/Davenport areas, these areas have a lot of short term rental zoning situations. Good Luck!
0 votes Thank Flag Link Fri May 3, 2013
Good Area is The Windsor Hills Community in Central Florida best place for short term rentals, look the place up online just minutes from the gates of Disney. I have a few listings in the community and specialize in that area/vacation rentals. Please feel free to contact me if you have any questions about Vacation Rental or investing in Central Florida. You can reach me direct at: SunnyPabla1@gmail.com.
0 votes Thank Flag Link Wed Mar 6, 2013
The area is Vista Cay which I think is available for short term rentals. I was not trying to offend anyone, just looking for direction on how to get this process running.

My wife & I have great credit with scores over 750. And we just refinanced our home to 15 years with a lower monthly payment.

I have read very few places right now are being sold with mortgages, I guess I wanted to know where to go to get what that 10% of people are doing.
THanks everyone!
0 votes Thank Flag Link Tue Mar 5, 2013
Hello,
As a realtor I don't steer anyone but I do educate you.
Vacation rentals are allowed by zoning primary in and around the Disney / Kissimmee / Davenport areas.
I can also recommend 2 different mortgage brokers to help you.

Hope this help,

Dave Lowe, real estate broker
GRI, CDPE, REPM, ePRO

I OFFER BUYER REBATES TO HELP WITH CLOSING COST.
0 votes Thank Flag Link Tue Mar 5, 2013
Less than 10% of sales of vacation condos have been done with mortgages in the past 6 months (and less than 1% were FHA with low down payment), so the odds are heavily stacked against you. Do be aware that a development needs to be zoned for short term rental to do what you want. Very few places in Orange County have such zoning.

A Realtor is a real estate licensee who belongs to the National Association of Realtors. I work as a buyer's agent and I am a Realtor, as will be alomost all the people who answer your questions here.

The 50 mile rule is more than 50 miles away, not les than 50 miles away.
0 votes Thank Flag Link Tue Mar 5, 2013
Hello,

I am in the process of closing on just such a property for investor clients who live out of the country. Contact me via email and I will send you the information for my client's bank who issued the mortgage. I can also send you listings which fit your search criteria.

Best wishes,
Kate Paris, Realtor
Charles Rutenberg Realty
1900 Sumitt Tower Blvd.
Suite 220
Orlando, FL 32810

RealtorKateFL@gmail.com
407-230-7807
0 votes Thank Flag Link Tue Mar 5, 2013
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