We own a condo and were thinking about renting it out and purchasing a new one. Are there corporate rentals in the area?

Asked by Deneen, Fort Myers, FL Sun Feb 3, 2013

Can I get a mortgage based on the equity in the condo I live in that I own outright?

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Kurt and Jana…, Agent, West Des Moines, IA
Mon Feb 4, 2013
Your question is two-fold. Corporate rentals do exist. Our rental market here is very competitive and rates are high due to a combination of events of recent years.
You would be well advised to re-finance your condo there prior to making any changes. I can assure you that cash out refinances are challenging now. Most refinances are for rate lowering. Laws and policies current trends are local so, whereas it may seem as a bit of a vague answer, you will want to do more due diligence to determine what is best for you.
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Adele Zieser, Agent, West Des Moines, IA
Tue Feb 19, 2013
Depending on how long you would like to rent, there is a Residence Inn by the Jordan Creek Mall and you can do long term rentals there.

As far as getting a mortgage based on the equity in your current condo, it is best to speak with a mortgage originator. Most realtors can help you out with this.
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Steve Booth, Agent, West Des Moines, IA
Mon Feb 4, 2013
There is some corporate rental activity which is mostly controlled by Property Management Companies is this market.

Mortgage lending rules are in a constant state of flux. The answer to your question is "maybe". I can put you in touch with a local mortgage loan originator that I have worked with for some time and trust. Please contact me directly and I will share that information with you.
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