Condotel financing is Beneficial: 3CALOAN
3CALoan specializes and excels in difficult home loan funding. We have non-warrantable condotel financing options available with excellent rates. Our team knows every guideline of condotel financing, so the borrower is guaranteed to get a condotel financing easily. We offer condotel financing options for condotel properties in California. We can help walk the borrower through all the conditions requested when it comes to condotel financing. To receive more information, contact us today at (818) 322-5626 or can visit our site.
The concept of investing in condotel units is unique. The borrower can buy vacation condotel unit in luxury resorts or hotels and can use it as vacation condotel property. If the borrower decides to purchase a vacation condotel unit, the borrower can get all the benefits of staying in a hotel room such as the following: 24-hour room service, baby-sitting services, spas, fitness centers, fine dining restaurants, valet parking and many more. At times, it can also include luxury amenities.
If a borrower purchases a condotel property, the borrower can use it as a vacation property. In addition, the borrower can earn residential income when a borrower is not staying there.
The borrower can earn a decent income by renting the vacation condotel unit. Furthermore, the rent money can cover the expenses like the condotel financing loan which borrower had taken to purchase the Condotel property and/or the maintenance costs of that condotel property. When borrower rents the Condotel property, the borrower does not have to worry about things like maintaining the property, marketing the property, or finding renters in the offseason.
Since they are built by housing developers and developed by hotels and resorts like Starwood, Marriott, Ritz-Carlton, Westin, Hilton (to name a few), condotel property is maintained by the hotel management. The price of the vacation condotel unit can be higher in these hotels and resorts because of the name that they are built under. If one has luck, he or she can find cheap vacation condotel unit in “regular” condos but they can’t earn a handsome amount of rental income compared to the regular condotel property.
There is one rule of thumb for condotel units that for every $1,000 it cost to buy it must earn $1 per night. For example, if the condotel unit costs $199,000, then on average the room should be rented for $199 per night by the property management and it should be occupied 60%-65% of the time.
The condo unit owner is typically responsible for the following:
- Purchase of the property
- Taxes and Insurance
- Repairs
- Fees including HOA’s
The rental agency is generally responsible for the following:
- Marketing expenses
- Amenities like maintenance and housekeeping
- The expenses to run a customer service desk like bookkeeping, operational, and administrative expenses
There are some factors which can increase the rental income of borrower condotel unit like famous desirable travel destination, perfect amenities services, fine management of the unit.
Areas which are famous for condotel property:
- Orange County
- Newport Beach
- Costa Mesa
- Laguna
- Laguna Niguel
- Dana Point
- Irvine
- Anaheim
- San Clemente
- Tustin
- Oceanside
- San Diego
- City of Orange
- Santa Ana
- San Juan Capistrano
- Garden Grove
- Long Beach
- Fountain Valley
- Palos Verdes
- Laguna Hills
- Mission Viejo
- Ladera Ranch
- Los Angeles County
- San Diego County
- the Bay Area
- Westminster
- Hawaiian Gardens
- Orlando, FL
- Miami, Fl
- Palm Beach County, Florida.
- Grand Cayman, Cayman Islands
- Clearwater Beach, FL Condo Hotel
- Lauderdale, Florida
- Orlando
- New York City
- Las Vegas
- Aspen
- Alabama
- Colorado
- Idaho
- Iowa
- Louisiana
- Oregon
- Pennsylvania
- Texas
- Virginia
- Georgia
- Washington
