If you are getting ready to sell your home, knowing what the customary closing costs for a seller in our area is probably going to be important to you. Here is an overview of the seller's estimated
Looking for an Airbnb investment in Cocoa Beach?
Lately, there has been a hot topic when talking to potential condo buyers…Airbnb…
Are you thinking about buying a condo in the Cocoa Beach area and make it an AirBnB? There are at least 30 complexes in Cape Canaveral and Cocoa Beach that would be ideal for an Airbnb, VRBO, or short term rental because they will allow a one-week minimum rental period. There are even more condos that will allow a one-month minimum that is still a great option for short term rentals. Most of these condos are either oceanfront communities or east of A1A.
Some things to research if you are considering buying an Airbnb or VROB in Cocoa Beach and Cape Canaveral.
How will you pay for the condo?
Since we are talking about a short term rental investment; most of the occupants are tenants. This makes it a little more difficult to get a loan if most of the units in the complex are rentals. The lower the number of owner-occupants & second homeowners; the more likely you will need to pay cash for the purchase or obtain some type of hard money or a portfolio loan. If you do not have the full amount in cash for the purchase, this might not be a good option for you right now.
Confirm the rental restrictions!
You must read the condo documents. You cannot trust the MLS on what the rental restrictions are. Nor should you rely on your real estate agent or the seller. If you do not want to read through the condo documents, hire a real estate attorney. Fortunately, Florida law allows a new condo owner 3 business days to review all the condo documents and financials for the condominium complex on a resale and 15 days for new construction.
Besides confirming the rental restrictions will work for you, you also have a chance to see what the other rules and regulations are & if they work for you. Will each tenant need to be approved by the condo board? Do they allow pets? Do they have a restriction on vehicle type? You also want to see the financial well being of the community you are buying into. Always ask if they have any recent or upcoming assessments.
Read the full article here AirBnB Cocoa Beach
I have been helping buyers and sellers in the Cocoa Beach area since 2003. I run Cocoa Beach; literally! Here is an article about my favorite running routes in town. https://cocoabeachinsider.com/201....