A lot of people approach me about buying a condominium or another property to do short-term rentals (aka Airbnb, VRBO, etc.). Lenders do not like short-term rentals and there are a number of reasons. There’s higher wear and tear on the property. There are issues around the permanence or the consistency of the rental income. Lenders just don’t like it, and they don’t want to do it. If you really want to buy a place for Airbnb usage what I suggest you do is refinance your house, pay cash for the property, call it a day. It helps your cash flow anyways. That my advice for how to finance an Airbnb property!
If you have any questions, feel free to reach out to me!
I have a great video on renewing your mortgage too.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.