Is anyone educated on a "Condotel"?

[Disney1fan2002]

What am I missing here? This seems like a great way to invest in vacation property, and get a return at the same time. I must be missing the fine print.

You literally BUY a hotel room. It is yours to use whenever, and how often yu want. You can rent the room out when you are not using it, keeping the money.

I saw an ad for an open house down the Cape, and it seems too good to be true, so it must be.

 

[Marseeya]

Yikes! For the price of those things, I bet you could buy a tiny house in the area of your choice.

 

[nwdisgal]

Condotel is just a fancy name for a condominium complex that has a high percentage of its units utilized as vacation rentals. That said, depending on the laws of the state you will pay a much high percentage point on a mortgage for a condotel, as opposed to a conventional house loan. It is something to look into and also what the property tax hit is. In Hawaii, out of state and foreign nationals pay a significantly higher tax on real estate than residents do.