Hypothecation Condo Wisconsin Dells Vacation Rental

The condo owner explained the dwelling was hypothecated as security for a loan.  Hypothecation means that the condo is put up as security for a loan without surrendering possession.  The condo owner said the promissory note was the promise to repay the loan to acquire the condo.  The lender is using the condo as security by holding a mortgage. 

The condo owner has married and moved in with his wife leaving the condo available for vacation rental.  The owner rents the condo through the digital web application (VRBO) Vacation Rental By Owner.  This creates an income to help pay the monthly payments defined by the mortgage and note. 

The condo owner can benefit from the Condo Clean Service delivered through Home Care Path in the greater Wisconsin Dells area.  Condo Clean is a service that sends an individual staff person post occupancy for light housekeeping, onsite laundry, and errands to stock the condo unit.  The 2016 rate is 25.00 per hour.  Contact Condo Clean by calling or texting 608-432-4286.

Condo Clean staff perform pre-scheduled tasks.  This allows the individual owner to schedule the rental stays tighter facilitating more occupancy.  This more occupancy generates a larger condo rental profit which helps pay the existing mortgage down.

The condo owner explained they keep the revenue in an account and pay the mortgage on schedule.  This is because a pre-payment clause indicates the note may not be pre-paid.  From this account the condo owner also pays Condo Clean with a check as the invoices are received.  Condo Clean has a federal tax ID number which allows the condo rental to 1099 Condo Clean for money paid. 

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