Myrtle Beach for first property?

[Carolann Hosey]

I am looking at Myrtle Beach for my first property.  I know most of them are those condoels which apparently is an old term, but looking for insight.  Most posts I've seen on this topic are old.  

I understand the basics, that the are operated like hotels, you have fairly little involvement and after the 60/40 split (on average) you would gain about a 5% ROI and that the real benefit is 1) you have a place to stay if and when you want to use it and 2) you have a (hopefully) appreciating asset to hold on and sell later.

I really want PCB but at this moment, without partner, or a lender willing to do 90-95% LTV I can't right now with the prices I see.

[Alexander Knowles]

Hey @Carolann Hosey - yes, a majority of the "condotels' are already managed by property management companies. You are better off setting up your own systems and managing them yourself to make any profit. Plus, a majority of the condos for sale you will be paying the retail price for. From my experience, a lot of people are using these as a means to "break-even" on their condo and have a place to stay whenever they want.