North Myrtle Beach Condo

[Joe Zinger]

We are looking at some condos in North Myrtle Beach. What are some of the questions we should be asking as condos and investing in this area is new to us.

We are only interested in low rise units towards the point in Cherry Grove.

How best do we gauge HOA involvement and property upkeep? What is a good HOA reserve? What special questions and concerns are there for Ocean Front Condos?

This will be more of a second home than a rental but potentially converting it in 10 years to a rental.

Thanks!

[Shane Lafleur]

Hey Joe,

Great Questions as I am following this thread as my strategy next is to enter the STR game with a property in NMB.

Im interested to hear what others have to say to your questions. My family has been driving from NY to NMB over the past 12 years for our vacation destination. We like it and we know there is a good demand as an affordable vacation destination.

From my brief search it seems something to be weary of and making sure you run your numbers correctly with the HOA fees. They can be just as high as your mortgage costs. HOAs never go down as well. I would also call the condo complex to get the HOA bylaws before putting in any offers.

We want to use a 2nd home loan for the 10% down payment for personal use during the slower months and take advantage of the high demand during the busy months to pay for itself and hopefully generate some extra cashflow for the next property.

With the HOA fees, I am also considering looking at house options.