Looking for my first rental

[Brad Currao]

I'm currently starting my real estate investing journey, looking for my first rental in Myrtle Beach, SC. I started working with a local agent that is helping me begin the process as I am located in New Jersey. The initial goal is to narrow our focus on the type of property and style of rental I want (Long term vs. short term). My budget is on the lower side but would love to hear from anyone who has experience in the area and what their thoughts are!

[Jason Wray]

Brad,

I have a lot of investor clients that buy in Both NC & SC and Myrtle beach is a hot spot for STR's short term rentals. Keep in mind you mention having a lower budget but there are several new programs out now for investors that require less money down even on 2-4 units. Banks & Lenders are becoming more competitive and over the last 2 years there have been some great new changes.

Stay away from the banks or lenders requiring a big down payment just to offer a good rate. Putting less down always wins as long as the property cash flows and you hit your target NOI. My advice would be to focus in a 2-4 unit multifamily or a TLC SFR so you can do a little "TLC" work and speed up the ARV.

If you ever have any questions feel free to reach out via email or message I enjoy helping other BP members avoid pitfalls and costly mistakes!