Myrtle Beach 50/50 Partnership (or 5-10% down private investor)

[Carolann Hosey]

I want to get my first property in Myrtle Beach, but these beach front condos need at least 20% down. I have only about 10% so I was thinking a partnership might be in order :)

Ive run numbers for a bunch of units, and the ones run by the hotel, gross about $30k. I would want to do a little rehab, new paint, furniture, etc.

Attached is a particular unit I had in mind, purchase price hopefully around $97k it Is a one bed, one bath right on the beach (beach view) 400ish square feet, rents by the management company for $30k a year gross. These numbers also include the 15% off site management that I would switch to, as well as HOA and the taxes/fees I know of at this point.

Possibly a fix and flip scenario (but plan to refinance and hold it) is an option, if the comps price our favorable. The numbers suggest that this would be a good investment.

Also, would be willing to find a private investor looking to hold this loan.  I have a great W2 job, just not the down payment cash :)