Myrtle Beach Vacation Rental

[Joseph Wilson]

I am looking into condos in the Myrtle Beach area, I am looking to go up to around 65K purchase price and have found many in the area. I am also looking for ocean front/view only to help keep the place rented out. I keep coming across the HOAs that are higher in fees and upon further research some seem to even pay for power and water in room. This would be ideal for me since I want to be able to keep the bills down as much as possible and I know paying for the power could get crazy high in the seasons. I also keep coming across people saying financing might be more difficult for these as well, possibly. 

Another step I have found is property managers that specialize in vacation rentals. Most I have found are doing around 30 percent of the payment and having the renters pay for cleaning. I would use this company since my work is out of state and I travel a lot, so I have no time to keep up with everything on my own.

Is there anyone who has experience in the area of condos? I would love to hear some possible hidden fees to look out for and more general knowledge on this subject. 

[Peter M.]

Make sure the HOA doesn't have restrictions on vacation rentals. 30% is industry standard in most places. Other thing to remember too is, as a college kid who did a spring break in Myrtle beach, be prepared for some damages. Just read the contract carefully and ask about anything that seems too high. Get referrals from other owners they manage for and ask them what it is like.