Myrtle Beach, SC investment

[Account Closed]

Hello bigger pockets!

I'm 25 years old and am in the process of buying my first multifamily (4 plex) in Connecticut. My parents are both retired and have recently moved to myrtle beach, sc. They are currently living with a friend but looking for a place to rent soon. They would be long term tenants for about 10 years. The market in myrtle beach seems pretty cheap right now and seems to have some promise for future snow birds. My question is, is the myrtle beach area (10 mile radius) a good area to invest in for the future or should I just stick to Connecticut for now? Thanks

[Raju Meda]

Hi Kevin,

I own two oceanfront condos in MB, There are only selected oceanfront resorts will give positive cash flow based on rental occupancy. I would recommend you to look at the cash flow on that condo. Is that 1 BR condo , 400 sq ft means that could be a studio. It has to minimum 1 BR to get financing from any local bank. 

Look at the web site oceanfrontguru.com, you will get an idea about market. I own 1BR codo in dunesvillage and holidayinnpavilion both are giving positive cash flow for me after mortgage and HOA .

you should also look at the year the resort built. if it is before 2005 , you will end up paying high HOA and upgrades every year.

Thanks.