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Updated about 7 years ago, 10/16/2017
Investing in condos in Myrtle Beach
Looking to invest in condos in the Myrtle Beach area, South Carolina. New to investment and want insight into the market there.
Hey Abena! That's awesome that you are looking into the Myrtle Beach area. From what I have seen and been recommended is south Myrtle Beach. I have been working with @Caleb Coblentz for that area and he gave me some great recommendations. He is a realtor over there and will definitely help you out a ton as he has with me :)
Thank you Gist.
Originally posted by @Dylan Tettemer:
Hey Abena! That's awesome that you are looking into the Myrtle Beach area. From what I have seen and been recommended is south Myrtle Beach. I have been working with @Caleb Coblentz for that area and he gave me some great recommendations. He is a realtor over there and will definitely help you out a ton as he has with me :)
Heyy Dylan!
Thank you for the referral. I will reach out to Caleb.
Thanks @Dylan Tettemer. I'm happy to help in any way I can.
Hey @Abena Essel how is it going so far? I am also interested in investing in vacation rentals in Myrtle Beach. I have been searching property listing for several months, but have just determined that I need to do a scouting trip to the area. Condos are so cheap and so plentiful....I keep wondering what I am missing! Best of luck to you in your investing!
Originally posted by @Lisa McMillan:
Hey @Abena Essel how is it going so far? I am also interested in investing in vacation rentals in Myrtle Beach. I have been searching property listing for several months, but have just determined that I need to do a scouting trip to the area. Condos are so cheap and so plentiful....I keep wondering what I am missing! Best of luck to you in your investing!
Cheap is relative. Cash flow is the bigger question for an investment.
I'm a licensed realtor operating in the North Myrtle Beach area if you require any assistance locating the right property.
One thing to think about is the off season. Most people make the bulk of their money in a few months. I've talked to a few people that try and switch to a winter rental so keep their units occupied.
What do the HOA fees average?
I'm in Wilmington, NC and the condo market here is definitely the most volatile. Beachfront maintenance costs are high and wind and hail insurance almost not affordable. Beach erosion is taking its toll on several buildings in the area--literally falling into the sea. The feds aren't picking up beach renourishment anymore nor channel dredging. This will fall to the locals, meaning higher property taxes. Hate to see what insurance premiums will be next year after Harvey and Irma.
@Tiffany Bairos depends on what all the HOA covers. Most I have seen recently are between $450-$600. Typically that will cover your insurance as well. Keep in mind you will have a fee from the rental company as well.
