Oceanfront STR in North Myrtle Beach, SC!
Investment Info:
Condo buy & hold investment in N Myrtle Bch.
Purchase price: $225,000
Cash invested: $30,000
This is a 1bd/1ba oceanfront condo with a private balcony located on the 14th floor of Beach Cove resort. Our unit contains 2 queen beds in the bedroom and 1 queen-sized sleeper sofa in the living room, allowing us to accommodate 6 people. We will be undergoing renovations in October of 2022 to update the bathroom and kitchenette area with new cabinets and countertops. The bathroom will also have a new vanity and toilet once completed.
What made you interested in investing in this type of deal?
North Myrtle Beach and Myrtle Beach have a lot to offer to travelers and occupancy is high in these areas. We will be able to pay off our mortgage with the money from our guests, and have some left over to continue to upgrade the property without dipping into our own bank.
How did you find this deal and how did you negotiate it?
We drove to the area to meet with our Realtor and found this property via MLS. We saw it and put an offer immediately.
How did you finance this deal?
Since this was a condotel, we had to put down 25% using a conventional loan.
How did you add value to the deal?
Quick value add will be done in October of 2022 when we update the cabinets and countertops in the kitchenette and bathroom.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes! Please direct message me if you'd like the name of the agent that helped us. She was very responsive and knowledgable about the area!
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