All Forum Posts by: Carolann Hosey

Hey Group! I bought my first property in Myrtle Beach and looking to expand into property management and/or co-hosting. I want to offer a concierge type service that provides an owner with only what they need, from setting up their listing, only helping with guests interaction to full service management. I am stuck with finding owners that meet my current business plan of family friendly beach STR's.

Any advice on how to get started? 

Hey Group-

I just bought my first, so I guess I am officially an investor. I have had a conversation with Anderson Advisors and Royal Legal. Anderson wants to do the anonymous LLC through WY thing which I think is not a bad idea, but they are expensive (almost 6k for this) and Royal wants to do the series LLC (almost 6 grand also).

So a few questions 1) which is better and why? 2) Is Royal Legal good to work with?  I saw on the forums from a couple years ago that they may not be the best, but I believe in businesses having a chance to work out kinks. 3) is there a better company to work with I should explore? 

Hey Luke, I was searching for forums for arbitrage, specifically Nashville and saw  you post.  How is your research coming along?  Did you pick anything up? I am looking specifically in Nashville since I live close by.  

I came across this post, and it looks like there might be some experienced lenders in here.  Is anyone interested in partnering with me for a Myrtle Beach property? 

Can I ask how you are doing this? Do you have one credit account with a limit high enough? Are you doing something like Plastiq? Also, make sure you will be able to get cash value out of the refi to pay down the CC. 

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 :)

Cash reserves!

Interesting, I did not think it would even be worth it.  Ill have to ask what the split becomes if you self manage.  One realtor told me you would need a business license and all that fun stuff, and also maybe have someone to check the person in if there is a front desk if you self manage.