All Forum Posts by: Daniel Gilbert

@Colleen Goldstein ok this is useful information I haven't heard yet. I do know someone who owns a few properties in Myrtle Beach and says they are profitable. He has condos and condotels. Maybe holding is best for now. Im just a bit confused because when I crunch the numbers on properties around the Charlotte area I can clearly see they won't cash flow but the numbers in Myrtle Beach look way better so there must be something im missing. 

Thank you for all the replies and advice. I think I may look at another market, possibly Myrtle beach area. Prices seem to be way more reasonable there and the demand for STRs is high. I know someone who has multiple properties there and he says they are profitable. I’m looking for some cash flow and tax benefits mostly. First propety I’m thinking 250-300k range but I plan on doing multiple and buying a more expensive property down the line. 

Hello, my name is Dan. I currently own my own home outside Charlotte, NC. I am looking to purchase my first rental property. I have cash to do it and have an approval for a mortgage. I have read a few books and have some basic knowledge but no real work experience. My issue that I am having is that I am having difficulty finding a property that would be profitable. Every property I look at and analyze in a proforma comes out looking like a bad deal. Is this typical? Is it normally difficult to identify a good deal or am I just doing something wrong? Could it just be the current market environment and now is just not a good time to buy? Any advice would be helpful, thanks!