All Forum Posts by: Daniel L Gorgone

Hi all! I'm a bit farther along in my education, but still haven't found a property we liked enough to make an informed offer. We need property # 1 to be as near perfect as possible, because our funds are limited. We'd like advice on what areas of MB are the most profitable to invest in, and even more important, which areas to avoid because of crime, drugs, rundown or just too far from the beach and amenities that MB has to offer. Thanks, as always!

Hi, thanks for the responses so far - has anyone got real vacation property experience, especially in the MB area? If so, can you relate some advice and story about how you did it? I'd really like to get to know how to make this work, so as to avoid mistakes. Lots of good info so far, and I think SC has some strict rules about residency too; I appreciate all advice...

I also have a property offering in a place called Roxanne Towers, offered at $195,000. The reltor says that it rents for 5 months in season for $29,000 gross, and around $20k net. Seems crazy, but these numbers paint a pretty picture if true. Any thoughts about this particular property? My wife doesn't like it, but that's because it is a converted hotel. Any particular problems with that type in MB?

Thanks guys, already much appreciated! My wife and I have visited, and we really like North Myrtle, a bit away from the really commercialized areas. We saw a few properties, and are working with 3 realtors at the moment.  As far as cash flow, of course being a BPer, we'd like the property to give a little to our pockets, but our first property needs to fit the snowbird theme, and we are looking for a nice condo rather than a house.

We like a few properties as well, and are looking at the Atlantis property in particular; a friend who had a condo there recommended it:

9550 Shore Dr Myrtle Beach, SC 29572 $155,000 2 Beds 2 Baths View Details

I am a newbie investor, and mine and my wife's first deal will be where we want to retire, in Myrtle Beach SC. We are living and working in NYC and my retirement is still a ways off. I'm 60 years old, and retirement is looking like 67 or so, so 6 to 7 years from now. I need to get a nice condo vacation property, where we can snowbird 7 months and rent out for the seasonal vacation time, from April through September. Anyone with experience investing in this area, and can advise what we should be looking for, I'd appreciate hearing from you! Thanks fellow BPers...

Thanks David and Basit, for your advice. Yes, at the moment it seems prudent to work on my credit, which I am doing as fast as I can. The bank that's holding me back (Citibank) is currently refusing to work with me on my one chargeoff, so I have to use the Dave Ramsey method of wait till they will, I guess.

Thanks for your response! My wife owns the condo in her name; she has great credit but not much income (around $20k per year. I have one charge-off on a credit card, other than that a bunch of CC debt, with my credit usage at around 90%. 

I make good money (around 75k) but my credit score is now around 580. My wife was ok'd for a mortgage of $140k, but only in her name, I can't qualify to do a joint application. Also, I have a retirement annuity, where I can access around $45k for a down payment, but we do not have that much ready cash (around $8k).

It's a perfect storm of issues, lol...

Our first question, as relating to our own current situation: My wife and I are nearing retirement (about 6 years). We own a NYC (Brooklyn) condo that is worth approximately $460,000. We earn $2,000.00 a month in rent (about $1400 after expenses). The unit has a potential capital gain on sale of about $250,000... and we own it mortgage-free.

Our credit situation isn't good at present. Neither of us qualifies for a pre-approved new mortgage; we want to buy new investment properties in the SC area of Myrtle Beach. So, the question: how best to accomplish it while keeping the income from the condo we already own? Sell, and pay cash for new properties? Wait till we can get a mortgage? Try a heloc on the condo we own?

All help and advice is very much appreciated!

Dan and Tammy