All Forum Posts by: David Rabinowitz

@Katie Hole thank you. There are a few buildings I were told were more investor friendly than others. (Not restricting amenities if using off site property management)

@John Underwood

Definitely. Its going to be tough competition-wise. Do you think a single family would perform better as a str? Would you rule out golf course condos too?

@Bob Stevens only because of all the competition or is there more downside Im not seeing?

do you do other types of investing local to sc?

@John Underwood

It looks like my price point has me landing in a condo. The cash flow looks decent and I’m thinking I have to start somewhere

@Bob Stevens thank you! And i hope you’re enjoying your stay. definitely a lot of competition. It seems theres enough tourism to keep those beds full in peak and shoulder season though. And the infrastructure is there in terms if cleaners, handymen, etc

@Michael Baum thank you. That site looks very thorough. I’m going to plug all the info im there today. Hopefully thats the last piece of the puzzle before I’m confident in offering on deals.

Hello All. For the last 2 years I’ve been saving money and absorbing knowledge on real estate investing. Im ready to start making offers on properties. Im looking to get started in Myrtle Beach, ocean front or one block off the beach.

Im underwriting deals taking into consideration PITI, HOA fees, utilities, savings for capex and repairs/replacements, potentially a property management fee and/airbnb fees).

Are there any myrtle beach specific fees or taxes I am missing? Occupancy tax? Or really anything else I’m overlooking.

Thank you!

@ThomasRoy Penland do you self manage to get that 7% return or is that what is produces hands off on the rental program?

Thank you both for your replies.  I will most likely be looking at 20% down investment loans, or 10% down second home loans depending on the property.  I was told some condos might not allow the 10% loan.  Either way it sounds like I should get started with the pre approval process soon.  

If I wanted to use a dscr loan would this change the timeline? Sooner or later?

Hello everyone. For the last two years I've been reading books, listening to podcasts, paying down debt (all DONE), and saving money for a down payment for my first investment property. I've decided my first property will be an STR and I'm currently enrolled in the BP STR bootcamp! I'm hoping to start putting offers in late March early April.

Question is, how far in advance should I reach out to lenders for a pre approval.  I've read that I should shop multiple lender for rates, terms etc. and there is a certain window in which it will not hurt my credit.

Thank you all for any input.