All Forum Posts by: Jay Cortes

As you probably know, Myrtle Beach is a vacation hot and the 2nd fastest growing city in the US. Over the years of living in Myrtle Beach, I have learn the trends in the market and have watched the city develop. Through the knowledge I have gained from the years of living here, I have been able to capitalize on the opportunities Investing in Myrtle Beach has to offer. As an experienced realtor and owner of a property management company, I have had the luxury of bringing investor in front of great deals which all cash flow. Also as an investor myself, I've been able build a great portfolio with both managing and owning beach front condos. Feel free to as any specific questions you may have. 

I work in Myrtle Beach Market, investing in ocean front condos. There are many opportunities to make money in this market. Depending where you are at in Myrtle Beach whether you're on the north side or south side of town, there is certainly money to be made. I own properties on both sides of town and although both sides behave very different, I have been growing my portfolio with positively cash flowing properties all across the Grand Strand within a short amount of time.

Jason, I use private lenders for my clients all the time.  What I have learned is that you need to loan as personal loans not "mortgages"  if you do more than 4 mortgages than the federal government sees you as a lender and will require you to have all the licensing, etc that comes along with that.   You'd have to do personal loans with the real estate as collateral.  At least this is what attorneys have told me. 

The building you pick matters most.  I have over 100 in my portfolio that I manage for clients and as a realtor my main objective is to get ppl in the right buildings.  Not all behave the same.  Some will restrict 3rd party management which you want to avoid.  I go after anything that Brittain Resorts operates.  Usually nicer buildings and they don't restrict anything from 3rd party management companies. 

Cindy, I own and manage multiple short term rentals along the grand strand.  How you buy them can vary greatly.  Banks will not finance studios, so they have to be cash, or possibly find an owner finance deal.  You can finance a 1BR or up with banks but typically not for 10% down.  They will want 25-30% down as an investment property.  One way you can get around this is to purchase it as a second home, that way you can put 10% down and purchase the property.  

Investment Info:

Condo note investment investment in Myrtle Beach.

Purchase price: $77,000
Cash invested: $5,000

Very nice unit in the ninth floor with a great south side view of the beach, needs small cosmetic updates. Low holding costs and great ROI potential.

What made you interested in investing in this type of deal?

Great deal with Low money down

How did you finance this deal?

Owner financing

How did you add value to the deal?

Upcoming renovations to make it more appealing

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My mentor and partner Kevin Gunn, Real Estate agent