@Jonathan Edmund It's not you, it's the market. As a realtor I'm sure you're aware of current market conditions, especially in Myrtle Beach. Margins are very thin because there's a lot of money from more expensive markets looking for a home in Myrtle Beach. Many of those investors are paying cash and, to them, the numbers look fine since they're not factoring in the lost opportunity cost on their money. I'm sure you've sold plenty of condos to these folks.
What's left over, such as the courthouse auctions, usually goes to folks with established businesses - professional contractors and long-time investors with rehab crews in place that can turn your $25k flip into a $15k flip.
All of those rule-of-thumb equations you read everywhere are regional. As @Teri Feeney Styers said, run your hard numbers and decide what you're willing to selling for. For instance, I follow the 1% rule with my investments, and that's getting harder and harder to meet in Myrtle Beach. I've never heard anyone talk about meeting the 2% rule in our market, but people in the Midwest do it all the time. Folks in California would probably be darn happy to meet a 0.5% rule.
As a Realtor you have an advantage you may not have thought about already. You're already advertising for listings. Keep your eyes open for properties that need a lot of work and offer to list it, or to give them a quick cash offer yourself to save them time and commissions.
Bottom-line: Invest when it makes sense for you, not based on rules. Those rules change.
