All Forum Posts by: Jonathan Edmund

So the past couple years I have been flipping homes in the Myrtle Beach SC market. I've done pretty well so far. I have two flips going right now and I'm working on locking down a 3rd. I have never had to do a full gut on a home yet, mainly just flooring, paint, appliances, and interior work. I've been very lucky to not have to replace a roof or HVAC yet!!! As I jinx it right now.....

Anyway, this new one I'm looking at, it's an all brick home built in 1955. I can probably secure it for around 60k, and it's probably worth about 250k after renovation. I was talking to the guy that found me the deal and he said it has a Federal Pacific electrical panel and he's saying I'll have to rip out all the sheetrock and redo the wiring in the house as well as the plumbing because it has galvanized pipes. I haven't had to do a full gut along these lines, so my questions are:

1. Do those two items above 100% dictate needing a total gut or can a home be sold with the panel and the pipes how they are and can it be financed?

2. What is the average cost per foot to do those items, mainly the electrical, plumbing as well as all new sheetrock. 

This guy is telling me it needs 150k to reno, but I have a really good team of workers that usually keep my costs down substantially and do very good work. So I was guessing 60-70k. Any insight on this? I'm just not familiar with the flipping aspect of homes this age and just want to be cautious going in.

Thanks in advance! 

 I personally don't use Air DNA but most of the investors I send properties to run them through Air DNA and compare to the info I provide them as a cross reference. It seems to be in the ballpark from my experience. 

 Souds godo to me! Shoot me a message with your contact info and we can stay in touch. Thanks! 

Hey BP!

I'm a Realtor in Myrtle Beach SC and surrounding areas. I have started to notice a lot of changes in our market, especially with insurances going up on some of the older STR buildings. There are a lot of people looking to invest in our market and I think it's important that people be very cautious that they understand all expenses before looking at STR properties.

I'm currently starting to analyze different buildings and units within those buildings to start compiling a list of the best areas in our market, as well as buildings to get the best returns, when all expenses are considered. Then I'll start narrowing it down to the specific units themselves and will keep a list for interested investors. I don't feel many agents are doing this in my market and I think it needs to be done, as there are a TON of ocean front and STR condos/condotels in our area and they are not easy to comb through. If any investors are looking to purchase in this area, and want to be added to any email list or anything as I start to compile my list, I'll be glad to spread the word and my findings along the way. There are deals to be had in our market and I think someone really just needs to buckle up and start weeding through the good deals and weed out the bad ones. (This is not me promoting or trying to get business, just running numbers on buildings and providing information to investors who want to learn more about or market and start the process of narrowing down actual areas and buildings.)

If anyone has questions about STRs in my area, reach out anytime as well.

Thanks!!

Hey James,

Did you ever end up pulling the trigger on a Myrtle Beach investment property? I was just combing through Myrtle Beach posts as I'm a local Realtor and Mortgage Broker in the area and wanted to see if you pulled trigger, and if so, what property? Looks like a lot of sellers are anxious in our market due to rate increases as well as insurance increases. May be some opportunities coming up in the foreseeable future! 

Are you still looking for this? I'm open to discussion. I am a local Realtor and also a Mortgage Broker. Could kill two birds with one stone! 

Hey Glenn,

Did you ever pull the trigger on the 50 plus unit? I'm from the Myrtle Beach area originally and can definitely answer any questions you may have about the area, or location of a specific property. I'm also a local realtor and mortgage broker. Reach out anytime if you need anything!

Thanks!

 Hey Sean,

I am a Realtor in North Myrtle Beach. I am originally from the area and also own a mortgage company locally. I also have investment properties and watch our STR market carefully. 300k can definitely get you a condo in the area. I highly recommend the north end like you've suggested in your original post. I'd love to connect with you and talk more about our market and could help you start analyzing properties. Reach out anytime.

Thanks!

 Hey Amar,

If you know what buildings to look for, and understand all the fees, there are deals to be had on ocean front condos in the Myrtle Beach area. Reach out anytime, I'll be glad to assist you. I'm a Realtor original to this area as well as a lender and investor. Would love to help you analyze some properties. 

 Good area to be looking in John! If I can be of any assistance, let me know. I'm a local Myrtle Beach guy, been here my whole life. Always looking for deals!