All Forum Posts by: Lisa McMillan

@Glen R. Hi Glen. Found your question ins a search as I am now running into the same issue. Are you referring to the PR-26 tax form/filing? I am still trying to understand the difference, if any, between the BPP form and the PR-26. In any case, what was your resolution? What form did you file and how did you get values for your contents?

Originally posted by @Steve DellaPelle:

@Lisa McMillan You should most definitely have a buyers agent! They are free to use! The seller typically pays all the closing costs related to commissions!

 Thanks Steve!

Thanks everyone for the feedback! I have a somewhat related question.  Is it typical to have a buyer’s agent in these transactions? I have been working with someone for about 6 months who has been sending me properties and answering basic questions. Now that I am at the buy stage, I want to make sure I can engage someone ( likely the current agent) to represent me exclusively.  Does this make sense or matter?

Originally posted by @Chris Haas:

I think the best advice I could give is rent where you are thinking of buying.  I rented in the same area 5+ years and tried different places 3 times which I didn't like near as much.  These stays in other places validated my initial instinct of buying in the same place I liked/stayed for 5+ years.  I have older posts that describe my thoughts on MB investing, which can be summed up nicely.  On face value it's not a great investment, but if you plan to use it in place of vacations AND rent it out, slightly below break even cash flow is attainable

Thanks for the reference to your earlier posts. I have done several searches on this site for Myrtle Beach investments, but for whatever reason, I did not come across the treasure trove of info I found today! The good news is most of it confirmed what I’ve learned in my two years of research, but it did help me develop a list of questions I need  still need answers to.  Thanks again!!

@nicole 

@Nicole Bishop Did you end up buying the condo? I’m close to doing the same.  Would love to hear about your experience.

Originally posted by @Michael P.:

Two words: Hot Stacks

 @Michael Privman You have uncovered my deepest fear: that there is something big  and important that I have left out of my analysis!! My best guess is “hot stacks” refers to pancakes but I have no idea how to factor this into my decision!! 😂 

Originally posted by @Doug Wade:

Be careful. We had a condo. 2 bedroom direct ocean front condotel type property with rental office in lobby.
Everything was going good. Making good profits and using whenever we wanted in the off season.
Then Katrina hit and insurance rates skyrocketed.
Then special assessment came to refinish outside shell of high rise.
With kids getting older and not doing family vacations we sold.
Love MB but if we ever buy again (like snowbirding) it would be a house with no hoa’s and 5 miles inland. Lol

@doug wade Thanks for the reply.  I hear you and understand. The me thing I have working in my favor is that I will be a cash buyer, but still the numbers are really tight.  I don’t need to make a ton of money, but I will be really disappointed if I can’t at least cover cover cost!  My goal is to use this as a launching pad for other buy and hold, off beach properties in Myrtle Beach.

Originally posted by @Russ Luce:

I live here in Myrtle Beach, do you have an idea of what kind of renters you want to attract?  Based on that answer, it will impact which part of Myrtle Beach you invest in.

Russ

I am hoping to attract families but I am focusing on the area between Atlantic Beach and North Myrtle as I’m told by people who vacation there that this is where I want to be!

I have committed (to myself) to purchasing a vacation rental property in the next several months in the Myrtle Beach area. I would love to hear some success or horror stories from current condo investors in the area. This is something I’ve been investigating for almost two years so either I do it this quarter or take it off my to do list!!

Hey @Abena Essel how is it going so far? I am also interested in investing in vacation rentals in Myrtle Beach. I have been searching property listing for several months, but have just determined that I need to do a scouting trip to the area. Condos are so cheap and so plentiful....I keep wondering what I am missing! Best of luck to you in your investing!