All Forum Posts by: Ray J.

Hey BP!! After several months of waiting, my fiance' and I have now closed and are now live with our 2nd STR investment property (condo) in Myrtle Beach. Special thanks to @Micheal Weigum and @Chris Noles for helping me with all the questions I had. Also thank you to @Michael Connolly for your insurance advise.

Condo is a 1 bed 1 bath with a full coastline view of Myrtle Beach. Links to our listings are below. Let me know what you think, and I'm happy to answer any questions others may have about investing in the Myrtle Beach area.

Airbnb -> https://www.airbnb.com/rooms/873053749950396769?preview_for_ml=true&source_impression_id=p3_1681922821_3r%2FB6BJdBpyHEIsn

VRBO -> https://www.vrbo.com/3361990

@Trent Reeve Congratulations! That is awesome!

@Jonathan Beaumont Forgot to add HOA fees which is a big one. Make sure to factor these in when running numbers.

We saw HOA fees range anywhere from 300-1200 depending on the property and the amenities provided like pools, hot tubs, waterparks etc. so keep that in mind. The HOA fees can ometimes can include things electric or wifi etc so be sure to ask your realtor to confirm what the fees include.

@Jonathan Beaumont Fellow NYr here! My fiance' and I recently purchased a studio condo as an STR in Myrtle beach and are so happy we did! Below are some quick tips for you from some of the research we did and our experience so far. Happy to connect if you have more questions.

- There are two sections to Myrtle beach, North Myrtle Beach which is a bit quieter and South Myrtle Beach where there is more of the action so to speak.

- Most condos on Myrtle Beach are considered condotels which means not all financial institutions can provide financing.(Ask your agent for some mortgage company recommendations that loan for condotels like small community banks credit unions etc.)

- Do your research on the specific properties as some can be a little run down and there are many that are going through renovations.

- Highly recommend looking at ocean front or at the least ocean view to maximize profits. As they say LOCATION LOCATION LOCATION!

- Management companies for properties generally charge 40%+ of gross revenue. I'm not sure if you will be self managing or having a property manager, but have your realtor ensure that the property you are interested in allows for outside property management or self management if thats what you want to do.

- If self managing I believe you will need an STR license so factor that in.

@Michael Baum Yes I completely agree! It's always best practice to contact several lenders and see which one can provide you the best solution for what you are looking today, ESPECIALLY in the market we are in now.

@Brittany Baker I've purchased a condotel with my fiance in Myrtle Beach and we loved working with our lender who had a program just for condotels! Feel free to DM me, and I'd be happy to pass along their contact information.

Hi Steef! Welcome to Bigger Pockets. I currently invest in the Myrtle Beach market and would love to connect and talk real estate. I sent you a connection request.

@Drew Bittle - I have had good success using Gateway Mortgage in Myrtle Beach. If you reach out to them ask for Seth and tell him Ray from NY sent you!

@Salvatore Gaglio - Fellow New Yorker here who also has an STR condo in south Myrtle Beach! Happy to share a link if your interested.

You did an unbelievably great job on your renovation! The condo definitely looks great, and I wish you much luck and success on the investment. Would love to connect if you are open to it.

Cheers to a successful upcoming spring season!

@Bob Stevens Thank you Bon, I appreciate it. Currently I do have a good PM company but if things change I'll be sure to reach out.