Myrtle Beach - Beach front condos
Hello everyone!
Any thoughts on buying beachfront condo in Myrtle Beach for rental ? Of course, I will go through rental calculator but wanted to know your opinions or experience. Is it worth if I am buying just one studio? I see lot of them ~100k.
Ocean city is close to where I live but pricey.
Thanks !
Hey @Amar Amar, I know an awesome agent in that area if you are interested in having some property evaluated. Let me know and I can shoot you over their contact!
It really depends on your goals and what you want to get from the investment. I love MB, and we bought a beachfront condo there last year. If you want a second home that mostly pays for itself, it does serve that purpose. If you are looking for cash flow, or cash on cash returns, you can run the numbers to see how it looks (those metrics don't meet my goals but not to say it won't work for you).
There are a few lenders that will lend on those condotels but even fewer that lend on studios. It can be done, and there many locals to the area that will chime in on this thread, as the building and HOA will factor into your decision.
Good luck on your journey!
@Amar Amar Anything in the $100k range is going to be more trouble than what it's worth. Bad part of town, run down building, drugs and prostitution, squatters. I'd be happy to give you the lay of the land and some guidance, but you're looking at $150-$200k for a decent property in Myrtle Beach that will cash flow well and not give you a bunch of headaches.
@Nancy DeSocio @Myrtle Mike Thompson @Brett Voorhees
Thank you so much for your inputs. Really appreciate it.
@Mike - The ones I was referring are Sea Mist resort, Landmark resort, Coral beach resort etc. Do you see same issues as you mentioned in such resorts as well ? I have a FT day job, definitely do not need too much headache for low returns.
Quote from @Brett Voorhees:Thank you. Will do.
Hey @Amar Amar, I know an awesome agent in that area if you are interested in having some property evaluated. Let me know and I can shoot you over their contact!
Quote from @Nancy DeSocio:Great points to consider. Thank you.
It really depends on your goals and what you want to get from the investment. I love MB, and we bought a beachfront condo there last year. If you want a second home that mostly pays for itself, it does serve that purpose. If you are looking for cash flow, or cash on cash returns, you can run the numbers to see how it looks (those metrics don't meet my goals but not to say it won't work for you).
There are a few lenders that will lend on those condotels but even fewer that lend on studios. It can be done, and there many locals to the area that will chime in on this thread, as the building and HOA will factor into your decision.
Good luck on your journey!
Quote from @Myrtle Mike Thompson:Mike - The ones I was referring are Sea Mist resort, Landmark resort, Coral beach resort etc. Do you see same issues as you mentioned in such resorts as well ? I have a FT day job, definitely do not need too much headache for low returns.
@Amar Amar Anything in the $100k range is going to be more trouble than what it's worth. Bad part of town, run down building, drugs and prostitution, squatters. I'd be happy to give you the lay of the land and some guidance, but you're looking at $150-$200k for a decent property in Myrtle Beach that will cash flow well and not give you a bunch of headaches.
Quote from @Amar Amar:
Quote from @Myrtle Mike Thompson:Mike - The ones I was referring are Sea Mist resort, Landmark resort, Coral beach resort etc. Do you see same issues as you mentioned in such resorts as well ? I have a FT day job, definitely do not need too much headache for low returns.
@Amar Amar Anything in the $100k range is going to be more trouble than what it's worth. Bad part of town, run down building, drugs and prostitution, squatters. I'd be happy to give you the lay of the land and some guidance, but you're looking at $150-$200k for a decent property in Myrtle Beach that will cash flow well and not give you a bunch of headaches.
@Amar Amar Sea Mist is trash. Landmark is so-so. Coral Beach is by far the best of the three. I helped a client buy a unit there a couple months ago. If you want to allow the resort to manage the rentals for you, this might be the one location in Myrtle Beach where you actually have a chance at some decent cash flow. If you want to self-manage (Airbnb/VRBO) or hire a third-party management, Coral Beach will restrict your guests from using most of the onsite amenities (ie. your guests will have a bad experience and give you negative reviews). Same with Landmark. If you want to self-manage, send me a DM and I'll point you to a few different buildings to consider.
Quote from @Myrtle Mike Thompson:
Quote from @Amar Amar:
Quote from @Myrtle Mike Thompson:Mike - The ones I was referring are Sea Mist resort, Landmark resort, Coral beach resort etc. Do you see same issues as you mentioned in such resorts as well ? I have a FT day job, definitely do not need too much headache for low returns.
@Amar Amar Anything in the $100k range is going to be more trouble than what it's worth. Bad part of town, run down building, drugs and prostitution, squatters. I'd be happy to give you the lay of the land and some guidance, but you're looking at $150-$200k for a decent property in Myrtle Beach that will cash flow well and not give you a bunch of headaches.
@Amar Amar Sea Mist is trash. Landmark is so-so. Coral Beach is by far the best of the three. I helped a client buy a unit there a couple months ago. If you want to allow the resort to manage the rentals for you, this might be the one location in Myrtle Beach where you actually have a chance at some decent cash flow. If you want to self-manage (Airbnb/VRBO) or hire a third-party management, Coral Beach will restrict your guests from using most of the onsite amenities (ie. your guests will have a bad experience and give you negative reviews). Same with Landmark. If you want to self-manage, send me a DM and I'll point you to a few different buildings to consider.
Thank you so much for providing the insight. Glad I asked. I will reach you out.
Quote from @Amar Amar:
Hello everyone!
Any thoughts on buying beachfront condo in Myrtle Beach for rental ? Of course, I will go through rental calculator but wanted to know your opinions or experience. Is it worth if I am buying just one studio? I see lot of them ~100k.
Ocean city is close to where I live but pricey.
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.