Myrtle Beach Now or Bust

15 Replies

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!!

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

Two words: Hot Stacks

I LOVE Myrtle Beach and have thought about doing the same thing. 

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.  

We have a condo in Garden City.  We no longer rent it but it was a good producer when we did.  I’m partial to the south end.  I spend most of my time here and most of my sales/listing are south of 544.  I would be more than happy to answer any questions you have for the south end

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

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!

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 Account Closed:

Two words: Hot Stacks

 Account Closed 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 @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!!

@Doug Wade This is exactly what we did. Bought a few miles inland which is zone 2 for wind and hail insurance. Much lower insurance and very tiny HOA payment. We have had a professional couple renting our home for 2 years now. This house is actually the biggest money maker we have so far (out of 7 in AL and PA). When we want to visit the area we simply rent a condo. We figure when we get older and want to settle down in MB, part or full time, the house will be waiting for us.

I have a house in MB, about 7 miles inland, HOA is less than $25 a month, rents are consistent but I am hoping to sell soon to consolidate my investments back in the Boston area. If you are interested let me know! It is in great condition as I've renovated it just last year.

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?

@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!

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!

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