I am a newbie investor, and mine and my wife's first deal will be where we want to retire, in Myrtle Beach SC. We are living and working in NYC and my retirement is still a ways off. I'm 60 years old, and retirement is looking like 67 or so, so 6 to 7 years from now. I need to get a nice condo vacation property, where we can snowbird 7 months and rent out for the seasonal vacation time, from April through September. Anyone with experience investing in this area, and can advise what we should be looking for, I'd appreciate hearing from you! Thanks fellow BPers...
@Daniel L Gorgone Hi Daniel, Myrtle Beach is a very unique market. I'm both a realtor and investor in the area and I'd be happy to answer any specific questions you have - just shoot me a PM.
Some questions you should be thinking about: do you want on site property management, is cash flow important to you since you are really buying for your retirement, what amenities do you want, how much of an HOA are you willing to pay, etc.
Pro tip: Most beach front condos do not cash flow in this market. It's an appreciation game right now unless you have a really spot on property management strategy. Your idea of snowbirding and renting during vacation season is spot on but you'll still need to have a really good grasp of what your Summer numbers will be after property management fees.
Have you visited before? We have 65 miles of beach to choose from. You want a good return but you also want to enjoy where you live.
Thanks guys, already much appreciated! My wife and I have visited, and we really like North Myrtle, a bit away from the really commercialized areas. We saw a few properties, and are working with 3 realtors at the moment. As far as cash flow, of course being a BPer, we'd like the property to give a little to our pockets, but our first property needs to fit the snowbird theme, and we are looking for a nice condo rather than a house.
We like a few properties as well, and are looking at the Atlantis property in particular; a friend who had a condo there recommended it:
I also have a property offering in a place called Roxanne Towers, offered at $195,000. The reltor says that it rents for 5 months in season for $29,000 gross, and around $20k net. Seems crazy, but these numbers paint a pretty picture if true. Any thoughts about this particular property? My wife doesn't like it, but that's because it is a converted hotel. Any particular problems with that type in MB?
Originally posted by @Daniel L Gorgone :
Those numbers are probably gross for the year, so don't count on that following your snowbird strategy. Watch out for the HOA ($670/mo). Property Management for condo-tels often runs 30-50% so that seems about right. Ask for a record of any previous and upcoming Special Assessments. Many of the condo-tels charge an assessment every few years to update the furniture and such in the property.
Hi, thanks for the responses so far - has anyone got real vacation property experience, especially in the MB area? If so, can you relate some advice and story about how you did it? I'd really like to get to know how to make this work, so as to avoid mistakes. Lots of good info so far, and I think SC has some strict rules about residency too; I appreciate all advice...
Hi all! I'm a bit farther along in my education, but still haven't found a property we liked enough to make an informed offer. We need property # 1 to be as near perfect as possible, because our funds are limited. We'd like advice on what areas of MB are the most profitable to invest in, and even more important, which areas to avoid because of crime, drugs, rundown or just too far from the beach and amenities that MB has to offer. Thanks, as always!
@Daniel L Gorgone For what it’s worth, I’ve never been able to pull the trigger on a pure-investment vacation rental in Myrtle Beach. Once you factor in insurance, property management, property taxes, etc. they just don’t pencil out. So if I’m in your shoes I would “buy what I want” as it’s probably not going to make you a ton of money. Plus, if you’re there for all-but-peak-season you really need to like the property. I know it’s an unpopular sentiment for BP but if you’re not able to optimize around “making money” you might as well optimize around “enjoyment”. Getting stuck (i.e. buying) a place that doesn’t pencil out AND isn’t an awesomely desirable place for you to live just sounds awful to me. 🤷🏻♂️
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