New to Real Estate · Southern Maryland · Member since 2021 · 4 posts · 3 votes
I know this is more of an investing forum, but I figured I'd reach out and see if members with an investing background would provide advice.
We're preparing to purchase a vacation property in North Myrtle Beach. We're familiar with the area and have been vacationing there for over 20 years. We won't be renting this unit out and it will likely be a condotel since we're looking for something that includes a parking garage.
We understand that we'll need to use a local bank to obtain non-conventional financing as well as putting more than customary down. We estimate that financing will be about 1% more than going a traditional route. Is that a good estimate?
What key things should we look at in HOA minutes?
As we go through the purchase process, what things should we look out for or are red flags to be aware of?
Are we asking the right questions and what else should we be asking?
In advance of anyone responding, we appreciate any information anyone provides as we go through this process.
Hey Jeffery, I'm a Property Manager in the area so I'm familiar with a few of your questions. As far as financing condotels, I would connect with Lindsey Benton (a local lender who is familiar with these things).
Having a good agent that has a proven track record with Condotels is going to be very important for you and should be able to help with many of these questions.
I would keep in mind HOA Fees and Assessments. Both can be quite expensive over a year and you want to be very clear on what those are, what they cover, etc before you purchase. That's the biggest thing I can think of.