Matthews, North Carolina (704) 858-3884 · Member since 2015 · 6 posts · 0 votes
Just starting out. We would like to purchase a one bedroom/one bathroom condo in the North Myrtle beach area. We have vacationed there many times and now would like to start purchasing condos to rent. We have started the pre-approval process with our credit union, but they are dragging their feet.
We have read and researched about hard money locally and there seems to be a couple of decent sources for that. We are now starting to network with some of the owners of condos we have rented in the past to learn from them and to see if they know some "For Sell By Owners" in the area.
We would love any constructive input from you veterans out there on this topic.
Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
11y
@Kevin Cuthbertson it sounds like you're on the right track. If your credit union is dragging their heels (I assume you mean not being responsive rather than refusing to lend to you), find another lender. Hard money is an expensive short-term solution that you will still need to finance out of if you're buying to hold. Finding for sale by owners that may be willing to carry financing could be a great option.
Meanwhile, do your research on the vacation rental market. Are one bedrooms the best option or will you have higher demand for larger units. What are HOA fees and what do they cover? What marketing/management will you need to set up and what are the costs?
Keep working at it and let us know how it turns out.