Which Is the Better Market? Myrtle Beach, SC vs Orlando, FL

[Sharonda Frazier]

Hi all, 

I'm an OOS investor from CA looking to acquire a STR investment property in either Orlando, FL or Myrtle Beach, SC. We're also open to other markets. My husband and I have a HELOC for 150k on our primary residence. We'd like to be all in at 350K if at all possible during these crazy times.

We'd like do the following.

- Use part of the HELOC as the down payment on a STR that needs rehab

- Use the other part of it to rehab the property

- If any is left, use that as a down payment on another property for either STR or LTR.

We're also open to DSCR loans and creative financing!

Any advice, insight or suggestions? Thanks!

[Jeff Langley]

Why not buy one in each location by using a 10% second home loan? If you're dti doesn't allow both, do one 10% second home and one 20% DSCR. If you're worried about the risk, IMO doing nothing is riskier than doing something.