Real Estate Attorney · Myrtle Beach, SC · Member since 2014 · 6 posts · 0 votes
Hi everyone!
I'm Donnie and I'm new to BP coming from sunny Myrtle Beach SC. I'm currently a Real Estate closing attorney and looking for a change by breaking into real estate investment. I haven't dipped my feet into REI yet. I'm currently reading, listening to podcasts and learning as much as possible about REI. With plans to eventually get into flipping homes or buy/hold in SC.
I hope to meet and interact with everyone soon. So far this seems like a great place to start and learn the industry.
Glen Allen, VA · Member since 2013 · 7 posts · 2 votes
12y
Welcome, Donnie! I'm also an attorney (not real estate) and we have a couple of vacation rentals in North Myrtle Beach. I've never flipped, so I'll let some of the more experienced investors offer pointers/tips. We've had some success with the vacation rental market, but we've found self-management as the only way to earn a decent return. Good luck and I look forward to seeing you around the site.
Real Estate Attorney · Myrtle Beach, SC · Member since 2014 · 6 posts · 0 votes
12y
Thanks @Brock Cole Are the vacation rentals you control condos? Condo prices are super low here but the HOA/POA fees scare the life out of me. Some of those are really high.
Glen Allen, VA · Member since 2013 · 7 posts · 2 votes
12y
Yes, the vacation rentals are condos. The HOA fees are exorbitant in some communities and you have to be confident that the rents will cover the fees and still allow you to profit. There is also always the uncertainty that the associations themselves pose. You want to ensure they have adequate reserves and are conservative with the finances. There are definitely risks, but you can mitigate them somewhat with proper research. Hope that helps.
Real Estate Investor · Myrtle Beach, SC · Member since 2012 · 299 posts · 104 votes
12y
Hello Donnie and others.
I'm located in MB also have flipped 8 homes in the last 6 mths. Doing another now and looking for more. I have been RE investing for 20+ years all aspects of it. Have been here for 4 years and Upstate NY prior. The market here has gotten very tight for the avg investor. You are late to the game but there are still some deals left to be had. If you need direction anyone, just reach out. Good Luck
Horry County, SC · Member since 2013 · 2 posts · 0 votes
12y
Donnie, Suggest you join us at the MB Real Estate Investors Assn. Our monthly meeting is the first Tue of ea mo 6 pm at Clarion Hotel on waterway just off #501 near the old Waccamaw Pottery mall. We also meet informally ea Thu at 8:30 am at Bob Evans restaurant across #501 from the same mall--take George Bishop exit from 501. We trade info, knowledge, partner on deals and drink a lot of coffee.