Myrtle Beach Real Estate Investing
I'm a local Realtor in Myrtle Beach but want to start taking my money and buying up rental properties. I'm just looking for tips from local investors as to how they are finding good deals. I comb the MLS daily and when I run the numbers on most properties, even assuming I get them at a discount, a lot of them just don't make sense. I know the rental market is fairly solid here I see it every day. Just looking for some general advice, guidance and tips on how to really get started.
I understand the buying/selling aspect obviously and the analysis part of it, just looking for the secret to finding the deals or spotting them more easily. Any local investors find that going to the Horry County foreclosure auction is worth it? From my experience up there, there is just a handful of heavy hitters snagging up most of the properties and I've ran the numbers on a lot of them and don't see how they are making any money. I'm missing something somewhere.
I'm only interested in long term rentals as I'm not a fan of short term rentals here. From my experience, after the HOA fees, taxes and onsite management splits, there is very little profit left on short term rentals unless you get a very good deal on one which puts me right back at square one.
Also, I have questions about LLCs and financing. Most banks won't do conventional loans for an LLC. I literally just got my business license and just sent in my documents to open an LLC. I have been told that any property I buy in that LLC that's in city limits, I also have to get a license in that city if I'm self managing. I plan on self managing until I hit about 10 units. So my questions about LLCs are, should I open LLCs under my main LLC for each property I purchase or is it ok to have 3-4 rental units under the same mail LLC? And if I buy 3 different homes in 3 different cities NMB, Myrtle Beach and Conway, do I need 3 business license? My question I guess is what's the best route to go to protect myself?
And financing, what's the best route to go for my first rental? I have held off on buying a primary residence for myself only because I'd like to have a couple rentals first and I'm trying to keep my debt down so I can make the purchases. What I be better off finding a good deal on a primary residence, fixing it up, living in it a year then renting it out and going from there? I just have a lot of questions as I deal mostly with helping people purchase primaries, not long term rentals. I have dealt with a lot of short term rentals but I'm not interested in those.
Any guidance specific to Horry & Georgetown Counties would be greatly appreciated!!!