3/2 oceanfront vacation rental
Investment Info:
Other buy & hold investment in North Myrtle Beach.
Purchase price: $230,000
Cash invested: $51,000
Charming 3/2 oceanfront condo in a small, three story building right on the incredible Atlantic Ocean in NMB!
What made you interested in investing in this type of deal?
We have always wanted a beach place AND wanted to see if we could make money with a vacation rental. With no experience, we thought we would try it. It hasn't been perfect, but we are breaking even and have a place to stay when we want to make the four hour drive down.
How did you find this deal and how did you negotiate it?
We found the deal through the MLS and negotiated directly with the seller. The seller even took a small portion back in seller financing to help close the deal.
How did you finance this deal?
Conventional financing, although after we closed, we did find out that we could have done it as a second home and put down less money. Lesson learned.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We did work with a terrific real estate agent named John Krajc who put it all together for us.