*This link comes directly from our calculators, based on information input by the member who posted.
New to understanding how to analyze deals and new investor.
My wife and I have been visiting the Myrtle Beach Area for over 10 years now and we are thinking about starting off our real estate investing venture with a property in the North Myrtle Beach Area. Ideally we would buy the property as a second home, use private money from family and friends. Regardless i was searching around at the properties in the area and came across this property that I ran numbers on.
Most of the properties I run numbers on from the big property websites are mostly not deals, but this one seemed to work from first glance. I was heavy on the rehab costs as it looks newly renovated on majority of the property inside but could use newer fixtures and some flair.
Let me know how the report looks?
what you would possible change?
Is this a deal?
#Raleigh #MyrtleBeach #NorthMyrtleBeach #Vacationrentals
Your property taxes seem to be a bit off. You're using our primary residence tax rate. Investment property tax rate is approximately three times that. Rent is a bit optimistic as well, probably by around $100 unless you're fairly close to the ocean.
I received the tax info from Zillow. Interesting to know that there is a tax difference based on use.
The property is 1.5 Mi off the beach.
What would you say about the tax rate if the property was acquired as a 2nd HOME?
Do you think the property could still be a good investment from a rental standpoint during the summer season while still meeting requirements of 2nd home?
Hard to say without knowing exact location. Most people don't dream of staying in a mobile home when they go on vacation though, especially when there is a plethora of oceanfront condos to stay in.
As far as the tax rate, you default to the higher amount and must file with the county saying you live in the home as your primary residence to get the discount. Don't commit fraud. There are audits. Zillow and most other sources will assume you're buying for a primary residence purpose. Attorneys commonly do the same at closing and underestimate taxes.