Updated over 4 years ago on . Most recent reply
You CAN Make Good Returns in Myrtle Beach Oceanfront.
Investment Info:
Condo buy & hold investment in Myrtle Beach.
Purchase price: $45,000
Cash invested: $3,000
Sale price: $67,500
Bought an oceanfront condo which we renovated and rented out on Airbnb. Cashed flowed positive the whole time and then someone offered me a deal on it that I couldn't pass up. Great investment.
What made you interested in investing in this type of deal?
My first oceanfront investment. Got my feet wet, now I have 6 doors on oceanfront
How did you find this deal and how did you negotiate it?
craigslist
How did you finance this deal?
owner financing
How did you add value to the deal?
Renovated it and rented through airbnb
What was the outcome?
Great cash flow and ultimately scored on appreciation as well.
Lessons learned? Challenges?
You have to renovate units here to stand out amongst the crowded Myrtle Beach oceanfront market. If you give people more modern/contemporary units, they will book with you. Stay away from the tacky, beachy themes.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, myself