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Updated 2 months ago on . Most recent reply

Retirement/investment property in Myrtle Beach
Hi all! My daughter owns a few long term rentals, so I have some real estate knowledge but I'm looking to invest in a short term rental that I can use in the winter months. What I want to do is take out a heloc of $100,000 on my primary home so I would have a decent down payment. My question is, if I found say a condo for $150,000 in Myrtle Beach, is it realistic for me to think that I could put the $100,000 from my heloc down on it, finance the rest and make enough money off it during the summer months to cover my heloc payment and the remaining monthly mortgage payment on it? Or is there a better way to do it? I want to use it for my own personal use in January, February and maybe March. I'm tired of the cold and snowy weather in my area! Thanks!