All Forum Posts by: Alexander Knowles

Any reason why Myrtle Beach area? Condos are competitive and you can do well if managed correctly. You will need to figure out a self-management system that will work for you as some property management companies will charge up to 45% of gross income. Be sure to add in HOA fees, maintenance, furnishings and the second-home tax that SC carries in addition to your debt service.

Thanks @Dean DellaVecchia!! @Keri Mallozzi did you figure out your criteria and focus points? Happy to point you in the right direction if I can.

Hey @Jason Coleman - did you raise this house? Did you have to obtain an elevation certificate at all? Any other huge hurdles when renovating a flooded house? I am down in SC and looking to renovate a flooded home. It's down to the studs and the sellers have done an excellent job gutting it and keeping it dry since Florence... 

Hey @Mike Jones - did you end flipping this house in a flood zone? I am also looking at one and searched the forums. Any major hurdles you came across? Were you able to sell it even though it was in a flood zone?

@Keri Mallozzi - any reason why the Myrtle Beach market specifically? It's a great place to invest both short and long term. Make sure you understand the HOA rules and bylaws within the condos you are purchasing, as well as checking the updated lending restrictions on anything with "hotels and resorts" in the name of the condo development.

@Joe Farruggio awesome, good plan. There are a lot of lots for sale right now. Make sure you try and find something relatively protected from the wind - it's windy all the time but the few hills or trees you can build next to make a big difference!

@Joe Farruggio - it is definitely a tougher market to find investments. Great place to live (gets cold but if you're from Buffalo then that shouldn't be a surprise!) Safe, great activities and relatively cheap. Very limited inventory on the real estate side, even before the current market conditions we are experiencing today. A lot of run-down properties - lots of potential, just need to find them at the right price! 

@Dean DellaVecchia - correct, more so single/multi-family short term rentals. There is always the one-off big party that spoils it and hence the City are restricting these in certain areas. I would definitely recommend looking into North Myrtle/Cherry Grove or south in the Surfside area if you're looking for single/multi-family. 

@Dean DellaVecchia certainly a great place for STRs. There is a lot to unpack and I would highly suggest doing some research on the different types of options you have. Condos are very competitive and the condotels will charge a ~40% property management fee and handle everything. There’s some opportunity in the single family / multi family space depending on your location you decide on and if you can self manage appropriately. Zoning is important as the city of Myrtle Beach is becoming more strict on the short term rental/AirBnB side of things. Happy to be a resource to you!

@Kristie Gautier - buying out of state makes it a lot more difficult as well. Make sure you have someone there who you trust will guide you in the right direction. As @Chris Rosenberg mentioned - if things go wrong on a MF and you have no reserves you could find yourself in trouble. Id suggest investing that small amount you have and try to start wholesaling or growing your agent business or using an FHA for your primary residence, fix it up when you live in it and then move into the next one.