All Forum Posts by: Jeremy Reynolds

I'm obviously partial because I live and invest in MB. I just closed a deal with investors from Vail, CO last month. VERY STR friendly with varying price points. I'd love to help you when you choose MB. Check my profile for references.

Best of luck!

Hi Chana,

Condotels are a different animal. Some do cash flow very well. Just have to identify the right buildings. HOA fees are a huge dent in your NET profits. Also, some buildings will restrict use of amenities if you self manage or use off-site management. They usually require 20% and up for down payment. I have a couple of lenders here who specialize in condotels and offer multiple lending options on them. I'd be happy to help you navigate the market here.

Get another agent.  It's great you like the agent but this is business.  I ask all my clients to interview multiple agents as you build your team.  Especially if you're investing out of state.  I refuse to write full price offers unless we're negotiating a concession or my client really wants me to.  In the past 4 days I secured 2 properties for out of state clients at a combined $87k under list price and even got one seller to include a home warranty.  The market is shifting and your agent needs to challenge listing agents.  Best of luck!

Hi Neil.  Thanks for reaching out to me.  I have sent you an email and text.  I am in MB and work exclusively with investors.  I have or can get you the answers you're looking for.  The previous posts have answered some of them already.  Contact me anytime to discuss further.

Jeremy Reynolds

 Thank you sir!  On this deal we only need 100k.  Asking is 120k but we'd rather get it cheaper.  12-15k for rehab and furnish and 2 weeks to complete.  We have the funds to do it...just looking for options to save some cash on the front end.  

Hello, I am a Real Estate Agent and Investor in Myrtle Beach, SC.  I am looking for assistance to purchase our 2nd investment property.  We have the ability to go conventional as far as funding and lender approval.   However, I would like to make a cash/quick close offer in order to make our offer look better to the seller.  We would need a 30 day term.
We purchased a unit in February 2022 in the same area (see profile for details) so we know what the cash flow will be.  

Myrtle Mike Thompson Yes it's a 1/1.  And I found I can raise the rate to travel nurses to $1600-$1800 on the next lease.  

Investment Info:

Condo buy & hold investment in Myrtle Beach.

Purchase price: $89,000
Cash invested: $10,000

Our first investment. Allows STR and LTR. Bought at $89k and put $10k into renovations. Starting with a LTR or Mid term (travel nurses, etc.). Rent rate is $1500/mo. We are cash flowing just over $700 per month. We're very happy with our first. Looking for our next one!

What made you interested in investing in this type of deal?

Price was great and I knew the type of return we could expect based on market conditions and by targeting travelling professionals

How did you find this deal and how did you negotiate it?

Found it on the MLS. Negotiated directly with the Listing Agent.

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

Removed old flooring and laid new waterproof LVP. Cut down bar top and replaced with granite. Repainted cabinet boxes as well as everything else in the unit including the ceiling. Upgraded to Stainless appliances. Furnished.

What was the outcome?

Beyond pleased with the outcome. Less than 1 month turn around time.

Lessons learned? Challenges?

I could manage more demo myself next time. Picking quality trades is key

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate agent and used a local lender that I use regularly for investor clients.

Very true.  Ohio, Pennsylvania, NJ, NY and many more.  If the home state has tight restrictions then they gravitate here to vacation where its much more relaxed. I have high school buddies in Lyndhurst and Columbus so I sort of have an Ohio connection.  I'd be happy to talk to you about it any time.

I work with investors regularly here in the Myrtle Beach, SC market. LTR vs STR always comes down to what the investors goals are. My experience in the current market is that STR through the AirBNB/VRBO has a much greater ROI. The challenge is getting into the right property to maximize that ROI. This market also has a shortage of LTR which folks are using while new homes are built for them.