All Forum Posts by: Jonathan Edmund

Sounds good buddy! I honestly think you can find some good deals on condos right now that would be good LTRs and STRs honestly. That market has shifted drastically and I think there are going to be some motivated sellers out here wanting to take losses just to move them but the profits can still be there if you buy right! Reach out any time! 

Don't get too caught up on this form. It wants to know the value of the furniture, fixtures and equipment in your property. Aim low, it's for taxes not insurance purposes. If you don't fill it out, the county will assign a value to your personal property, and they are generous. You can hire a CPA or attorney to help you but I just come up with a value of what I could buy the furniture and appliances for on facebook or craigslist used. They aren't going to come check. You just need to have a fairly reasonable number. Your PP tax bill should be under 200 bucks for the year. I really think it's a stupid tax. You can also fill out the document and submit online at the county assessor site instead of mailing it in if you'd like.

Hey Brad,

I own long term rentals here in the Myrtle Beach market. I can tell you over the past year I have seen rental rates go down a little bit on LTRs and vacancy rates go up. I think a lot of that is due to supply and demand and market changes. I still consider Myrtle Beach a great area for LTR. I think the reason you see higher vacancy rates, especially on condos, is because the expenses on condos (insurance, taxes, HOA fees) have gone up and landlords haven't wanted to reduce rents with the rates on the slight decline because they want to recoup costs for these rising fees. SFRs seem to rent a lot quicker. I can definitely assist you in analyzing properties in the area if you need any assistance. I'm from the North Myrtle Beach area originally. Most of my LTRs are in Little River which is north of Myrtle Beach and near the NC border. Good spot for rentals though. Reach out anytime and I'll be glad to just have a discussion with you about LTRs in our market. Thanks!

So the past couple years I have been flipping homes in the Myrtle Beach SC market. I've done pretty well so far. I have two flips going right now and I'm working on locking down a 3rd. I have never had to do a full gut on a home yet, mainly just flooring, paint, appliances, and interior work. I've been very lucky to not have to replace a roof or HVAC yet!!! As I jinx it right now.....

Anyway, this new one I'm looking at, it's an all brick home built in 1955. I can probably secure it for around 60k, and it's probably worth about 250k after renovation. I was talking to the guy that found me the deal and he said it has a Federal Pacific electrical panel and he's saying I'll have to rip out all the sheetrock and redo the wiring in the house as well as the plumbing because it has galvanized pipes. I haven't had to do a full gut along these lines, so my questions are:

1. Do those two items above 100% dictate needing a total gut or can a home be sold with the panel and the pipes how they are and can it be financed?

2. What is the average cost per foot to do those items, mainly the electrical, plumbing as well as all new sheetrock. 

This guy is telling me it needs 150k to reno, but I have a really good team of workers that usually keep my costs down substantially and do very good work. So I was guessing 60-70k. Any insight on this? I'm just not familiar with the flipping aspect of homes this age and just want to be cautious going in.

Thanks in advance! 

 I personally don't use Air DNA but most of the investors I send properties to run them through Air DNA and compare to the info I provide them as a cross reference. It seems to be in the ballpark from my experience. 

 Souds godo to me! Shoot me a message with your contact info and we can stay in touch. Thanks! 

Hey BP!

I'm a Realtor in Myrtle Beach SC and surrounding areas. I have started to notice a lot of changes in our market, especially with insurances going up on some of the older STR buildings. There are a lot of people looking to invest in our market and I think it's important that people be very cautious that they understand all expenses before looking at STR properties.

I'm currently starting to analyze different buildings and units within those buildings to start compiling a list of the best areas in our market, as well as buildings to get the best returns, when all expenses are considered. Then I'll start narrowing it down to the specific units themselves and will keep a list for interested investors. I don't feel many agents are doing this in my market and I think it needs to be done, as there are a TON of ocean front and STR condos/condotels in our area and they are not easy to comb through. If any investors are looking to purchase in this area, and want to be added to any email list or anything as I start to compile my list, I'll be glad to spread the word and my findings along the way. There are deals to be had in our market and I think someone really just needs to buckle up and start weeding through the good deals and weed out the bad ones. (This is not me promoting or trying to get business, just running numbers on buildings and providing information to investors who want to learn more about or market and start the process of narrowing down actual areas and buildings.)

If anyone has questions about STRs in my area, reach out anytime as well.

Thanks!!

Hey James,

Did you ever end up pulling the trigger on a Myrtle Beach investment property? I was just combing through Myrtle Beach posts as I'm a local Realtor and Mortgage Broker in the area and wanted to see if you pulled trigger, and if so, what property? Looks like a lot of sellers are anxious in our market due to rate increases as well as insurance increases. May be some opportunities coming up in the foreseeable future! 

Are you still looking for this? I'm open to discussion. I am a local Realtor and also a Mortgage Broker. Could kill two birds with one stone! 

Hey Glenn,

Did you ever pull the trigger on the 50 plus unit? I'm from the Myrtle Beach area originally and can definitely answer any questions you may have about the area, or location of a specific property. I'm also a local realtor and mortgage broker. Reach out anytime if you need anything!

Thanks!