All Forum Posts by: Myrtle Mike Thompson

@Joanna Daines I'd be happy to give you the lay of the land for Myrtle Beach.  Feel free to reach out!

 Closed Sales.  Fewer transactions so far this year and more inventory.  Some buildings along the coast have retained their value but prices have dropped considerably in others.

@Ryan Kelly Myrtle Beach and its neighboring beach communities (North Myrtle Beach, Surfside Beach, Garden City Beach) are all VERY STR-friendly. The local economy here has relied on tourism and the revenue generated from short-term rental accommodations for decades. Both Myrtle Beach and North Myrtle Beach have very clearly defined zoning maps that help inform where you can and cannot operate an STR. Where it gets tricky is with HOAs. Almost all of the condo communities on or near the beach allow STR, but many of the single-family and townhome communities do not. And unfortunately this isn't something you can filter for when you're searching Zillow, Redfin, etc. That's why I highly recommend aligning yourself with an investor-friendly agent, whether it be in Myrtle Beach, NC, or wherever. We can really shorten your learning curve and point you towards "investment worthy" options, and I have software that can filter for only STR-eligible properties to save yourself the headache and frustration of finding a property that appears to check all the boxes only to discover it's not zoned for STR or the HOA won't allow it.

@Timothy Devitt Great little write-up here! I've helped a bunch of investors leverage DSCR loans to purchase STR properties here in Myrtle Beach and North Myrtle Beach. In most cases, the lender was able to use an income projection from one of my local property management partners to underwrite the deal... which is super helpful when you're going after a property that hasn't been rented and thus doesn't have any historical income data. By the way, the oceanfront condo market is down about 11% year over year, so there are some pretty good deals to be had at the moment. I got three different clients under contract in the last week.

@Shane Burke I can certainly help! I've brokered a ton of STR deals in North Myrtle Beach, including a handful of golf course condos at Barefoot Resort. Will shoot you a DM.

@Salvatore D'Agostino Sending you a DM

CONGRATS!!!!!!!!!

Hey @Dan Steele, not sure if you have any familiarity with the Myrtle Beach area, but this would be a great market to consider for an STR purchase (or 2 or 3). Let me know if your research happens to point you this way and I'd be happy to lend my assistance.

@Emilia Crisswell Consider Myrtle Beach!  Over 19 million visitors to the area each year and several budget-friendly properties to choose from.

@Brad Evans I recommend establishing a HELOC regardless of whether you end up using it for your purchase or not. They're a fantastic tool. I just opened one on my new primary residence with a local bank here in Myrtle Beach and the line of credit is good for 10 years, then they generally just renew it upon your request. Provides a great deal of flexibility. I've used a HELOC for down payment funds and so have several of my clients.