Replies (3)
- Gary Burleson, "Beach Water Realty"
- Contributions:5
Be sure to go over all of the expenses and especially the Management Fees if you have the property managed by a rental company. HOA (Homeowner Association) fees are more on an ocean front condo, but as Radha mentioned above, they rent very well and can generate more income than condos further away from the beach.
- LowerPricesProduce
- Contributions:6
If you are truly investing in property, I suggest you read a few books. Make sure you understand basic real estate investing math and then find a buyers agent and try to maximize the money your investment can make, the tax benefit, and shop accordingly. After you have done that, I think you will gravitate towards duplexes and quads, and they probably are not going to be on the beach. You will want to avoid collective property ownership (condos), homeowners associations, and rental agents that can charge as much as 40% on high transaction rental units. The most important concept to get your brain around is that you should not be using the "investment" thing to justify buying a vacation home or worse a condo. Invest to make money and minimize risk. Vacation where you want and rent a place or stay in a hotel. If you confuse the two, you may end up ruining both.
- user9317925
- Contributions:1
As a real estate investor in the multifamily business, there is no doubt that there is more money to be made with multis. Buying vacation rentals can provide an income, and is a great idea if you plan on using the property (especially if you are using it in the off season). However, if it is purely an economic investment - go for the multifamily (duplex, 3 or 4 units for the new investor or 5+ units for the more experienced). The difference in the payback on your investment is very different. Plus when you rent monthly or yearly leases, you don't have the constant turn over and cleaning and maintenance required of weekly rentals.
Investing in Myrtle Beach condos for rental income
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- 5.0/5.0
- (8 reviews)
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