Home Buying in Myrtle Beach>Question Details

normandnadon, Home Buyer in Myrtle Beach, SC

Hi, I'm a Canadian looking to buy an oceanfront condo as an investment in Myrtle Beach. I know the city well. I need some coaching on the

Asked by normandnadon, Myrtle Beach, SC Fri Dec 14, 2012


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Compass Cove condos for sale Myrtle Beach SC Oceanfront http://www.homeguidemyrtlebeach.com/Ocean-Front-Condos/Compa…

JP Real Estate Experts
604 N 27th Ave
Myrtle Beach, SC 29577
0 votes Thank Flag Link Thu Apr 10, 2014
Hi, I'm a licensed Century 21 agent in Myrtle Beach. I just listed a one bedroom condo for sale which Is oceanfront in the hub of the beach. It's located in the beautiful resort called Compass Cove. You can look at their website if you'd like The condo sleeps 8, has 2 queen size beds, a murphy bed and the sofa is a pullout sofa. The condo's kitchenette is fully furnished and all linens are included. If you
would like me to email pictures to you, please let me know. The owner is asking $119,500. Myrtle Beach is a wonderful place to vacation. The genuine niceness of the people here and southern hospitality can't be beat. The Century 21 that I work for has been here 40 years; and has a reputation for a company with agents who have integrity and high ethical standards. If I can be of assistance with local lenders, attorneys, etc. in the area please let me know. Yours Truly, Wanda L. Wilson
You can see my pic if you yahoo...wanda Wilson century 21broadhurst myrtle beach. My email is wanda@century21broadhurst.com. Thank you.
0 votes Thank Flag Link Thu Feb 21, 2013
Check out this amazing Myrtle Beach Condo Sales video https://www.youtube.com/watch?v=XB8kgey7z2Y it is by far the best Myrtle Beach Condo Sales video I have seen.

Leveraging Yourself After Buying Myrtle Beach Real Estate

#1 Turn your Myrtle Beach Real Estate into rental income

Many people purchase vacation property to have a great get-away all year around. Why not rent your property when it is not in use?

When purchasing your vacation home look for quality, income producing properties which will increase your rental income.

By renting out your vacation home you have someone else paying for it! What a deal.

#2 Leverage with a loan

Even if you have the where-with-all to purchase your vacation home outright, this is not a good idea. Property values are on the rise.

You can actually own a more expensive property at a fraction of the initial investment value.

#3 Pay off the mortgage early

This will save you the interest on the loan and that savings will go directly to your bottom line. Even if this is a vacation home, think of it in terms of rental property.

#4 Tax incentive

Since you are renting the property you can take advantage of tax deductions such as depreciation, expenses such as utilities and home owners dues, interest on the mortgage, taxes, etc.

You will want to check with your accountant on the percentage of deductions allowed if you are using the unit for personal use and rental income.

#5 Start an income producing hobby

By purchasing a few great rental properties over a period of time you are increasing your net worth and you will be surprised at the amount of income they can produce.

Repeat the process, pay off the property and your part time job becomes a great source of income for you and your family.

Leveraging your portfolio with rental property takes knowledge and experience. JP Real Estate Experts have the experience to help you make wise decisions!

Just call us. Glad to help you in any way.

Jerry Pinkas
Myrtle Beach Condo Sales
JP Real Estate Experts
Myrtle Beach, SC 29577
(843) 839-9870
0 votes Thank Flag Link Thu Jan 17, 2013
I own two oceanfront condos in Myrtle Beach. A 1BR at Dunes Village and an efficiency at Compass Cove (Schooner Bldg). I paid cash for both in 2011 and I earn about 10% on my investment at Compass Cove, and about 7.5% at Dunes Village . Both these numbers are after all expenses. I like the oceanfront condos as I can give all management responsibility to the rental agents at the resorts. I could probably make more money if I managed the tenants/renters on my own, but I don't have the time, so I let the resort handle it. Things I would look at before I bought:
1) any upcoming assessments 2) HOA fees and what is included 3) Last 3 years rental history and 4) look at the resort's rating on TripAdvisor or another travel site. I limited my search to resorts/hotels that ranked in the top 25 on Tripadvisor. I hope this helps
0 votes Thank Flag Link Wed Jan 16, 2013
Would you please let me know the GAI for the efficiency at Compass Cove (Schooner Bldg). Thanks,
Flag Fri Feb 15, 2013
We are a local Company that handles Sales and Rentals of all types of properties in the area.Would love to discuss your best options.Chris @843-450-1915
0 votes Thank Flag Link Wed Jan 9, 2013
I have a condo that I would consider selling. It is on N. Ocean Blvd. My email address is
paperladyaileen@yahoo.com if you would like to email me to find out more info about it.
0 votes Thank Flag Link Sat Jan 5, 2013
As you can see we have a number of helpful and informed agents in our area who have great ideas. They have done a fine job of answering your questions in regards to condos.
If you do not mind a long term tenant, have you thought about a single family residence to rent? This may be a good alternative to a condo. There are rental companies who will handle the rental, lawn care and maintenance for you. A lot of people lost their home in the economic downturn so there are many potential renters that need housing in our area. Many times a home with a garage is more preferable than a condo.
These type rentals usually produce a positive cash flow and offer a good potential for appreciation. I have owned rental condos and homes. Either one, if in a good neighborhood and bought at a good price/condition, should be a rewarding experience.
Thanks for your time.
Ashley Harper 843 251-3118
Re/Max Southern Shores
0 votes Thank Flag Link Sat Dec 15, 2012
You need to consider your purpose for buying. Is it for using when you would like to vacation or just for investment?

With a condo, if you rent it out by the week you can schedule time for your family to use or a lot of older folks that own, they like to avoid the winter and use for 6 months or some of the owners rent on a monthly bases for 6 months from Oct 1st to the end of March and then the season starts again and rentals are on a weekly bases.

With an annually lease you will not be able to schedule time to use for you or family..

I believe the housing market will fair better with bottom line profit.

I would say most condo's do not have a high profit at the moment because of the on going expenses. There are a couple of complexes that are an exception.

One complex called North Beach Plantation is one complex that is that exception. It has all that an owner or renter would want and the resale's hold in there. It offers both condos and homes and the condos are oceanfront . North Beach Plantation has amazing amenities. There are a couple of other oceanfront complexes that do pretty good as well.

Debbie Cherkas
0 votes Thank Flag Link Sat Dec 15, 2012
We are Canadians, considering buying investment property in Myrtle beach. What help and or services can you provide us with.
Flag Sun Aug 2, 2015
Thanks for your answers.would it be more profitable to buy a condo and rent it annualy ? Not especially oceanfront, residential community.
0 votes Thank Flag Link Sat Dec 15, 2012
Good Morning Norman,

Depending on the method of how you are going to purchase there are stipulations of owership in the United States. I would check with RBC Bank on your options.
Purchasing an Oceanfront condominium has a lot of things you need to consider. What is the rental history, are there any up and coming assessments, what it takes to keep the unit up for a good rental year, how much does the rental company require to rent your investment out and other things to make sure that what you are buying you are not surprised by any unexpected cost.

Feel free to contact me at 843-222-1209 or debbiecherkas@msn.com for any further consultation.

Debbie Cherkas w/ Keller Williams Realty
0 votes Thank Flag Link Sat Dec 15, 2012
If you pay cash and buy in a building with good rental history, you can expect to get 6-15% return on your money even after all expenses. You will need to pull rental numbers and calculate the split, along with taxes and other expenses to get a good idea of the numbers. That would be the job of the agent you choose to work with. Its best to know your budget and specific part of the grand strand that you are targeting when contacting an agent.
0 votes Thank Flag Link Fri Dec 14, 2012
I would be happy to answer any question
0 votes Thank Flag Link Fri Dec 14, 2012

Below is all of my contact information. Please contact me at your earliest convenience. I specialize in investment properties. Thanks !

Kent Covington
Weichert Realtors Palmetto Coast
0 votes Thank Flag Link Fri Dec 14, 2012
Hi you can contact me at myrtlebeachliving@gmail.com
Roger Weiskopff
Re/Max Southern Shores
0 votes Thank Flag Link Fri Dec 14, 2012
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