Looking for a income property that can still appreciate in value in the SC area....

Asked by Rick, Hamilton, OH Fri Mar 7, 2008

Where should I look. My friend is pushing beach front and ocean view is the way to go. How are weekly rentals near golf courses? Do you get a better "bang for your buck"? How do you see the myrtle beach area. Prices continuing to fall it appears. Have we reacher bottom in your mind yet?

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17
Greg, Home Seller, New York, NY
Thu Jul 3, 2008
i ams elling a 3b 3b penthouse unit across from ocean. actually im dumping the unit. im carrying 3 mortgages down there and i need to cut out some expenses. im looking to get out asap. prices in the building are starting at $380k plus for this unit...i will be 30-40k under..if intereested contact me...greg 646 221 8765
0 votes
Andreas Zink, Agent, North Myrtle Beach, SC
Sat May 17, 2008
Where should you look good question. If you want to rent your condo by the week you need Oceanfront.
If you want to do yearly leases Golf course condo are fine and much much less expensive. It all depends on your wallet. Please give me a call 843-446-0474 or email me at azink@remax.net.
0 votes
Denise Colem…, Agent, Garden City Beach, SC
Thu May 15, 2008
Hey Rick
I agree with your friend, beach property historically has surpassed all other areas and has a proven track record...after all they can keep moving inland and taking down trees but definitely they are not making any more of that "beach" visit my website http://www.DeniseColeman.com There are some incredible beach buys out there now and interest rates are even better. If someone is serious about investing and they do not do it this year...they never will! Feel Free to call me if you want more details, 1-800-681-9059 x 248 Denise Coleman, Garden City Realty,
0 votes
Marylyn Smith, Agent, Myrtle Beach, SC
Thu May 8, 2008
Your investment strategy and goals will determine where you should look. Are you interested in owning short term vacation rental property, or long term rental property? The short term vacation rental market is all about the beach front and golf package programs. This type of product is seasonal, but with the help of a knowledgeable Realtor you should find some great opportunities that will be successful for you. Be aware of your net. The short term market will demand an approximate 40-50% rental management fee. On the other hand, the long term market is less volatile with an average of 10-15% rental management fees. A number of investors that I associate with are totally sold on 3 bedroom, 2 bath, and 2 car garage homes. I might also mention that investor mortgages are more readily available for non oceanfront properties at this time. Now is a great time to invest in Myrtle Beach. Our pricing has adjusted nicely and it's definitely a buyer's market. Inventory is high and activity is very reasonable. In my mind, we are close to the bottom with awesome interest rates!

Please visit my website at http://MSmith.ExitGrandStrand.Com where you will have full access to the entire Multiple Listing Service for the Greater Myrtle Beach Area. I look forward to hearing from you if I can help in any way.

Many thanks,
Marylyn Smith
Exit Grand Strand Properties
843-450-5005
Email: M.Smith@SCCoast.Net
Web: http://www.MSmith.ExitGrandStrand.Com
0 votes
Marylyn Smith, Agent, Myrtle Beach, SC
Thu May 8, 2008
Your investment strategy and goals will determine where you should look. Are you interested in owning short term vacation rental property, or long term rental property? The short term vacation rental market is all about the beach front and golf package programs. This type of product is seasonal, but with the help of a knowledgeable Realtor you should find some great opportunities that will be successful for you. Be aware of your net. The short term market will demand an approximate 40-50% rental management fee. On the other hand, the long term market is less volatile with an average of 10-15% rental management fees. A number of investors that I associate with are totally sold on 3 bedroom, 2 bath, and 2 car garage homes. I might also mention that investor mortgages are more readily available for non oceanfront properties at this time. Now is a great time to invest in Myrtle Beach. Our pricing has adjusted nicely and it's definitely a buyer's market. Inventory is high and activity is very reasonable. In my mind, we are close to the bottom with awesome interest rates!
0 votes
Jane Krueger, Agent, Greenville, SC
Thu Apr 24, 2008
How about a great home at Myrtle Beach with good ocean views.
house is 200-240' from the beach with no roads to cross?
During the summer months, a week rents for $2400, less in the non-summer months.
See the web link for more details.

It has been a great investment for us and we first bought in this gated community in 1984. We now have a house built in 2001. The house has appreciated greatly in the past 4 years.

It has been fully rented during the summer and quite a bit of rental income in the non-summer weeks/months.

We might be persuaded to sell it for around $350,000. that would free up enough cash for us to buy two more.

Call Jane at 864-350-7128 or email me at janebkrueger@yahoo.com if you are interested. I will send you more information. In the meantime, start your research here:

See photo link, pricing and availability calendar: http://rentalo.com/4526/oceanlakesour.html double click on photos to enlarge them 4 times (about 50 photos)

Visual tours of OUR HOUSE and Ocean Lakes amenities
Please click on each one and then select LARGE VIEW.
http://www.visualtour.com/show.asp?T=1253428
http://www.visualtour.com/show.asp?T=1253215
0 votes
Bo Godbold A…, , 29576
Mon Apr 7, 2008
Rick,
I know two properties that will give you a positive cash flow with a 20% down payment. Both are oceanfront condominiums. Let me know if I can help you further.
Thanks,
Bo
0 votes
Jerry Pinkas, Agent, Myrtle Beach, SC
Wed Mar 12, 2008
What is the best "Bang for the buck" or best rental income?

The way to answer that is to ask your self the question:
When you go to the "beach" where would you rather stay?
On the beach.... or one block back or further back?

Most people paying for a vacation want a nice view.

Oceanfront or oceanview properties will always rent 1st...... then when these properties are booked everything else rents.

Myrtle Beach has the word "Beach" in the name and thats what most come for. The great thing is Myrtle Beach has a ton of other things to do as well!

The No. 1 reason to take a Myrtle Beach Vacation is to experience the fantastic ocean and beach of this coastal resort. Beach-lovers can relax with a cool drink in hand or go all out all day and enjoy a variety of exciting water sport activities. Myrtle Beach has it all. Vacationers can enjoy such activities as jet skiing, sailing, canoeing, scuba diving or surfing. If like the water your in for some fun, Myrtle Beach will not disappoint you. You will find a variety of beach-front Myrtle Beach Condos, so you can stay on the beach and enjoy the view. Something for everyone on the Grand Strand like Golfing in Myrtle Beach, or Shopping in Myrtle Beach. You will enjoy Broadway at the Beach, features an IMAX theater and beautiful aquarium. There are fantastic restaurants like, the Hard Rock Cafe, Planet Hollywood or Jimmy Buffet’s Margaritaville.

If you are looking for information on investment oppertunities, just let me know.

If you just have questions, or even if you would like to set up some property viewing appointments, let me know.

I'll be glad to assist you in any way.
0 votes
Christopher…, Agent, North Myrtle Beach, SC
Sat Mar 8, 2008
Rick,
I specialize in Oceanfront and finding the best deal for you. I will only show you properties that make sense. Verified rental income is key here! I also help my clients do vacational rentals. http://www.soldthebeach.com or http://www.myrtlebeachhomeandloan.com
Web Reference:  http://www.soldthebeach.com
0 votes
Julie (Toon…, Agent, Hilton Head Island, SC
Fri Mar 7, 2008
Hi Rick,

There are many good buys in the Hilton Head Island and Bluffton area. The market is starting to pick up but there are still many deals out there and good financing available.

Your friend is right - anything close to the beach front and ocean view tends to hold it's value better, appreciate more, and rent better. The maintenance of those properties is what your need to be careful of - the insurance costs and maintenance is more expensive.

Golf course properties are ok too. The best thing to do is look at the overall picture of income vs expenses. The net will tell you much more than the gross.

It does look like the bottom has hit in some areas - the sales activity has picked up and there don't seem to be many new properties coming on the market - that's a good sign. Unfortunately there is no bell that will ring to signal the bottom of the market. The best time to buy is when you see something that meets your needs and you either have the cash to purchase it or you can find attractive financing.

Please feel free to search the market on Hilton Head Island and the surrounding area at http://www.HiltonHeadPropertySearch.com - not only is there good upside potential here but some of the properties have great rental income as well. I can't tell you much about the market in Myrtle Beach but I see others here who can.

Good luck in your search.
Julie Toon Pawley, ABR, CCIM, CRS
Real Estate Broker
Hilton Head Island, SC
Web Reference:  http://www.toonpawley.com
0 votes
Michael Tidw…, , Myrtle Beach, SC
Fri Mar 7, 2008
The biggest thing happening right now in Myrtle Beach is the opening this Spring of Hard Rock Park. Less than 1/2 mile away are some new Villas - Fountain Pointe, and they seem to be reasonably priced. Look at their website at: http://fountainpointevillas.com

From the press section of their site:

By now, everyone is aware of the problems that have plagued the real estate market. The effects of the sub-prime mortgage crisis have been felt all across the country. But behind every boom and bust cycle, there’s always another wave of opportunity waiting. And nowhere is that opportunity more promising than in Myrtle Beach, SC.

Over the past decade, growth has defined the area. The Myrtle Beach of 10 years ago would be almost unrecognizable today. Vast tracts of undeveloped land have transformed into vibrant sections of the community. Yet, for as much as the city has already changed, there’s a strong sense that things are just getting started. Major projects, unlike any the area has ever seen, are nearly complete and promise to shape the economic landscape for decades to come.

Everywhere you look, new life is springing up in old areas. Developments like the Market Common, with its “urban village” style combining residential and retail areas, are leading the way in Myrtle Beach’s shift from a seasonal to a year-round destination. And the Hard Rock Theme Park off of Highway 501 has punctuated the area’s inland growth. An explosive economic environment is taking shape. And promising opportunities for anyone looking to invest are coming into focus.

The chance to invest in property around a world-class attraction before it opens doesn’t come around often. The Hard Rock Theme Park will soon draw thousands of visitors with its amphitheater, roller coasters and restaurants. And the Fountain Pointe Villas put luxury living within walking distance of it all. Real estate is about location. Investment is about timing. And right now, Fountain Point Villas offer the best of both.

Good Luck!
Michael Tidwell
Web Reference:  http://tidwellcreative.com
0 votes
David Patter…, , 29229
Fri Mar 7, 2008
Rick:

Columbia, South Carolina is the home to the United States Army Training Center (Fort Jackson). With the constant amount of PCS to Fort Jackson, good rentals are in high demand. Though the number of rooftop sales have decreased over the last twelve months, property values in the 29223, 29229 and 29016 zip codes have steadily increased (please see link).

My business partner is also a real estate investor. We would be more than happy to help you in your business ventures.

I look forward to hearing from you soon.

Sincerely,

David A. Patterson, Broker CRS ABR
Russell & Jeffcoat Realtors, Inc.
5219 N. Trenholm Road
Columbia, SC 29206
(803) 960-5231

Visit My Blog - Your Comments are Welcomed
http://www.thepattersonfiles.info

http://www.sellinghomesisourbusiness.com
http://www.davidpatterson.net

Great service begins with a clear purpose!
0 votes
George Smith, Agent, Myrtle Beach, SC
Fri Mar 7, 2008
Hi Rick,

The Myrtle Beach area is a great area for future appreciation. Their aren't many coastal communities left around the country that have prices as low as ours in the Myrtle Beach area. Plus think about all of the amenities Myrtle Beach has to offer. As far as oceanfront vs golf course, they can both be great weekly rental investments with the right location and I think thats personal preference.
I think prices may come down a little more but I think the buyers that are waiting for the absolute bottom to hit are going to be sorry. Those buyers are taking the risk that the market may take an upturn and you don't want to get caught in that! Please take a look at my website at http://www.MyrtleBeachHomePro.com and if I can help you with anything please don't hesitate to contact me. Tara and I pride ourselves on our client satisfaction.
0 votes
Tman, , 30642
Fri Mar 7, 2008
Rick,

Beachfront is nice, I'm an avid golfer and I've played Myrtle Beach courses many times - but they're is TONS of it .... you can rent a 2,500 sq ft beach villa for $500 a week ..

Most investors use a renters association, and that costs 10/12% of any rental income, plus the insurance for floods and hurricanes is running about 20% over average .. then figure the cleaning, and a home warranty is a good idea for $300 a year ...

I would have to agree with Steve Bright on this one - Greenville ..


-
0 votes
M, , Florida
Fri Mar 7, 2008
Rick,
There are so many opportunities in SC right now! We specialize in helping people locate second home, vacation home and investment property. We have been doing this type of business for a decade now and have many clients across the US and Canada. Please be careful when making a decision. We do believe that in some area's in SC, we are very close to the "bottom". Other area's are still up for question.
Give me a call and lets at least talk. I do have one place that I can recommend that I have 100% confidence in.
Marian Schaffer
The Schaffer Realty Group
877-886-8388
0 votes
Steve Bright, Agent, Charleston, SC
Fri Mar 7, 2008
One of the strongest markets in the entire country is in Greenville. We are at the opposite end of the state, so we do not have any beach/resort/tourist properties, but we do have a large market for corporate rentals (due to our exceptional business market) which can be very profitable. And yes we are still appreciating very well here.
Web Reference:  http://www.stevebright.net
0 votes
Bill Brannon, , Hilton Head Island, SC
Fri Mar 7, 2008
There are some excellent income properties here on Hilton Head. I have several I can tell you about. Prices are low and the deals are outthere. Upside potential is good for people getting in now. Let me know if I can help you.

Bill Brannon
0 votes
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