I think people are hesitant to get a mortgage and have a condo assn. payment that could climb as high. I won't buy a condo for that very reason. It's "buy low sell high" and condo prices will start to come down soon. Maybe buy a home the same size in a MH community, and there are some really nice ones in that area that should be on Zillow. Too scary to get a mortgage. Better to get help from family to buy outright. Much less worry that way.
Thank you for sharing! Many first time investors are concerned about condo association fees while seasoned investors are more concerned about Gross Rental Income and ultimately Profit. Who cares what the condo association fees (HOA Fees) are if the tourists renting the unit pays all of your expenses and then give you a PROFIT. Myrtle Beach Oceanfront Condos are a business opportunity (an investment) and you have to think about them from that perspective in order to be successful at getting a great return for your money. Not from the perspective of a homeowner. Also, risk is a part of being successful in business. Those willing to take the risk, can make the profit. That’s just the way it is. I work with lots of investors that use loans to buy oceanfront condos. Thank you for sharing your thoughts and I appreciate your opinion.
That's exactly right! I'm just about to publish a video on that. Coral Beach Resort is on lock down by the onsite property management company. NOT A GOOD PLACE TO INVEST FOR SELF-MANAGING OWNERS. And if you want to make a PROFIT, you need to self-manage. Btw, what are you looking for in our market? Text or call me: 843-360-1737
It's not that everyone is so desperate to sell. It's that there are some desperate sellers out there, and when there are, it serves as an excellent opportunity for investors. I just helped an investor buy an oceanfront condo at Windemere for $100,000 under the last unit that sold at the resort! In other words, he bought and instantly has equity in the unit. So, deals are out there, you just need an broker to help you find them. Condo inventory is up right now which means there's a lot of competition over buyers so sellers are more likely to reduce their price. Is that always the case: no. Are our prices holding: yes. Our market behaves differently then the rest of the nation because of all the demand we have (Babyboomers retiring at 10,000 per day and moving to Myrtle Beach and Florida). However, our market has been softening. There are a variety of reasons why sellers are selling: HOA dues have increased in some places due to insurance increases (But, as long as your Gross Rental Income (GRI) remains higher than all your expenses, you're still turning a profit so don't let increases scare you). Many Sellers don't know how to successfully manage their units to turn a profit so rather than learn, they put their unit on the market. Also, people that purchased before COVID have seen a significant rise in appreciation so they are selling to cash in. Additionally, rental incomes have decline some, I emphasize SOME. Again, when the majority of oceanfront condo owners are NOT serious about managing their units (they pass it off to a property manager and forget about it) and incomes decrease a little, this scares them and they sell. BUT, for those that are serious about their investment, and manage it well, this is standard. Markets rise and fall, it's part of the game. Naturally, some years are better than others, that's standard for any investment. BUT, for those not really understanding how to run their unit, they get scared and put it on the market, making room yet again for savvy investors to pick up their units at cheaper prices and win at the oceanfront condo investing game!
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I think people are hesitant to get a mortgage and have a condo assn. payment that could climb as high. I won't buy a condo for that very reason. It's "buy low sell high" and condo prices will start to come down soon. Maybe buy a home the same size in a MH community, and there are some really nice ones in that area that should be on Zillow. Too scary to get a mortgage. Better to get help from family to buy outright. Much less worry that way.
Thank you for sharing! Many first time investors are concerned about condo association fees while seasoned investors are more concerned about Gross Rental Income and ultimately Profit. Who cares what the condo association fees (HOA Fees) are if the tourists renting the unit pays all of your expenses and then give you a PROFIT. Myrtle Beach Oceanfront Condos are a business opportunity (an investment) and you have to think about them from that perspective in order to be successful at getting a great return for your money. Not from the perspective of a homeowner. Also, risk is a part of being successful in business. Those willing to take the risk, can make the profit. That’s just the way it is. I work with lots of investors that use loans to buy oceanfront condos. Thank you for sharing your thoughts and I appreciate your opinion.
Last time I looked in there I didn't buy because you had to use their in house property manager and they took something like 40%
That's exactly right! I'm just about to publish a video on that. Coral Beach Resort is on lock down by the onsite property management company. NOT A GOOD PLACE TO INVEST FOR SELF-MANAGING OWNERS. And if you want to make a PROFIT, you need to self-manage. Btw, what are you looking for in our market? Text or call me: 843-360-1737
Why are they so desperate to sell?
It's not that everyone is so desperate to sell. It's that there are some desperate sellers out there, and when there are, it serves as an excellent opportunity for investors. I just helped an investor buy an oceanfront condo at Windemere for $100,000 under the last unit that sold at the resort! In other words, he bought and instantly has equity in the unit. So, deals are out there, you just need an broker to help you find them. Condo inventory is up right now which means there's a lot of competition over buyers so sellers are more likely to reduce their price. Is that always the case: no. Are our prices holding: yes. Our market behaves differently then the rest of the nation because of all the demand we have (Babyboomers retiring at 10,000 per day and moving to Myrtle Beach and Florida). However, our market has been softening. There are a variety of reasons why sellers are selling: HOA dues have increased in some places due to insurance increases (But, as long as your Gross Rental Income (GRI) remains higher than all your expenses, you're still turning a profit so don't let increases scare you). Many Sellers don't know how to successfully manage their units to turn a profit so rather than learn, they put their unit on the market. Also, people that purchased before COVID have seen a significant rise in appreciation so they are selling to cash in. Additionally, rental incomes have decline some, I emphasize SOME. Again, when the majority of oceanfront condo owners are NOT serious about managing their units (they pass it off to a property manager and forget about it) and incomes decrease a little, this scares them and they sell. BUT, for those that are serious about their investment, and manage it well, this is standard. Markets rise and fall, it's part of the game. Naturally, some years are better than others, that's standard for any investment. BUT, for those not really understanding how to run their unit, they get scared and put it on the market, making room yet again for savvy investors to pick up their units at cheaper prices and win at the oceanfront condo investing game!