In this blog post, I’m going to teach you how to flip a Myrtle Beach Oceanfront Condo every 2 years so that it maximizes Gross Rental Income while you own it, how to remodel it for maximum income, and sell it 13% above what the average Myrtle Beach Oceanfront Condo sells for.
How Do the Pros Do It?
They buy a dated Mrytle Beach Oceanfront Condo, remodel it very well, own it for a year while self-managing the unit on Airbnb and VRBO to show that it outperforms the other units at that resort, and then they put it on the market at well over market value and sell it.
It’s that simple and that easy.
Step one is simple: Purchase a dated Myrtle Beach Oceanfront Condo.
Let’s Look at Unit 1231 at the Caribbean Resort.
It was bought on 07-20-2021 for $150,000.
It was remodeled and sold on 12-14-2023 for $268,000 when the average 1-bedroom unit at that time sold for $236,800 and the low sold at $209,500.
The seller made: $31,200 more than the average unit that sold during that time and $58,500 more than the lowest unit that sold during that time.
With a purchase price of $150,000 and a $268,000 sales price alittle over 2 years later, that’s $118,000 earned income.
Assuming the remodel costs $30,000, then the seller still made $88,000 in profit on a $150,000 Myrtle Beach Oceanfront Condo Investment. That’s a 79% increase in your money. In other words, a 59% Cash on Cash Return in only 2 years. That’s almost 30% per year on your cash!
So, they purchased a dated Myrtle Beach Oceanfront Condo for cheaper than market value, and remodeled it better than the other units at the Caribbean Resort.
Step Two is Simple: They Remodeled the unit.
But what did they do to make this unit better than the others at the Caribbean Resort?
Consistent Color Theme. This is the main thing you must get right. If you get this right, the rest is obvious. But this can be the hardest thing to get right so I have included a description below of what you need.
They painted the walls a very specific teal color with white trim and used a grayish brown flooring. These three colors are found all throughout the unit. The teal, white and grayish brown colors work on Airbnb and VRBO for rentals. They just do, and they must be consistently found throughout the unit.
The color theme throughout the Myrtle Beach Oceanfront Condo unit is consistent with the teal, white and grayish brown colors even down to the teal sheets on the bed, teal chairs for the white table, teal night stands, white cabinets in the kitchen, and the grayish brown mirror frame hanging on the wall.
You need updated appliances, a grayish white granite countertop with teal backsplash, and modern light fixtures throughout the unit.
Don’t miss the stripped accent wall where the electric fireplace, mantle board, and TV is mounted. Nor, the grayish furniture throughout the unit.
Besides that, add a few consistently color themed pictures, a nice light brown rug for contrast, a wooden desk that is light brown, again for contrast, light brown baskets in the night stands, gray curtains, a blue couch—for contrast—and tan chair, and a splash of deep pink to accent the wall above one of the beds, with a picture on the wall above the bed that has the same splash of deep pink.
Oh! And don't miss the balcony furniture!
So, what’s next? You must have proof that the remodeled unit can beat the market.
Step Three is Simple: They put it on Airbnb and VRBO to show a strong rental demand that Outperforms Other Units at the Caribbean Resort.
Unit 1231 outperformed the average gross rental income by $38,131! This is proof of what it’s like to have a Myrtle Beach Oceanfront Condo that’s in the top 5% of Airbnb listings.
And About Carrying Costs: You Don’t Have Any Because this Unit Makes a Nice Profit.
I’m going to let the numbers below do the talking here, but I will say, if purchased with cash, you’re clearing $55,285.20 annually.
Again, letting the numbers do the talking, but when purchased using financing, you’re still clearing $37,189.20 in profit annually.
And the appreciation isn’t bad either.
But Don’t Sleep on the Depreciation, Everyone Can Use a Tax Break.
Step Four is Simple: List the Property at 13% Above the Average List Price at the Caribbean Resort.
Once they had proof in hand, that’s all they needed to put this Myrtle Beach Oceanfront Condo on the market at 13% above what the average unit sold for and right at 28% above what the lowest unit sold for at the Caribbean Resort during that time.
Now, Let’s Put this into a 10-Year Plan.
Using this business model, you can purchase a dated 1-bedroom Myrtle Beach Oceanfront Condo every 2 years, remodel it, sell it, and make around $88,000 in profit on the flip.
Not to mention that even when using financing, you’re clearing another $37,189.20 in profit after all your expenses are paid.
Within two years of renting this unit with a $37,189.20 profit, you can take that money, now $74,378.40 (2 years accumulation) and use it for the down payment on your next Myrtle Beach Oceanfront Condo flip.
Over the course of the next 10 years, you should have flipped 5 Myrtle Beach Oceanfront Condos at $88,000 in Profit per flip, for a total of $440,000 in profit from flips. And, you’ll also keep your final 2 years rent roll of $74,378.40.
Ultimately, you’ll exit in 10 years with around $514,378.40.