🏖 Welcome to the Oceanfront Commercial Group Blog

Your trusted resource for real estate investing, short-term rentals, and Myrtle Beach market insights.

Whether you're a seasoned investor, a first-time buyer, or a small business owner planning your transition into real estate, this blog is built for you.

Our mission is simple: to equip you with the data, strategies, and inspiration you need to confidently invest in Myrtle Beach oceanfront condos and commercial properties. Through deep-dive guides, investor interviews, market trends, and behind-the-scenes analysis, we help you turn smart decisions into long-term wealth.


🔥 Featured Posts

📈 How Matt Fries Built a 11-Unit Airbnb Empire in Myrtle Beach
From selling his primary home to earning $30K per unit annually—this investor’s story is a blueprint for success.
👉 [Read Now »]

📈 How Rufia Nigro Built a 27-Unit Airbnb Empire in Myrtle Beach
This investor built a $10,000,000 Airbnb Empire in only 17 Years!—this investor’s story is a blueprint for success.
👉 [Read Now »]

📈 How Gosia Cooke Built a 15-Unit Airbnb Empire in Myrtle Beach
With 15 Oceanfront Condos, 2 Commercial Properties, a long term rental, and managing 110 doors—this investor’s story is a blueprint for success.
👉 [Read Now »]

📉 Why Starting Small Can Set You Back: The Real Risk of Playing It Safe
Thinking of “testing the waters” with a cheap condo? Think again. Here’s why going bigger is actually smarter.
👉 [Read Now »]

🏢 Top 4 Myrtle Beach Oceanfront Condo Resort: A Comparative Analysis
Get a Comparative Analysis of the BIG Money Makers.
👉 [Read Now »]


🎯 What You'll Learn on This Blog

  • How to invest with confidence—even if you're out of state

  • The best-performing condos and resorts in Myrtle Beach

  • Self-management tools and tech to automate your rental business

  • Tax strategies, financing options, and exit plans

  • Real stories from real investors who’ve done it (and done it profitably)


📲 Let’s Build Wealth—Together

I’m Brandon Kunasek, broker and founder of Oceanfront Commercial Group. I’ve helped dozens of investors—from retirees to entrepreneurs—enter this market and thrive. This blog is an extension of that mission.

💬 Text or Call Me Anytime: 843-360-1737
📥 Join Our Investor Email List: [Subscribe Here]

Stay tuned for weekly updates and actionable content designed to help you go from curious buyer to confident investor.

 

 

March 25, 2024

TOP 3 Oceanfront Resorts in MYRTLE BEACH, SC! By Expedia in 2024

Coming in at #3 on the List

Holiday Sands North On the Boardwalk

8.0/10 with 1008 online reviews. 

Discover the ideal family-friendly retreat near SkyWheel Myrtle Beach at Holiday Sands North On the Boardwalk. Situated conveniently close to Family Kingdom Amusement Park and TicketReturn.com Field at Pelicans Ballpark, this Resort boasts a terrace, garden, and laundry facilities for your convenience. Relax in the hot tub or stay active in the gym with complimentary in-room WiFi. Enjoy additional perks such as indoor and outdoor pools, free parking, smoke-free premises, and round-the-clock front desk service, all praised for exceptional value by satisfied guests.

One reviewer said, “Awesome stay!!! Staff was very courteous and helpful. Room was clean, quiet, and comfortable. Definitely recommending it to all my friends and family!”

Room features

Each of the 173 rooms at our establishment offers modern comforts like air conditioning and thoughtful amenities such as safes and WiFi. Guest reviews consistently praise the cleanliness of our rooms. Furthermore, you'll find additional conveniences in every room, including bathrooms stocked with complimentary toiletries and hair dryers, furnished balconies or patios, as well as full-sized refrigerators/freezers and microwaves for added convenience.

Explore the Area

Located on the beach, Holiday Sands North On the Boardwalk is in Downtown Myrtle Beach, a neighborhood in Myrtle Beach. Broadway at the Beach and The Market Common are worth checking out if shopping is on the agenda, while those wishing to experience the area's popular attractions can visit Family Kingdom Amusement Park and Ripley's Aquarium. Looking to enjoy an event or a game while in town? See what's going on at TicketReturn.com Field at Pelicans Ballpark.

What's nearby

    SkyWheel Myrtle Beach - 15 min walk

    Family Kingdom Amusement Park - 16 min walk

    Myrtle Beach Boardwalk - 1 min drive

    Broadway at the Beach - 5 min drive

    Ripley's Aquarium - 6 min drive

Getting around

    Myrtle Beach Intl. Airport (MYR) - 7 min drive

Restaurants

    8th Ave Tiki Bar & Grill - 6 min walk

    Peaches Corner - 9 min walk

    Wicked Tuna - 2nd - 5 min walk

    National House of Pancakes - 7 min walk

    2nd Ave Pier - 5 min walk

Investing at Holiday Sands North On the Boardwalk Resort

For those interested in buying a unit at Holiday Sands North On the Boardwalk Resort, units range from 1-bedroom to 2-bedrooms, having between 500 to 1,150 heated square feet, and come as both oceanview and oceanfront units.  

1-Bedroom Units

The average sold price of an oceanfront 1-bedroom unit in 2023 was $223,300 while the oceanview 1-bedroom sold at an average price of $199,000 in 2022 (No Oceanview units sold during 2023).

2-Bedroom Units

The average price of an oceanfront 2-bedroom unit in 2023 was $296,250 while the oceanview 2-bedroom sold at an average price of $309,000.

Gross Rental Income (2023)

1-Bedroom Units

A 1-bedroom Oceanfront unit has a Gross Rental Income in 2023 of $28,600.

2-Bedroom Units

A 2-bedroom Oceanfront unit has a Gross Rental Income in 2023 of $38,000.

Appreciation

1-Bedroom Units

If you bought the average 1-bedroom unit in 2014, it would have cost you $91,653. Fast forward to 2023, that same average 1-bedroom unit would have cost you $223,300 which is an increase in appreciated value of $131,647. That’s a 144% increase in appreciation.

2-Bedroom Units

If you bought the average 2-bedroom unit in 2014, it would have cost you $136,125. Fast forward to 2023, that same average 2-bedroom unit would have cost you $296,250, which is an increase in appreciated value of $160,125. That’s a 118% increase in appreciation.

Depreciation

1-Bedroom Units

Assuming that the current average market list price is the same as the appraised value, then you could depreciate the average 1-Bedroom unit by $8,351.31 annually for the next 27.5 years, reducing your overall tax burden.

2-Bedroom Units

Assuming that the current average market list price is the same as the appraised value, then you could depreciate the average 2-Bedroom unit by $11,997.27 annually for the next 27.5 years, reducing your overall tax burden.

HOA Fee Includes

Electric Common, Water and Sewer, Trash Pickup, Elevator Service, Pool Service, Landscape/Lawn, Insurance, Manager, Security, Legal and Accounting, Master Antenna/Cable TV, Electric In Unit, Telephone Service In Unit, Internet Access, Pest Control

Daily Rates

Rates vary based on season, but currently similar properties start at $59 and increase to as much as $185 per night. This does not include taxes and fees.

Operating Expenses

Your operating expenses include but are not limited to property management fees, taxes, cleaning fees, HO6 insurance and annualized HOA dues.

1-Bedroom Unit

Taxes on one particular 1-bedroom unit as of 2020 were $1,267.89, cleaning services—estimated at 27 bookings and $120 per cleaning—brings you to $3,240, and annualized HOA dues at $8,352, bringing your total estimated operating expenses to $12,859.89.

2-Bedroom Unit

Taxes on one particular 2-bedroom unit as of 2020 were $2,133.75, cleaning services—estimated at 27 bookings and $150 per cleaning—brings you to $4,050, and annualized HOA dues at $11,784, bringing your total estimated operating expenses to $17,967.75.

Coming in at #2 on the List

Sandy Beach Oceanfront Resort

 

8.2/10 with 1,402 online reviews. 

Sandy Beach Oceanfront Resort, located at 201 South Ocean Blvd., Myrtle Beach, SC, 29577, is conveniently close to the Myrtle Beach Boardwalk and Family Kingdom Amusement Park. Enjoy laundry facilities, a gym, and a 24-hour business center. Stay connected with free in-room WiFi. Other perks include 2 outdoor pools, 2 indoor pools with a lazy river and sun loungers, free self-parking, barbecue grills, a meeting room, a 24-hour front desk, an elevator, and smoke-free premises.

Guest reviews speak well of the family-friendly amenities, beach locale, and pool. One reviewer said, “Very nice view of the ocean, nice pools, house keeping great!” 

Room features

180 rooms offer air conditioning, separate dining areas, and free WiFi. Guests love the clean, spacious rooms. Additional perks: shower/tub combos, free toiletries, cable TVs, and balconies or patios with kitchens.

Explore the area

Located on the beach, Sandy Beach Oceanfront Resort is in Downtown Myrtle Beach, a neighborhood in Myrtle Beach. Broadway at the Beach and Coastal Grand Mall are worth checking out if shopping is on the agenda, while those wishing to experience the area's popular attractions can visit Family Kingdom Amusement Park and Ripley's Aquarium. Looking to enjoy an event or a game while in town? See what's happening at Myrtle Beach Sports Center or TicketReturn.com Field at Pelicans Ballpark.

What's nearby

    Splashes Oceanfront Water Park - 1 min walk

    Myrtle Beach Boardwalk - 4 min walk

    Family Kingdom Amusement Park - 6 min walk

    SkyWheel Myrtle Beach - 2 min drive

    Myrtle Beach Convention Center - 5 min drive

Getting around

    Myrtle Beach Intl. Airport (MYR) - 6 min drive

Restaurants

    Wicked Tuna - 2nd - 5 min walk

    National House of Pancakes - 10 min walk

    2nd Ave Pier - 5 min walk

    Loco Gecko - 9 min walk

    Friendly's - 6 min walk

Investing at Sandy Beach Oceanfront Resort

For those interested in buying a unit at Sandy Beach Oceanfront Resort, units range from 1-bedroom to 3 bedrooms, having between 450 to 1,500 heated square feet, and come as both oceanview and oceanfront units.  

1-Bedroom Units

The average price of an oceanfront 1-bedroom unit in 2023 was $230,242 while the oceanview 1-bedroom sold at an average price of $215,500.

2-Bedroom Units

The average price of an oceanfront 2-bedroom unit in 2022 was  $375,000 while the oceanview 2-bedroom sold at an average price of  $425,000.

3-Bedroom Units

The average price of an oceanfront 3-bedroom unit in 2023 was   $524,500 while the oceanview 3-bedroom sold at an average price of $532,500.

Gross Rental Income (2023)

1-Bedroom Units

A 1-bedroom Oceanfront unit has a Gross Rental Income in 2023 of $42,345.

2-Bedroom Units

A 2-bedroom Oceanfront unit has a Gross Rental Income in 2023 of $49,970.

3-Bedroom Units

A 3-bedroom Oceanfront unit has a Gross Rental Income in 2022 of $49,970.

Appreciation

1-Bedroom Units

If you bought the average 1-bedroom unit in 2014, it would have cost you $124,916. Fast forward to 2023, that same average 1-bedroom unit would have cost you $230,242 which is an increase in appreciated value of $105,326. That’s an 84%increase in appreciation.

2-Bedroom Units

If you bought the average 2-bedroom unit in 2014, it would have cost you $160,000. Fast forward to 2023, that same average 2-bedroom unit would have cost you $430,000, which is an increase in appreciated value of $270,000. That’s a 169% increase in appreciation.

3-Bedroom Units

If you bought the average 3-bedroom unit in 2014, it would have cost you $251,000. Fast forward to 2023, that same average 3-bedroom unit would have cost you $524,500, which is an increase in appreciated value of $273,500. That’s a 109% increase in appreciation.

Depreciation

1-Bedroom Units

Assuming that the current average market list price is the same as the appraised value, then you could depreciate the average 1-Bedroom unit by $8,676.36 annually for the next 27.5 years, reducing your overall tax burden.

2-Bedroom Units

Assuming that the current average market list price is the same as the appraised value, then you could depreciate the average 2-Bedroom unit by $15,696.91 annually for the next 27.5 years, reducing your overall tax burden.

3-Bedroom Units

Assuming that the current average market list price is the same as the appraised value, then you could depreciate the average 3-Bedroom unit by $18,181.82 annually for the next 27.5 years, reducing your overall tax burden.

HOA Fee Includes

Electric Common, Water and Sewer, Trash Pickup, Elevator Service, Pool Service, Landscape/Lawn, Insurance, Manager, Legal and Accounting, Master Antenna/Cable TV, Common Maint/Repair, Electric In Unit, Telephone Service In Unit, Internet Access, Pest Control.

Daily Rates

Rates vary based on season, but currently similar properties start at $174 and increase to as much as $269 per night. This does not include taxes and fees.

Operating Expenses

Your operating expenses include but are not limited to property management fees, taxes, cleaning fees, HO6 insurance and annualized HOA dues.

1-Bedroom Unit

Taxes on one particular 1-bedroom unit as of 2020 were $1,729.17, cleaning services—estimated at 27 bookings and $120 per cleaning—brings you to $3,240, and annualized HOA dues at $7,560, bringing your total estimated operating expenses to $12,529.17.

2-Bedroom Unit

Taxes on one particular 2-bedroom unit as of 2020 were $3,015.09, cleaning services—estimated at 27 bookings and $150 per cleaning—brings you to $4,050, and annualized HOA dues at $14,100, bringing your total estimated operating expenses to $21,165.09.

3-Bedroom Unit

Taxes on one particular 3-bedroom unit as of 2020 were $4,391.21, cleaning services—estimated at 27 bookings and $200 per cleaning—brings you to $5,400, and annualized HOA dues at $16,560, bringing your total estimated operating expenses to $26,351.21.

Coming in at #1 on the List!

Holiday Pavilion Resort on the Boardwalk

8.2/10 with 1,187 online reviews. 

Holiday Pavilion Resort, nestled at 1200 N Ocean Blvd, Myrtle Beach, SC, 29577-3757, offers prime proximity to the Myrtle Beach Boardwalk and the SkyWheel. Enjoy a poolside bar, cafe, and laundry facilities. Unwind in the hot tub and stay connected with free in-room WiFi. Additional perks include indoor and outdoor pools with a lazy river, free self-parking, barbecue grills, a vending machine, ATM services, and a 24-hour front desk with a safe and elevator.

Guest reviews say good things about the beach locale, overall value, and helpful staff. One review said, “Great Location on the beach. Heated Pool which Grandkids enjoyed. Good eats nearby. Great hotel for families.”

Room Features

Indulge in comfort, convenience, and luxury at this property with 138 meticulously crafted rooms, offering an unparalleled guest experience and investment opportunity. Enjoy premium bedding, air conditioning, and complimentary WiFi. Plus, guests rave about the immaculate rooms. Additional amenities include rollaway beds, complimentary toiletries, 43-inch flat-screen TVs, balconies, microwaves, and coffee/tea makers. Don't miss out on this exceptional investment opportunity for exceptional returns.

Explore the area

Located on the beach, Holiday Pavilion Resort on the Boardwalk is in Downtown Myrtle Beach, a neighborhood in Myrtle Beach. Broadway at the Beach and Coastal Grand Mall are worth checking out if shopping is on the agenda, while those wishing to experience the area's popular attractions can visit Myrtle Beach Sling Shot and Family Kingdom Amusement Park. Looking to enjoy an event or a game while in town? See what's going on at Myrtle Beach Sports Center, or consider a night out at Burroughs & Chapin Pavilion Place.

What's nearby

    Myrtle Beach Sling Shot - 1 min walk

    SkyWheel Myrtle Beach - 1 min walk

    Myrtle Beach Boardwalk - 5 min walk

    Myrtle Beach Convention Center - 3 min drive

    Broadway at the Beach - 4 min drive

Getting around

   Myrtle Beach Intl. Airport (MYR) - 12 min drive

Restaurants

    8th Ave Tiki Bar & Grill - 7 min walk

    RipTydz Oceanfront Grille & Rooftop Bar - 1 min walk

    Pier 14 - 7 min walk

    Peaches Corner - 5 min walk

    Atlas Tap House - 4 min walk

Investing at Holiday Pavilion Resort

For those interested in buying a unit at Holiday Pavilion Resort on the Boardwalk, units range from efficiency to 1-bedroom, having between 358 to 600 heated square feet, and come as both oceanview and oceanfront units.  

Efficiency Units

The average price of an oceanfront efficiency unit in 2023 was $176,333 while the oceanview efficiency sold at an average price of $180,000.

1-Bedroom Units

The average price of an oceanfront 1-bedroom unit in 2023 was $220,000 while the oceanview 1-bedroom sold at an average price of $165,000.

Gross Rental Income (2023)

Ally Mgt 843-497-3555

Efficiency Units

An Efficiency Oceanfront unit has a Gross Rental Income in 2023 of $32,400. Similar units on the onsite program gross $45,000 per year.

1-Bedroom Units

A 1-bedroom Oceanfront unit has a Gross Rental Income in 2023 of $36,698 and a 2022 Gross Rental Income of $37,813.

Appreciation

Efficiency Units

If you bought the average efficiency unit in 2014, you it would have cost you $101,125. Fast forward to 2023, that same average efficiency unit would have cost you $176,333, which is an increase in appreciated value of $75,208. That’s a 74% increase in appreciation.

1-Bedroom Units

If you bought the average 1-bedroom unit in 2014, you it would have cost you $122,000. Fast forward to 2023, that same average 1-bedroom unit would have cost you $220,000, which is an increase in appreciated value of $98,000. That’s a 80% increase in appreciation.

Depreciation

Efficiency Units

Assuming that the current average market list price is the same as the appraised value, then you could depreciate the average efficiency unit by $6,718.18 annually for the next 27.5 years, reducing your overall tax burden.

1-Bedroom Units

Assuming that the current average market list price is the same as the appraised value, then you could depreciate the average 1-Bedroom unit by $7,450.91 annually for the next 27.5 years, reducing your overall tax burden.

HOA Fee Includes

Electric Common, Water and Sewer, Trash Pickup, Elevator Service, Pool Service, Landscape/Lawn, Insurance, Manager, Security, Rec. Facilities, Legal and Accounting, Master Antenna/Cable TV, Common Maint/Repair, Electric In Unit, Internet Access, Pest Control.

Daily Rates

Rates vary based on season but currently rooms start at $84 and increase to as much as $139 per night. This does not include taxes and fees.

Operating Expenses

Your operating expenses include but are not limited to property management fees, taxes, cleaning fees, HO6 insurance and annualized HOA dues. Taxes on one particular 1-bedroom unit as of 2020 were $1,778.13, cleaning services—estimated at 27 bookings and $120 per cleaning—brings you to $3,240, HO6 insurance at $1,000, and annualized HOA dues at $14,100, bringing your total estimated operating expenses to $19,118.13.

Source: Click Here.

Posted in
March 21, 2024

Maximizing Rental Income: Choosing Between On-site and Off-site Property Management for Your Oceanfront Condo

Maximizing Rental Income: Choosing Between On-site and Off-site Property Management for Your Oceanfront Condo

There are two schools of thought about using on-site or off-site property management.

On-site Property Management.

From my experience in our market, whenever owners elect to use off-site property management, their tenants are not allowed to use most of the on-site amenities.

If you go the on-site property management route, your tenants are probably going to have a much better experience because they’ll be able to use all the on-site amenities, and they can simply walk down to the front desk and ask if they need anything.

Going the On-site Property Management route, you’re more likely to have satisfied and therefore repeat customers who will rent your property year in and you’re out, repeatedly. Two-things impact your rental business because of the yearly repeat tenants: you can successively build your Gross Rental Income (GRI) each year upon the next year and, due to the loyalty of your tenants, you may be insulated from the ups and downs of the rental market. In other words, if the rental market has a bad year overall, because your tenants are loyal, you may not see a significant reduction in Gross Rental Income.

All that sounds great, but the downside is that generally an on-site property manager is going to charge a higher property management fee when compared to off-site property managers. So, you won’t make as much money as you could initially, but you’re more likely to have satisfied tenants that return yearly and in the long run, build a more resilient rental business.

In actual terms, if your on-site property manager charges 40%, and your off-site property manager charges 25%, that’s a difference of 15% in your pocket annually. With a Gross Rental Income of $30,000 per year, that’s $4,500 more dollars per year in your pocket. At the end of 10 years, that’s $45,000. I don’t know about you, but an extra $45,000 sounds good to me. 

Keep in mind that while you might not make as much money initially using the on-site property management due to their higher fees, as your book of business grows, you should begin to make more and more Gross Rental Income until your rentals reach maximum occupancy. You should eventually realize close to the same—if not the same or greater—profitability as if you used the off-site property management company, and once you reach this point, you’ll most likely have a more economically resilient rental business.

Off-site Property Management.

When you go the Off-site Property Management route, your tenants will most likely not be able to use most of the amenities and because of that, they may not rent your unit again. However, be reminded that Myrtle Beach is the number 2 vacation destination on the East Coast and has over 20 million visitors each year. There are plenty of new tenants each year to rent to.

The Off-site property management company will most likely put more money in your pocket now because their management fee will be lower than the on-site property manager, and with all the new tenants coming to our market each year, why be concerned about building a book of business for your rental property? You can just get new tenants. Yes, that’s right, but you’re basically left to the mercy of the ups and downs in the rental market. If the market overall has a bad year, you’re probably going to have a bad year too. But, when the years are great, you’ll put more money in your pocket.

So, how do I choose?

This largely depends on your own personal financial objectives. Do you plan to own an oceanfront condo for 10 years? Would you like to bolster your retirement years through passive rental income? Maybe you’d like to build your portfolio through oceanfront condos. Then it may be advantageous for you to use the onsite property management company.

If you’re not going to own your condo for more than a few years, you’ve purchased it for recreational use and rental income is not important to you, or you’re not planning to grow the oceanfront condo portion of your portfolio, then the off-site property management route may be a better for you.

These are simply my thoughts on the matter. I recommend consulting your financial advisor, certified public accountant, or attorney to confirm which route is best for you. 

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

Posted in
March 20, 2024

Unveiling Your Ultimate Guide to Investing in Oceanfront Condos in Myrtle Beach and North Myrtle Beach, South Carolina

Are you intrigued by the idea of investing in oceanfront condos in the vibrant coastal communities of Myrtle Beach or North Myrtle Beach, South Carolina? Look no further! In this comprehensive guide, we'll take you on a journey through four different oceanfront condos, spanning various price points and investment potential.

Exploring the Options: A Comparative Analysis

Join us as we compare and contrast four distinct oceanfront condos, offering insights into their investment potential. From the Sea Mist Resort, priced in the low $100,000s, to the upscale Verandas at $600,000, we'll delve into each property's financial considerations.

Navigating Investment Factors

In our analysis, we'll dissect crucial factors that impact investment decisions, including special assessments, tax implications, HOA insurance costs, and HOA dues. Whether you're contemplating a cash purchase or financing your investment, our guide provides comprehensive coverage to support your decision-making process.

The Ultimate Winner: Sea Mist Resort

Discover why the Sea Mist Resort emerges as the ultimate winner in our comparison. Despite its more affordable price point, this hidden gem offers exceptional value and promising investment potential, making it a standout choice for savvy investors.

Unlocking the Secrets to Success

Don't miss out on this invaluable insight into oceanfront condo investing in Myrtle Beach and North Myrtle Beach. Subscribe now to unlock the secrets to successful real estate investment in this thriving coastal market!

For More Information

Visit our website to learn more about How to Invest in Oceanfront Condos: Myrtle Beach Dream Home

Connect with Us

Ready to embark on your next oceanfront condo investment journey? Contact Brandon Kunasek, Broker at Keller Williams Innovate South Cana Group, at 843-360-1737 or email brandonkunasek@kw.com.

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

Disclaimer: All information given is meant to be educational. I am only passing on historical information shared with me by owners, rental companies, and various publications. I am not guaranteeing these numbers, nor can I guarantee future rentals or appreciation. This information is not intended to replace your own research, or to provide legal, investment, or financial advice. Please consult an attorney for legal advice.

Posted in
March 20, 2024

Discover Your Dream Escape: 1207 S Ocean Blvd, Unit 50804, Myrtle Beach, SC 29577

Welcome to your dream escape at 1207 S Ocean Blvd, Unit 50804, Myrtle Beach, SC 29577 – where the allure of a potential rental income property meets the promise of a summer getaway like no other! Imagine a place where the warm ocean breeze whispers through your balcony, and the sun-kissed waves beckon you to a coastal retreat.

As you step into this charming Efficiency,1-bathroom oceanview condo, you'll instantly feel the tranquility that comes with having your own slice of paradise. But what makes this property truly special is its dual identity – a potentially lucrative rental income generator when you're not soaking up the sun and a personal haven for those seeking the quintessential beach experience.

Located in the vibrant heart of Myrtle Beach, just minutes away from the famed Broadway at the Beach, your options for entertainment, dining, and nightlife are practically endless. Picture lazy days exploring the Myrtle Beach Boardwalk, only an 8-minute drive from your doorstep, or family-friendly adventures at Family Kingdom, a mere 4-minute escape.

Golf enthusiasts, rejoice! The Myrtlewood Golf Club is a short 17-minute drive, River Oaks Golf Club awaits in just 12 minutes, and the charming Whispering Pines Golf Course is only 6 minutes away. But don’t miss Top Golf, it’s only a mere 11 minutes from your doorstep.

If shopping is your therapy, the Tanger Outlets are a quick 14-minute drive – perfect for treating yourself or finding unique gifts for loved ones.

But what truly sets this property apart is the climate – bask in some of the best weather on the East Coast, making it the perfect escape for those looking to leave the cold behind. Myrtle Beach, recognized as the 2nd best vacation destination on the East Coast, offers you a year-round haven for relaxation and adventure.

Whether you're a savvy investor looking for a rental property or a sunseeker yearning for your own coastal retreat, 1207 S Ocean Blvd, Unit 50804, Myrtle Beach, SC 29577, is the answer to your dreams. Don't miss the chance to make this piece of paradise yours – seize the opportunity to invest in the blend of potential rental income and vacation bliss!

Posted in
March 20, 2024

Discover Your Serene Coastal Retreat at 4519 N Plantation Harbour Dr, Unit X3, Little River, SC 29566

Welcome to 4519 N Plantation Harbour Dr, Unit X3, Little River, SC 29566 – your serene coastal retreat! Step into a 3-bedroom, 2-bathroom

condo in Carolina Yacht Landing that transcends mere property. It's an invitation to coastal living at its finest. From Granite countertops

to Stainless Steel appliances to the Hardwood Floors to the his and her closets—you’ve found your second home! This condo has everything you need for your very own vacation retreat! A Coastal Retreat: Picture waking up to the scent of salt in the air. This condo offers open living spaces that seamlessly merge, creating an ambiance of tranquility and relaxation. Perfect Vacation Getaway: This isn't just a home; it's a gateway to endless summer. With a prime location, experience the best weather on the East Coast. Enjoy pristine beaches, water sports, or unwind on your spacious patio! Escape the Cold: For those seeking refuge from chilly winters, Little River boasts some of the best year-round weather on the East

Coast. Bid farewell to winter blues and embrace a summer retreat. Proximity to Paradise: A mere 17 minutes from Barefoot Landing, 8 minutes from Tidewater Golf Club, and 9 minutes from Surf Golf and Beach Club – every day feels like a vacation. Fishing at Cherry Grove Fishing Pier is just 7 minutes away, and essentials are within an 8-minute reach at Walmart. Coastal Living at Your Fingertips: Indulge in the convenience of being 6 minutes from T.J. Maxx, McAlister’s, Kohl's, Chic-Fil-A, Outback Steakhouse, and Boardwalk

Billy’s. Your beachside lifestyle integrates seamlessly with easy access to shopping, dining, and entertainment. This condo at 4502 W Harbour Ct, Unit W6, is more than a property – it's your personal coastal sanctuary. Whether you desire a second home or the ultimate vacation retreat, this is coastal living at its best. Seize the chance to own a piece of paradise on the East Coast's second-best vacation destination!

 

Posted in
March 20, 2024

Navigating the Rising Tide: Understanding Condo Insurance Increases

Living in an oceanfront condo has long been a dream for many, offering breathtaking views and a serene lifestyle. However, recent waves of change have swept through the community, leaving some residents feeling unsettled. The culprit? Rising condo insurance costs, causing a ripple effect on homeowners' association (HOA) dues and, ultimately, impacting potential buyers.

The Swell of Insurance Costs

Across coastal communities like Myrtle Beach, South Carolina, and beyond, HOA dues are cresting due to substantial increases in insurance premiums. Many associations find themselves caught off guard, lacking the reserves to absorb these heightened costs. Reports indicate that some insurance premiums have surged by as much as 30% to 50%, leaving HOAs scrambling for solutions.

A Tale of Two Condos

In the wake of these insurance hikes, the divergent experiences of condo communities paint a vivid picture. Compass Cove, nestled in Myrtle Beach, saw a modest uptick of $82 in monthly HOA dues, translating to an annual increase of $984. Conversely, Edgewater in Barefoot Resort faced a towering increase of up to $635 per month, amounting to a staggering $7,620 annually.

Adapting to the Changing Tides

Faced with mounting insurance costs, some communities are charting innovative courses to mitigate the impact. Take Westwind in Myrtle Beach, for example, which opted to trim various coverages from their policies in a bid to reduce premiums. However, such measures may not be a panacea for all.

Navigating as a Buyer

For prospective buyers, these shifts in insurance costs carry significant implications. Partnering with a solid and professional real estate agent becomes paramount, as they can conduct thorough due diligence to uncover any impending special assessments or inflated HOA dues. After all, a spike in HOA dues or an unexpected special assessment can erode the potential rental income, casting a shadow over the investment.

Looking Ahead

As the landscape of condo ownership evolves, it's essential for both current residents and prospective buyers to remain vigilant. Rising insurance costs serve as a stark reminder of the need for proactive planning and solid due diligence. By staying informed and working alongside knowledgeable professionals, investors can navigate these waters with confidence, ensuring their slice of coastal paradise keeps its potential rental income.

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March 19, 2024

Unlock Your Financial Future: Investing in Oceanfront Condos in Myrtle Beach, SC

Unlock Your Financial Future: Investing in Oceanfront Condos in Myrtle Beach, SC

Whether you want to retire to an oceanfront condo as your primary residence or not, and whether you’re 3 – 10 years out from retirement, you make the purchase now, letting others build your equity in the property through tourists renting seasonally here in the Myrtle Beach South Carolina Market.

Myrtle Beach experiences 20 to 22 million visitors each year and is the 2nd best vacation destination on the East Coast. Take advantage of cheaper oceanfront condo opportunities compared to investing in Florida, and begin building a nest egg today!

So, How does it work?

Simple. Buy the property that’s projecting profitable Gross Rental Income. Roll all the profits into the mortgage (if you financed), and the rent it out for however many years until you retire. Once you’re ready to retire, sell the property, rolling both the appreciation and the equity into your final home purchase.

It's that simple.

Appreciation.

Just recently, I had an investor telling me how he was kicking himself for not buying around the time of covid. He was thinking about purchasing an oceanfront condo at the Meridian Resort, for $95,000, but he didn’t and then Covid hit. 4 years later, that same condo is now listed for $199, 900! That’s over 100% appreciation in 4 years (Although, it may not sell for that much). By the way, a few years prior to that, another owner in this same resort was purchasing condos in the $60,000’s, and he bought more than one. Yep, I bet you he’s really enjoying that decision now.

Lots of buyers are kicking themselves for not investing before covid. Much less since 2000. The overall housing market for Single Family homes in Myrtle Beach South Carolina has seen excellent appreciation.

In the past 12 months, Myrtle Beach has seen a 3.80% increase in appreciation, and in the last 2 years, as much as a 24.52% increase in appreciation with an average annual rate of 11.59%.

Pre-covid, only 5 years ago, Myrtle Beach South Carolina real estate appreciated 61.09% with an average annual rate of 10.01%.

In the last 10 years, property appreciation has risen 106.53% with an average annual increase of 7.52%.

Over the last 24 years, Myrtle Beach Real Estate saw a 144.73% increase in appreciation, with an average annual increase of 3.84%.

 

Source: https://www.neighborhoodscout.com/sc/myrtle-beach/real-estate

What does this mean for you, the buyer?

Now, while we can never predict the future, nor guarantee profits, we can look at the historical appreciation in Myrtle Beach South Carolina and make informed decisions.

If you bought a home in the Myrtle Beach South Carolina Market in 2000, and that home cost $200,000, it would now be worth approximately $489,460. That’s 289,460 in appreciation.

But let’s say you don’t have 24 years to wait to retire, but only 10 years, that same home would be worth $413,060. That’s $213,060 in appreciation.

No worries if 10 years is too long. Let’s say you only have 5 years. That same $200,000 home could be worth as much as $322,180. That’s $122,180 in appreciation.

But if that’s still too long, let’s look at only 2 years’ worth of appreciation, which brings us to approximately $49,040.

The point is, by investing in Myrtle Beach real estate, especially oceanfront condos, you stand to gain both appreciation and annual profits that can build wealth and bolster your retirement years.

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

Disclaimer: All information given is meant to be educational. This information is not intended to replace your own research, or to provide legal, investment, or financial advice. Please consult an attorney for legal advice.

Posted in
March 19, 2024

Mastering Investing in Real Estate in 1 Simple Step

Mastering Real Estate Investing in 2024: One Simple Step to Success for Beginners.

What is mastery?

Mastery is the ability to do something without conscious effort. You know, like riding a bike or tying your shoes.

As a beginner investor, you are far from a mastery level. But there’s an answer: the right real estate agent.

Connecting with the Right Partner: Your Gateway to Real Estate Investment

Investing in real estate without experience in 2024 can be simplified into one crucial step: connecting with the right person. This pivotal connection opens the doors to the realm of investing, especially if you lack prior experience.

The Significance of a Competent Agent

Key to this process is partnering with a competent, seasoned agent who possesses extensive market knowledge and exceptional sales skills. This agent becomes your guide, streamlining your journey into real estate investment and ensuring optimal outcomes. This way, you don’t spend wasted time learning what your agent already knows.

The Power of Your Connection

The significance of this connection cannot be overstated. A proficient agent not only facilitates successful deals but also accelerates your learning curve by imparting their expertise, maturity, and breakthroughs. Through this alliance, you bypass uncertainties and swiftly embrace the investor's role, securing wealth for yourself and your family.

Taking Initiative: Your Role in the Process

Initiating this connection rests solely on you. As the driving force behind your investment endeavors, you hold the power to take action. Whether it's a simple phone call, email, or text, seizing this opportunity can propel you into a vibrant future where you thrive.

Navigating the Market Landscape

Your chosen agent brings invaluable assets to the table. With a deep understanding of the market landscape, they tailor recommendations to your preferences, financial goals, and purchasing capacity. From identifying profitable properties to navigating financing intricacies, they guide you towards sound investment decisions. I’ll know that if you need a 2-bedroom 1 bathroom, you have a $200,000 to $250,000 price range, and you’re buying cash, you can be profitable at the Meridian Resort or the Sailfish Resort. Similarly, if you’re under $200,000, I know to put you at the Sea Mist Resort or Landmark Resort. While these are only a couple examples, do you see how much time you just saved because of the work I’ve already done for you?

Maximizing Long-Term Success

Moreover, your agent's competency extends beyond financial aspects. They prioritize your long-term success, checking that each investment aligns with your objectives and yields consistent cash flow. By negotiating skillfully and strategically, they secure favorable deals that optimize your profitability. A solid and professional agent knows how to create a compelling argument that justifies your position in the deal so that the seller reduces their price. Together, we’ll examine what the seller purchased the property for, if they’ve remodeled the unit, what other similar properties are selling for in the complex and surrounding areas, how long it’s been on the market, and other purchasing strategies and develop in overall sales pitch to buy your property under the asking price.

Remember, what you pay for the oceanfront condo reduces your overall monthly expenses for the property, and buying the property right can make all the difference as to whether you’re profitable.

Embrace Opportunity, Shed Apprehensions

Ultimately, the right agent is your ally in building a robust real estate portfolio. Their expertise, combined with your determination, sets the stage for a prosperous investment journey. Embrace this opportunity, shed apprehensions by being honest with yourself about fear and procrastination, and step confidently into a future brimming with possibilities.

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

Disclaimer: All information given is meant to be educational. I am only passing on historical information shared with me by owners, rental companies, and various publications. I am not guaranteeing these numbers, nor can I guarantee future rentals or appreciation. This information is not intended to replace your own research, or to provide legal, investment, or financial advice. Please consult an attorney for legal advice.

Posted in
March 19, 2024

Comparing Oceanfront Investments: $600k vs. $100k Across 6 Condos – Which Offers Better Returns?

Is Investing $600k in 1 Condo Worth More than $100k Spread Across 6 Condos

Ocean Reef North Tower.

The top Oceanfront Condo for Gross Rental Income I’ve seen is a 4 bedroom at the Ocean Reef North Tower in North Myrtle Beach. This unit brought in $104,400.12 in Gross Rental Income. On a small note, I will say that I heard from a private property manager about a Penthouse unit that brought in $110,000 annually in Gross Rental Income in North Myrtle Beach.

Now, I have an investor with a 4-bedroom unit that believes their unit has the potential to bring in as much as $120,000 to $130,000 in Gross Rental Income. Theirs is the unit that was currently Grossing $104,400.12 at Ocean Reef. With a light remodel, we believe the unit can perform better.

But for our purposes, let’s set the ceiling at the historical Gross Rental Income of $104,400.12 when spending around $600,000 on an Oceanfront Condo. The following numbers are based on a cash purchase for the unit. After estimated taxes, HO6 Insurance, and annualized HOA dues, the projected profitability is $55,563.76. That’s a 9.4% return on your money.

Considering Appreciation at Ocean Reef.

When investing in Oceanfront Condos, it’s important to consider appreciation because some properties will appreciate more than others. Taking into account the historical appreciation can help you make an informed decision about the overall profitability of the oceanfront condo, especially when comparing more than one condominium. For example, if the units on average appreciate at 100% in one condominium but only 50% in another condominium in 5 years, then considering both the rental income and appreciation and how they each impact your bottom-line profitability should help you make a more informed decision. 

Looking at the Appreciation in Ocean Reef.

The average sold price across all units sold at Ocean Reef North Tower in 2014 was $91,941 while the average sold price of a unit that sold last year in 2023 was $157,941. These units experienced an average appreciation of as much as $66,000 which is a 72% appreciation. Let’s move on to the Sea Mist Resort and see how those numbers wash out.

The Sea Mist Resort.

Now, what if we purchase 6 efficiency Oceanfront units at the Sea Mist Resort? Let’s consider the math.

The following numbers are based on a cash purchase for the unit. The estimated Gross Rental Income on an Oceanfront condo at the Sea Mist Resort is $28,000. After estimated taxes, HO6 Insurance, and annualized HOA dues, your projected profitability per unit is $16,865.90.

Multiplied by 6 units brings us to a projected Gross Rental Income across all 6 units at: $101,195.40. That’s $45,631.64 more in Gross Rental Income than if you purchased the single $600,000 oceanfront condo at Ocean Reef.

Consider Appreciation at Sea Mist Resort.

The average sold price across all units sold at the Sea Mist Resort in 2014 was $45,150 while the average sold price of a unit that sold last year in 2023 was $92,369. These units appreciated as much as $47,219 which is a 105% appreciation.

Comparing Ocean Reef and Sea Mist Resort on Gross Rental Income.

The Oceanfront Condo near the $600,000 purchase price was only estimated with a projected profitability of $55,563.76. While the 6 Oceanfront Condos near the $100,000 purchase price, totally near $600,000 when purchased together, was estimated with a projected profitability of $101,195.40. That’s $45,631.64 more than if you purchased the single $600,000 oceanfront condo at Ocean Reef.

Comparing Ocean Reef and Sea Mist Resort on Appreciation.

By adding 72% appreciation over 10 years to the Oceanfront Condo near the $600,000 purchase price at Ocean Reef brings the appreciated value to $1,032,000.

By adding the 105% appreciation over 10 years to only one Oceanfront Condo near the $100,000 purchase price at the Sea Mist Resort brings the appreciated value to $205,000. When multiplied across 6 Oceanfront Condo units, that’s a total appreciated value of $1,230,000.

The six Oceanfront Condo units at the Sea Mist Resort appreciated by an additional $198,000.

It’s clear to see the winner. By choosing the Sea Mist Resort, you’ll stand to gain as much as $45,631.64 more in Projected Profit and $198,000 more in appreciation. 

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

Disclaimer: All information given is meant to be educational. I am only passing on historical information shared with me by owners, rental companies, and various publications. I am not guaranteeing these numbers, nor can I guarantee future rentals or appreciation. This information is not intended to replace your own research, or to provide legal, investment, or financial advice. Please consult an attorney for legal advice.

Posted in
March 19, 2024

Unlocking Paradise: Investing in Bay View Resort Condos Unit 1705 in Myrtle Beach, SC!

Unlocking Paradise: Investing in Bay View Resort Condos Unit 1705 in Myrtle Beach, SC!

 

The Bay View on the Boardwalk Resort is known for its view of the Myrtle Beach Boardwalk and its close proximity to the Skywheel and Pier at 2nd Avenue.

These units offer an impressive selection of meticulously designed condos that cater to diverse lifestyles and preferences.

Units Range from Efficiency to 4-bedrooms, having both oceanfront and Oceanview units, and offer square footage as low as 400 square feet and as high as 2,200 square feet.

While smaller units may be perfect for couples, larger units that have expansive multi-bedroom layouts could be ideal for families and larger groups. Bay View on the Boardwalk Resort condos provide a range of options to suit your needs.

About Oceanfront Condo Unit 1705.

Welcome to your slice of coastal paradise at 504 N Ocean Blvd #1705, Myrtle Beach, SC – an investor's dream! This fully furnished, turn-key OCEANFRONT condominium offers not just a home, but a potential rental income opportunity.

This "lock out" unit features both A and B sides, each equipped with 2 bedrooms, 2 bathrooms, and spacious living/dining areas. Granite countertops and a breakfast bar adorn the kitchen, perfect for hosting guests. The master bedroom boasts a private balcony, walk-in closet, and ensuite bathroom, while the second bedroom offers ample space for guests, family, or friends.

Step onto your private balcony to soak in the sights and sounds of the ocean, or enjoy a range of amenities including pools, a fitness center, and direct beach access. Located near the vibrant attractions, restaurants, and entertainment of Myrtle Beach, this condo offers both a lifestyle and a potential lucrative rental opportunity.

Don't miss your chance to own a piece of the coastal dream – seize the opportunity to invest in this highly rentable oceanfront resort at 504 N Ocean Blvd, Unit 1705.

Accommodation & Amenities.

Accommodations vary by room type but some include Sleeper sofas, fully equipped kitchens, coffee makers, in-room safe, irons and ironing boards, washer and dryers, free in-room coffee with coffee markers, hair dryers, and some units include private balconies.

Guests enjoy indoor water amenities, life-size games of chess and checkers, Starbucks onsite, shuffleboard overlooking Ocean Boulevard, an outdoor pool and spa, and elegant details within the rooms and condos including private balconies.

Onsite Vs Offsite Property Management

Some Oceanfront Resorts won’t allow an owner’s tenants to use onsite amenities if the owner uses offsite property management. However, at Bayview Resort, even if you use offsite property management, your tenants can use the amenities.

What does the HOA Include?

The HOA includes Electric Common, Water and Sewer, Trash Pickup, Elevator Service, Pool Service, Landscape/Lawn, Insurance, Manager, Security, Legal and Accounting, Master Antenna/Cable TV, Common Maint/Repair.

How Does the Location Serve My Guests?

2 Minutes from Myrtle Beach Boardwalk and Promenade

8 Minutes from Broadway at the Beach

3 Minutes from Family Kingdom

8 Minutes from Walmart Supercenter

8 Minutes from Top Golf

12 Minutes from Medieval Times Dinner and Tournament

12 Minutes from Market Common/Savannah’s Playground

10 Minutes from Coastal Grand Mall, Costco, and Best Buy

10 Minutes from Springmaid Pier

11 Minutes from Myrtle Beach International Airport

12 Minutes from River Oaks Golf Club

13 Minutes from Myrtlewood Golf Club

14 Minutes from World Tour Golf Links

16 Minutes from Pirates Voyage

16 Minutes from Grand Strand Medical Center

14 Minutes from Tanger Outlets

Only Minutes from many great restaurants on Ocean Blvd and Bus 17

How Do My Guest Navigate the Area?

Take Bus 17 North to reach North Myrtle Beach and Little River

Take Bus 17 South to reach Surfside Beach, Garden City, Murrells Inlet and Pawleys Island.

Take Bus 17 to Hwy 501 to go inland towards Forestbrook (14 Minutes), Pine Island (15 Minutes), or Carolina Forest (25 Minutes) Communities to reach Conway, SC (32 Minutes)

Take Hwy 501 to Hwy 31 and go north to reach Carolina Forest and North Myrtle Beach

Take Hwy 501 to Hwy 31 and go south to reach Socastee

Take Hwy 501 to Hwy 17 Bypass South to reach Garden City and Murrells Inlet

Take Hwy 501 to Hwy 17 Bypass North to merge into Bus 17 and reach North Myrtle Beach and Little River

Depreciation.

Assuming that the purchase price of Unit 1705 is the same as the appraised value at $365,000, when this appraised value is divided over 27.5 years for depreciation, this gives you an annual taxable income deduction of $13,272.72 for this rental property.  If that doesn’t get you excited, just wait until you see how this unit has appreciated!

How did Bay View on the Boardwalk Appreciate?

In 2014, the average unit across all types had a purchase price of $177,333. In 2023, the average unit across all types had a purchase price of $308,500. This an increase in appreciated value of $131,167. In the last 10 years, Bay View on the Boardwalk appreciated 74%.

What are Occupancy Rates Like in Myrtle Beach South Carolina?

Currently, there’s plenty of room to increase the profitability of your rental property by increasing your annual occupancy, but first let’s see just how much room there is to grow so that we can also better understand how the size of the unit impacts its rental performance.

2 Bedroom Units Across All Property Types

The average 2-bedroom rental in our market across all property types averages 146 nights booked, which is 40% of the year, has a daily average rental rate of $146 and brings in between $22,551 and $33,178 each year in Gross Rental Income.

All Rental Types Compared to Oceanfront Condo Unit 1705

The 2022-2023 Avg Gross Rental Income for Unit 1705 is $60,152.48. By investing in Oceanfront Condo Unit 1705, compared to all types of rentals in Myrtle Beach South Carolina, you come out making atleast $26,974.48 more but could stand to make as much as $37,601.48. It’s clear to me that Oceanfront Condos are the way to go in our market.

2 Bedroom rental properties make up around 29% of the Myrtle Beach South Carolina rental market.

 

Which unit type should I invest in?

The top performers were a 3-bedroom unit that booked 272 nights and a 4-bedroom that had an average daily rate of $501.

Offer Vacation Packages to Increase Occupancy.

It’s simple. Just offer three different vacation packages to your tenants. One at $500, one at $1000, and one at $1500 and then fill those vacation packages with gift cards to the best restaurants, paid for attractions like shows, local events, and concerts, and even include more concierge options like rose pedals, bath robes, and gifts for him and her.  You’ll most likely find that your tenants will be thrilled that you put this level of work into their vacation, they’ll gladly pay the convenience fee of each package, and most importantly, want to return year after year.

What’s this do for you? Repeat and Loyal Business.

You’re more likely to have satisfied and therefore repeat customers who will rent your property year in and you’re out, repeatedly. Two-things impact your rental business because of the yearly repeat tenants: you can successively build your Gross Rental Income (GRI) each year upon the next year—growing your book of business—and, due to the loyalty of your tenants, you may be insulated from the ups and downs of the rental market. In other words, if the rental market has a bad year overall, because your tenants are loyal, you may not see a significant reduction in Gross Rental Income. They very well could choose to cut expenses elsewhere in their budget because they just don’t want to give up their dream vacation, even when the economy struggles along.

Run Facebook Ads Targeting Groups that Visit Our Market for Local Events and Golf.

Here are my picks for your top 4 groups to run Facebook Ads to in order to increase your occupancy:

1.    Golfers. Myrtle Beach has over 90 Golf Courses. Spring time is when golfers begin arriving.

2.    Marathon Runners. Myrtle Beach Marathon: Held typically in late February or early March, this event attracts runners from all over the country. It includes a full marathon, half marathon, and other races.

3.    Country Music Lovers. Carolina Country Music Fest: Held in June, this multi-day music festival features some of the biggest names in country music performing on stages set up along the Myrtle Beach Boardwalk.

4.    Bikers. Myrtle Beach Bike Week: Both spring and fall editions of Bike Week attract motorcycle enthusiasts to the area for rallies, rides, and entertainment.

Do I Buy an Oceanfront Condo as a Second Home or Investment Property?

Buying as a Second Home.

If you buy as a Second Home, you cannot rent the property more than 180 days each year.

You must occupy the property 3 weeks out of the year

You must qualify with current and new housing costs

Primary Residence can’t be within 75 miles of the Second Home

If you do buy as a second home, you should get a better interest rate and lower down payment.

Buying as an Investment Property.

If you buy as an Investment Property, you can rent the property for more than 180 days each year.

You do not have to occupy the property.

You may not have to qualify with current and new housing costs if the property has historical rental income.

When you buy as an investment property, you will have to pay personal property taxes on the furnishings in your unit.

If you buy as an Investment Property, you won’t get as good of an interest rate, and you’ll have a higher down payment, but you have the option of doing a 1031 Like-kind exchange.

Remodeling.

A smart approach for many investors is to buy a dated Oceanfront Condo for cheaper than market price, a unit that needs remodeling, and then remodel the unit so that it maximizes Gross Rental Income. When prospective tenants are searching online for the best vacation rentals, they’re more likely to choose the nicest, more updated units when comparing rentals.

Several things increase the desirability of the unit for tenants such a LVP flooring, fresh paint, new fixtures and faucets, backsplash, barnyard doors, wainscoting, fireplace inserts, flat screen Tv’s, and new furniture to name a few. You might even consider leaving a telescope on the balcony so that your guests can enjoy the stars.

I had a client once that listed their property with a different agent before me and couldn’t get it sold. Based on feedback from showings after the property was listed with me, we remodeled the unit. The property went under contract in only 23 days after the remodel, when before it wouldn’t sell.

For more information, please Click Here.

Bayview on the Boardwalk Market Report.

This Market Report is as of 03-07-2023.

Active Properties.

10 Active

Average Price: $329,160

Average Days on Market: 117 days

Sellers are more likely to reduce their price due to high competition.

Under Contract.

2 Properties Under Contract

Average Price: $286,500

Average Days on Market: 59 days

Sold Properties.

6 Properties Sold in last 6 months

Average Price: $312,800

Average Days on Market: 104 days

Properties are selling so don’t let another buyer get the best deal on the condo you want.

For current information, please Click Here.

Click Here for More information on Bay View on the Boardwalk.

 

What is the Projected Profitability for these Units?

Between 2022 and 2023, this type 2 Bedroom Oceanfront unit at Beach Colony Resort brought in an Average Gross Rental Income of $60,152.48.

Paying with Cash.

As of 2022-2023, this 2 Bedroom Oceanfront unit generates an average of $60,152.48 in Gross Rental income. If using a property manager that charges 10%, your expense should be $6,015.25 which brings you to a subtotal of $54,137.23 after property management fees are paid.

With estimated taxes—based on 2020—at $3,290.83, cleaning services—based on 27 bookings annually at $150 per cleaning—at $4,050, and annualized HOA dues at $13,644, your estimated expenses are $20,984.83.

Subtracting from your subtotal (after property management fees) of $54,137.23, for your total estimated expenses of $20,984.83, your projected profit is  $33,152.40.

Paying with Financing.

As of 2022-2023, this 2 Bedroom Oceanfront unit generates an average of $60,152.48 in Gross Rental income. If using a property manager that charges 10%, your expense should be $6,015.25 which brings you to a subtotal of $54,137.23 after property management fees are paid.

At a purchase price of $365,000, your 15% down payment is $54,750. Assuming an 8.24 interest rate for 30 years with a down payment of 15%, your principal and interest totals $28,896. With estimated taxes—based on 2020—at $3,293.40, cleaning services—based on 27 bookings annually—at $4,050, and annualized HOA dues at $13,644, your estimated expenses are $49,880.83.

Subtracting from your subtotal (after property management fees) of $54,137.23, for your total estimated expenses of $49,880.83, your projected profit is $4,256.40. Bayview 2-bedroom Oceanfront Condos are some of the rare “Unicorns” that yield a projected profit even when financing!

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

Disclaimer: All information given is meant to be educational. I am only passing on historical information shared with me by owners, rental companies, and various publications. I am not guaranteeing these numbers, nor can I guarantee future rentals or appreciation. This information is not intended to replace your own research, or to provide legal, investment, or financial advice. Please consult an attorney for legal advice.

 

 

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