myrtle beach sc

General Real Estate Investing
1

I am looking at a 1 bedroom condo for 80,000 near Indian wells golf course. renting for about 650.Question, is this a good area, or has it declined like the rest of the country. Do you feel it is a good long term investment( golf courses and beaches) the numbers work, just curious if anyone has any info on the area.

thanks

2

If you buy a condo for $80K and rent it for $650, what is the deal?

Myrtle Beach is a popular vacation area and has been for many years – you gotta believe that it will continue to be.

My guess is that your numbers aren’t going to work…

Income: $650

Outgo:

  • Mortgage ($80K at 7.5% for 30 years) = $560
  • Taxes = ??
  • Insurance = ??
  • Condo Fees = ??
  • Vacancy (at 7% - guestimate) = $45.50
  • Management (at 10%) = $65
  • Etc.
  • Etc.

I’m not “feelin’ the love” on this one…

Keith

3

This condo is totally redone including new kitchen and appliances,washer and dryer,tile and sliding doors, new paint and carpet. $8000 down, $2000 towards closing.

Purchase $80000
Down $ 8000

Taxes $ 50
Mtg( 5yr. intrest only) $ 345
Insurance (about) $ 40
Total (1st year) $ 395

Rental $ 650
Management(8%x650) $ 52

1st year $206 (excluding vacancy)

HOA $145 month after 1st year

I am betting on appreciation, and tax write offs and a good tenant. At this time I do not have a larger down payment .

Thanks Again!

4

like Cramer says, there is no HOPE in the Investment equation 8)

5

Also, why did you post it in MARKETING ??? ???

6

YOU ARE RIGHT I AM OUT OF THAT DEAL.
THANKS FOR THE HELP!