Myrtle Beach Creative financing

The real estate market has slowed down a good bit in the last few months. What is becoming more and more common in our market is creative financing.

The big reason this has become more common is because there are a lot of Myrtle Beach real estate owners that need to get out of their property. The banks have tightened their lending standards so much it has slowed down the buying process immensely. As a result property owners have to be more creative. This has included a lot of owner financing on Myrtle Beach condos for sale and a lot of lease options.

When you are buying a property there are a lot of opportunities and pros to purchasing this way. When buying with owner financing, credit standards may not be as strict because it is up to the owners as to what they are willing to accept. Many owners may not even be interested in looking at your credit before deciding if they want to owner finance their property to you.

Also down payment requirements may not be much at all. We have seen many owners require only a couple months’ payments.

Now when purchasing a home with owner financing you will still want to go through the same attorney process. You will want to have a lawyer look over all of your paperwork and a title company to do a title search.

You will want to make sure there are no title issues etc that may prevent you from refinancing or selling your property later on.

Many properties that are owner financed are often sold on what is called a “land Contract”. A land contract basically is an agreement where at a certain point title is transferred to the buyer.

Often times many Myrtle Beach rentals are only rentals because the owner is not able to sell them. So these properties are great to make offers for lease options and owner financing.

Vacation condos and the best time to buy them

Where are most vacation condos located?

Most vacation condos are located in tourist areas such as beaches, lakes, golf course and ski resorts.

They are typically in place where people would go to spend a weekend or week to enjoy nearby attractions.

Other areas would include near major attractions. In Orlando, Fl there are many vacation condos because of all of the nearby attractions. Myrtle Beach Condoshave also been extremely popular.

In the last few years there have been several developers such as the Ginn Company who have owned land that was not by nearby natural attraction, so what they done was create their own. This was done buy digging lakes and ponds, water parks, restaurants and other features to make their resort a destination you could go relax and take the entire family.

When is the best time to purchase a vacation Condo?
Often the best prices and purchasing incentives are available during the pre-construction offering before the condo is actually built. During this time developers are often taking reservations and are in need of reserving a certain percentage of the development in order to secure a construction loan to build the property. Many developers are offering guarantees on myrtle beach rentalsright now as well as a tremendous amount of other incentives.

But if you miss out of the Pre construction condosyou can often find great deals in older resorts. Many older myrtle beach condoswere built in prime locations and have all the amenities of new resorts, but have had time to mature and appreciate leaving room for a buyer to be able to purchase an existing condo that has a stable track record of vacation rentals.

The best time of year to purchase in many areas is during the off season. Usually in the off peak season Myrtle Beach Rentals don’t have a large income and most condo owners are more willing to let there myrtle beach rentals go for a cheaper price. During the off season many vacation owners will have already received the bulk of their yearly income and the condo will be producing very little to support itself. During this time of year inventory levels are a little higher than during the busy season and because of the lower incomes may be more inclined to sell at a discount.

Now is also a great time to look at buying
myrtle beach condo foreclosures

starting a property management compnay

Starting a property management company

Starting a property management company can be an extremely rewarding adventure. Real Estate Property Management is something that is highly needed no matter what cycle of the market we are in.

Myrtle Beach Rentals are fairly challenging because being in a tourist area things are constantly changing. Myrtle Beach condos are very dependant on how well the economy is doing. The reason is because most of the area is highly dependant on tourist dollars to drive the retail industry, hotel industry and restaurants.

There are different kinds of Myrtle Beach rentals, the market has a lot of room for annual property rentals, but also vacation rentals are a huge business. Millions of people come to the Myrtle Beach area every year. Many of these people are interested in weekly rentals or nightly rentals. The difficult part of starting this business is it is very seasonal. During the summer months you will be extremely busy. Now the winter months can be difficult.

Vacation rentals can be extremely labor intensive. Every week you have to do check in and check outs, not to mention you have to deal with room cleaning, 24/7 guest complaints and a list of other issues.

The other option is doing annual rentals. Annual rentals are just what it sounds like. These people actually live in the area and plan to stay year round. This is the least labor intensive choice.

You also have some properties like Dunes Village Resort that has condos and time share. This even ads more challenges.

In the state of South Carolina you have to have a property management license or a real estate license to be able to manage real estate for other people. Most cities and counties will also require you to have a business license also.

Now property management is defiantly not a business for the faint of heart. Dealing with people and the place they live is always interested. We have said many times you don’t really know someone until you rent to them.

Starting a Myrtle Beach rentals business managing Myrtle Beach real estate is defiantly something that is needed no matter what cycle of the economy we are in.

We always recommend the follow things are must have items before you get started.

A Post Office Box – this can save a lot of time by requiring all tenants to mail rent in. Letting people come to your home or picking up rent from people can be dangerous, not to mention you don’t want someone coming in your home while you are trying to spend time with your family.

A Fax machine – A fax machine is a must, there are always things needing to be faxed to people and you don’t want to have to hunt one down every time you need one.

Internet connection – Most people find it easy to communicate through email. Email also gives you a paper trail if it is needed later on.

A cell Phone – You don’t want to miss a call from a potential renter – the quicker you can answer or call back the quicker you can show your property and get someone to move in.

That is the basics for starting a property management company. Of course when showing property you always want to remember to be safe.

You also will want to make sure you follow your state guideline for a liscense

Myrtle Beach Condo Rentals

Myrtle Beach condo rentals are extremly popular during the summer months. Myrtle Beach has 13 million tourist a year who come to the area for vacation and a large percentage of them come in June, July and August.

Most of the most popular Myrtle Beach rentals are Myrtle Beach condos.

The surfside and garden city areas are always very popular as well. If you are looking for a year round real or your moving here permanantly then ocean front condos can be expensive. You might want to look at Myrtle Beach apartments.

You can often find annual apartment rentals in the Myrtle Beach area for very reasonable rates.

Short Sales in Myrtle Beach

Short Sales are definatly on the rise in Myrtle Beach!

The hardest area being hit is Myrtle Beach Condos. The reason being is during the real estate boom, condos were the hottest thing going.

A lot of the condos were bought by out of town investors. So a lot of these places now have become Myrtle Beach rentals. There has been a need for affordable housing in Myrtle Beach. During the condo boom a lot of the Myrtle Beach apartments were converted to condos and sold off to individual home owners.

Short sales are generally an attempt to sell your property before it become one of the many Myrtle Beach foreclosures.

We have not saw nearly the short sale and foreclosure rate in moderatly priced Myrtle Beach Homes.

For those people looking to buy property in this area Myrtle Beach Short Sales are a thing that will be with us for sometime to come.

DeBordieu Colony

DeBordieu Colony is one of the most exclusive gated communities on the east coast. The master planned community was built on 2700 acreas of beautiful South Carolina Marsh and Beach front properties.

DeBordieu Colony Amenidies includ a world class golf course, beautiful sandy beach and 6 tennis courts.

The private beaches have been grounds for sea turtles to lay their eggs for hundreds of year.

Historically the area was home to rice plantations and has a rich history of english settlers, spanish treasure hunters and famous pirates.

DeBordieu is located just 30 minutes south of Myrtle Beach, SC and just minutes away from Historic Georgetown, SC.

If you are looking to buy or sell a home in DeBordieu Colony contact us today

Best Places to own rental property

So you want to own a rental property. Actually I want you to own a rental property in Myrtle Beach. But since I can't always have it my way, I am going to give you some advice that works well in our market and will probably work in your market too.

The best places to own rental property.

Ofcourse your rental property goal is more than likely to keep your property rented and get the most for it you can, while minimizing vacancies and keeping expenses low.

You will want to be in a place that constantly provides an excellent of renters.

Our recomendation is purchasing in an affordable area that is close to jobs or a college.

Colleges and Universites have a constant flow of student moving to the area.

rentals in Myrtle Beach do well around Coastal Carolina University and Horry Georgetown Tech.

Also close to the Coastal Grande and Tanger Outlets.
However ofcourse you do want to make sure your prices are affordable and your rental properties are in good shape, hiring a property manager in Myrtle Beach can help with that.