Myrtle Beach Or Other Vacation Rentals
I am looking for someone who is doing out of state vacation rentals to ask a few questions. Is buying vacation property similiar to buying in your own neighborhood or is it more difficult to find a lender? Is the property usually rented out year round? How do you find a property management company? Do they charge money when the place is not rented? Is it better to buy a place on the beach front or a few rows back? How about better to buy a condo or a beach house?
Thanks,
Ric.
There will be a lessor amount of lenders because this is an investment property rather than your own house.
If it is a vacation property then it depends on the location as they will be seasonal rentals. Here in Florida they rent 55% or more of the time, thats why the rental prices are double the mortgage.
Realtors are the best way to find property management companies, also the internet or local "Beach Guides" have there advertisements. They usually start the bidding at 10% of gross income and charge you for repairs, clean up etc. All of this is negotiable.
My advice on what to buy would be look at your wallet and look at the type and location of the houses with a waiting list. If there is a waiting list in a certain area for a certain price range, that is where you want to be. For instance Million dollar homes are renting well in South Beach Florida, but St. Pete has a problem selling them, let alone renting them. But on the same note South Beach has dozens of 1 bedrooms always available where as St. pete there is a waiting list for waterviews.
From what I remember about Myrtle beach it is extremely seasonal, so I would suggest buying right before one of the 2 seasons hits so you can go into it making money. But sock it away as Myrtle beach is a ghost town, the rest of the year.
Good Luck,
Kyle[ Edited by KyleGatton on Date 03/09/2004 ]