What you should know when buying a condo in myrtle beach

Подписаться 429

Просмотров 11 тыс.

50% 1

When buying a condo in myrtle beach, there are a few things you should know. Especially when it comes to ocean front condos in Myrtle Beach, you really should look at the numbers. Too often, Buyers buy these condos without looking at the financials and some find themselves in a negative cash flow.
In this video, Abe Safa of Century 21 The Harrelson Group in Myrtle Beach discusses what numbers to look for and how to determine the financial situation that you will find yourself in.
Abe Safa is one of the top real estate agents in Myrtle Beach as well as the country. With over 150 transactions per year, Abe has the experience to guide you through the process of buying or selling.
Call us for all your real estate needs or questions. (843) 360-2145
www.abesafa.co...
#myrtle beach #abe safa #real estate #ocean front condo #top real estate agent myrtle beach

Опубликовано:

7 сен 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 29

@gordoncheswick4169 10 месяцев назад

The cost of HOA, extraordinary fees, the parking fees, the upkeep of the condo (especially ANYTHING exposed to the salt infested wind), window cleaning, renewing much of the furniture every 3-4 years, state income tax, state land tax, property and fire insurance, water damage insurance, usually paying the condo manager in order to rent out the property, advertising, real estate fees to manage - just go on and on and on. In this market it is IMPOSSIBLE to make money on rentals unless you charge $3-4,000 a week!

@prettygirlus9008 Год назад

In 2015, I bought a very nice, waterfront unit in FL as a foreclosure at a very good price, with plans for this unit to be my future full-time retirement destination. The building was well-maintained and well-managed. The HOA only allowed rentals at 1 yr minimum. I self-managed and kept it fully rented with the same excellent tenant for 7 years, at 10% below market. Special assessments, ever increasing property tax, property insurance and HOA fees crushed my return on rental income to just 1% annually. I got a very attractive, unexpected cash offer and ended up selling early in 2022, nearly tripling my investment. Now, I'm not reinvesting in real estate so now I'm looking at huge capital gains and depreciation recapture taxes!

@BrianMason3636 Год назад

Thank you so much for sharing this info.

@shauncronin3961 Год назад

Most informative video on rental income I’ve ever seen

@Myrtlebeachrealtor Год назад

Glad you found value in it. Anything we can help you with, please let me know.

@tomcahill6981 Год назад

Very well done video on how to rent a condo.

@joeyn7399 9 месяцев назад

Great video

@Myrtlebeachrealtor 9 месяцев назад

Thanks. Glad you found it helpful.

@jasonaltman8911 Год назад

Very good video and I'm glad that I have been adding up the numbers in the right way. As a first time condo buyer, I'm trying to make sure I get all the numbers accounted for so that there aren't many surprises down the road. I'm thinking now is a good time to buy a rental because rates have got to rise significantly soon to curb inflation. Picking the right unit is key! Thanks for the video!

@Myrtlebeachrealtor Год назад

Glad you got value. Let me know if we can help you find the right condo. 843-360-2145.

@anthonybroomfield5162 Год назад

Why would anyone consider a return of 6 percent a good return when inflation is higher than your 6 percent return. With inflation alone your losing money and when you add the other factors it’s a total lost. This is a lousy buy by any standard, the only one making money is hoa, tax dept, management and maintenance workers to fix things at the owner expense. The only thing the owner is earning is cost and expenses and erosion of their investment. It seems like the word owner only mean your responsible for all expenses bills taxes etc but zero return

@myrtlebeachrealestatetv9360 Год назад

@@anthonybroomfield5162 That is a very good point. For a lot of people it does not make sense...that is why it is so important to have in depth conversations with people before they buy and see if it is the right move for them. For the sake of keeping this short, one example of it making sense is if someone is also going to use and enjoy the condo a good bit. So sacrificing a little monetary return for emotional return, ie. use and enjoyment makes sense for some people. But you are absolutely right in your assessment.

@jennyzhang193 Год назад

Hi Abe, I like you video, very helpful. What do you think to purchase SFH instead condo for investment? Would like have your professional opinion. Thank you very much!

@Myrtlebeachrealtor Год назад

Hi Jenny. Please call or text me, so I have your number and we can discuss tomorrow. 843-360-2135

@randyriggin8306 11 месяцев назад

I heard you can get management fees for 15 percent

@willbriz Год назад

Just to be clear…if buying a condo on Myrtle Beach as an investment property, are you required to hire a management company in order to rent it? Or can you self manage it and still rent it out? Whether it be long term tenant or Air BNB?

@abesafa9927 Год назад

You are not required to use a prop management company. But be careful to look at the hoa documents. Some resorts require you to use onsite IF you want your renters to enjoy all the amenities. So you may lose access to some things in resort or in some cases incur an extra monthly fee in order to have access.

@willbriz Год назад

@@abesafa9927 thank you for your quick reply. 40% seems VERY high and unreasonable for a management company. Thanks again!

@abesafa9927 Год назад

@@willbriz you’re welcome. I agree it high but that is the norm in our market. Let me know if I can help you in any way.