Investing in Myrtle Beach, SC Real Estate - A GREAT Idea
According to a new article on Realtor.org, more vacation property owners are turning their homes and condos over to rental management companies than ever before.
One management company said that owners could earn more money renting out a vacation home than in the stock market.
Myrtle Beach vacation rentals certainly hold true to that. In the case of condos that have been purchased recently with the discounted prices, owners not only end up getting enough in rentals to pay their expenses, but are actually making tidy sums from several thousand to $10,000. We will know for sure by the end of 2009.
That is one reason why it is such a great time to buy Myrtle Beach real estate.
Without counting a mortgage payment, the expenses for owning an average 2 BR oceanfront condo in Myrtle Beach are around $8000, and the average rental per year is around $16,000. (This is a huge estimate) When you turn the property over to a rental management company such as CondoLux, they will charge you approximately 20 percent of the rental income, or in this case, $3200. Subtracting all that, an owner would have around $4800 left as profit.
The HOA fees, taxes and insurance would also be tax deductible in most cases, as would depreciation. So it’s usually at least a break-even situation if not more. Since the prices right now are way below normal, when Myrtle Beach real estate prices start returning to normal the equity that builds up will be considerable.
It doesn’t take a rocket scientist to see that buying a Myrtle Beach condo right now is a smart move. Stocks have their time, and so does real estate. Right now putting your eggs in the real estate basket is a smart move. And Myrtle Beach is the best place to do it.