Myrtle Beach has something very interesting going on with the whole buy vs Rent idea.
As real estate agents we normally see a town of those rent vs buy statistics and articles and which ever way the verdict falls depends on who published the articles.
A couple years ago it made sense to rent. We went through and changed our whole business plan to focus more on managing properties. Because you could rent a much nicer home than you could afford to buy. It really made sense to rent!
Now its completely different, prices have come down a LOT! In many communities we have saw 30 to 50%.
but take this home in Forestbrook for example at $122,900 your payments, insurance and taxes would be roughly $850 a month. We just recently rented a home the same size without a garage for $950 a month!
This isn't the only property like this! there are examples of this all over the place now and these aren't short sales.
Ocean front Condos in Myrtle Beach are the same way. In 2006 it was kind of crazy to buy one for a buy and hold investment. You would have been lucky if the vacation rental income covered 1/3 of your expenses.
Even though oceanfront insurance went up and association dues went up with it, it actually makes sense to buy an ocean front condo to keep. Many of the ocean front here are condotels so the down payment requirements have went up a lot but still once you subtract your downpayment and even add in the HOA fees you have a condo that has the oppurtunity to actually cash flow.
For more information on Myrtle Beach call me at 843-474-1031 or visit
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