Baywatch Resort in North Myrtle Beach

Chris and Bruce (Not Yet Licensed):  The $ 90K unit is an efficiency.  The one bedrooms are starting right at $160K right now (both are distressed sales - short sale & REO).  A nicely furnished corner unit - 2BR/2BA was garnered by my client a couple of months ago for $ 280K.  There is a one bedroom unit in the foreclosure sale at Horry County this coming Monday.  It will probably go for $ 100K. 

The last few Horry County Foreclosure Sales had some outstanding oceanfront opportunities - a couple of Avista one bedroom units sold for $ 100K.   I go to every Horry County Monthly Foreclosure sale.  I have a weekly list of foreclosures, and I line up all the research for the units my clients are interested in .  I charge a 5% commission to represent these clients & bid for them & orchestrate all inspections & due diligence.  It is a most fascinating "SPORT"!  It is highly profitable, if you have cash (need the money honey - within 10 days of the bid,unless it's on a deficiency judgment unit, in which case, add another 30 days).

Enough rambling. It's late and I am tired.  I may have given a little too much information here.  The bottom line is:  if you can line up the cash (pull it from other properties owned), you can pick up oceanfront for pennies on the dollar right now.  It is INCREDIBLE!  By the way, I only buy what I can't sell - if one of my buyers backs out and I can't find another replacement buyer, I'll pick up the crumbs.  I bought one last year like that.  My buyers backed out, so I bought it.  I made $ 50K at closing (on paper, of course). 

I might pick up one this Monday, if my Buyers remain steady in their decision to not go forward with the bid, after I've done all the research.  Possible equity at closing: $ 50-$70K!!!  Single family home, 6-7 minutes to the beach, on the lake, 3BR/2BA,in good school district.  Will appraise for $ 169K, might get sold on Monday for around $ 100K or less.  If anyone is interested in buying that, let me know!  I'm in the business to sell, not buy, but buy I will, if I I don't find a buyer for it.  It's a no brainer.  It will cash flow beautifully.

Good Night, Chris!  Sweet dreams!  A couple more comments and I'm out of here too. 

Carol:  Take the day off!

Debbie:  Thank you!  Glad you find it helpful!

Chris and Not Yet Licensed:  Thank you! 

Come down and visit our lovely part of the World!  The ocean is so warm right now!