advice

The market at the Grand Strand is currently a Buyers market. As a buyer there are several things to keep in mind with the purchase of investment property.

1. Don't be in a rush to buy, find a deal there are CURRENTLY plenty of them, take advantage of the current market conditions, these conditions won't be around forever.

2. Do due diligence, look at ALL aspects of the particular unit and building you are considering. I will take you to the rental companies to get printouts on rental histories and current bookings,they are after all the ones that will produce your income. We need to look t the financial condition of the property owners association, look at the building condition and the probability of continued good rental income.

3. Price- when you find a unit that you like and the numbers check out, OFFER MUCH LESS than the asking price, you may not get that price but you are trying to find the sellers lowest price.

4.The main theory is to keep in mind if it pays for itself including the mortgage, BUY IT, if not DON'T, this is only true of purely investment property, if you want to use it for personal use it is not as important.

5. Keep in mind that a unit may not show well due to paint, old furniture etc. But may be priced way less than similar units, you can do a lot of upgrades for very little money.

6. It APPEARS the market is leveling off and prices have stablized, interest rates are very low and money is starting to move again we MAY be in a position as in 03 to have the market move up again. Again if the unit pays for itself then its tough to get in trouble regardless of what the market does intotal rental income the short term future.
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7. There are basically 3 places or a derivitive thereof to invest money, stock market, real estate and banks, there are 3 to invest 1. Appreciation, tax advantages,and income, only real estate meets all three.

8. Management fees are a vital part of your total investment income, you cannot pay 40-50% of your rental income, you can pay 15% maximum, there are several companies that charge this, I will steer you that way.

Since I do ONLY investment oceanfront property I know the market well and represent only you, the buyer. Your first trip to the beach should be an educational experience , I will show you properties, take you to talk with rental companies, property management companies and spend a considerable amount of time showing you the area and what is available in good solid profitable buildings.

Keep in mind are looking for INVESTMENT property, not the home you will live in, of course its important you like the unit but dollars are our main concern. Most people have a duel concern, income and personal use, thats ok you can do both!!

I look forward to working with you!!

Bill Lawson cell 843 446 4479 email wpl@mbrealtor.info