Tuesday, July 21, 2009
Signs of Stability? Listings fall for 12th consecutive month.
Even though all real estate is local, it is important to watch what is happening in the broader market too. Myrtle Beach has been hard hit with record foreclosures and short sales in the last year. I believe our local market is stabilizing because even though prices may drop just a little bit more, buyers are finally buying. When the buyers come back in earnest, this demand will help to absorb the large number of listings that have been available.
Monday, July 20, 2009
Sunday, March 29, 2009
Use Your IRA to invest in Real Estate
Below is another company that offers the self directed IRA which can be used to purchase real estate.....a little known fact your financial investor doesn't want you to know about. Check it out and see if it works in your plans. Use this link to visit the website for more information
http://www.nafep.com/ICO/self_directed_ira_public.htm
http://www.nafep.com/ICO/self_directed_ira_public.htm
How do I make an offer on a short sale?
A short sale is still owned by the seller. You make an offer to the seller.
If he accepts or will negotiate and you reach an agreement on a purchase price, the seller's agent or seller takes that offer to the bank holding the mortgage and the seller asks if the bank will accept the short sale. If the bank accepts it, there will be other contracts to fill out and a timeline to close.
In South Carolina it is law that you must use an Attorney to close the transaction so you will have counsel and advise regarding title insurance.
Short sales and foreclosures are sold as is and you will be asked to sign that you agree. Usually, if the condo has been on the rental program in the past it is in fine shape. I have seen some though, where owners removed TV's and appliances but that is rare. I'm right here so if you can't come to your closing I will do your walk through on that day.
Now, not all properties advertised as short sales will end up as a successful transaction and sometimes they will sell for over asking price.
It depends. Sellers can only sell short if they are in severe financial hardship.....short selling is not a loophole for a bad investment. Also, if there is a second mortgage on the property then odds are against the property selling short. Usually in that case it goes into foreclosure so there may be another opportunity at the courthouse or when it comes back on the market for sale by the bank.
Also, when a seller wants to sell short, he is required to do a mountain of documentation and cannot ask the bank if he can sell short until he has an offer in hand. That is the reason that it can take up to 3 months to hear if the bank will consider the short sale. Some sellers agents already have a contact because they have earlier presented an offer that was rejected but that can be good because at least a contact has been made and the bank is considering. Also, if one offer is already presented to the bank the listing agent will not present any other offers until that first offer is rejected. Then they will take any back up offers.
6 months ago the majority of properties listed for sale as short sales didn't sell because the banks wouldn't let them. Now, I see more and more properties selling short as the banks have gotten the message that they will lose more money in the long run. But again, sometimes the bank can't take the short sale if the owner has other assets or there is a second mortgage,
To make an offer we will use the standard SC approved real estate contract for condominiums. Your offer should include an earnest money check in the amount of $2,000 which is made payable to my real estate trust account. I only need a copy of the check to make an offer; it wouldn't be deposited unless we have a ratified contract and then you will see a credit at closing for the amount in the trust account.
You also must have either proof of cash funds or a letter from an approved condotel mortgage bank. No exceptions here. These are the banks rules.
Visit my website to see some of the condos for sale that are short sales and that I believe are good deals at http://www.MyrtleBeachDreaming.com.
If he accepts or will negotiate and you reach an agreement on a purchase price, the seller's agent or seller takes that offer to the bank holding the mortgage and the seller asks if the bank will accept the short sale. If the bank accepts it, there will be other contracts to fill out and a timeline to close.
In South Carolina it is law that you must use an Attorney to close the transaction so you will have counsel and advise regarding title insurance.
Short sales and foreclosures are sold as is and you will be asked to sign that you agree. Usually, if the condo has been on the rental program in the past it is in fine shape. I have seen some though, where owners removed TV's and appliances but that is rare. I'm right here so if you can't come to your closing I will do your walk through on that day.
Now, not all properties advertised as short sales will end up as a successful transaction and sometimes they will sell for over asking price.
It depends. Sellers can only sell short if they are in severe financial hardship.....short selling is not a loophole for a bad investment. Also, if there is a second mortgage on the property then odds are against the property selling short. Usually in that case it goes into foreclosure so there may be another opportunity at the courthouse or when it comes back on the market for sale by the bank.
Also, when a seller wants to sell short, he is required to do a mountain of documentation and cannot ask the bank if he can sell short until he has an offer in hand. That is the reason that it can take up to 3 months to hear if the bank will consider the short sale. Some sellers agents already have a contact because they have earlier presented an offer that was rejected but that can be good because at least a contact has been made and the bank is considering. Also, if one offer is already presented to the bank the listing agent will not present any other offers until that first offer is rejected. Then they will take any back up offers.
6 months ago the majority of properties listed for sale as short sales didn't sell because the banks wouldn't let them. Now, I see more and more properties selling short as the banks have gotten the message that they will lose more money in the long run. But again, sometimes the bank can't take the short sale if the owner has other assets or there is a second mortgage,
To make an offer we will use the standard SC approved real estate contract for condominiums. Your offer should include an earnest money check in the amount of $2,000 which is made payable to my real estate trust account. I only need a copy of the check to make an offer; it wouldn't be deposited unless we have a ratified contract and then you will see a credit at closing for the amount in the trust account.
You also must have either proof of cash funds or a letter from an approved condotel mortgage bank. No exceptions here. These are the banks rules.
Visit my website to see some of the condos for sale that are short sales and that I believe are good deals at http://www.MyrtleBeachDreaming.com.
Friday, March 27, 2009
Myrtle Beach Occupancy Rates March 15-21
Coastal Carolina University’s Clay Brittain Jr. Center for Resort Tourism release their lodging results every Thursday.
Preliminary results for the week of March 15-21:
ROOMS FILLED: Midweek occupancy rates averaged 39.4%, up 3.6% compared to the same week in 2008.
Weekend occupancy rates averaged 59.7%, no change to the same week in 2008.
6 week average (Feb. 8-Mar.21) 38.4%, down by 4.9% compared to the same period in 2008.
TOTAL REVENUE per available unit: 16.9% down from last year at this period.
FORECAST:40%-60% occupancy rate for coming week of March 14-20. Despite a rainy forecast, occupancy rates are expected to be up this weekend due to scheduled events that are unaffected by the weather such as the Battle of the Beach Cheerleading competition.
Preliminary results for the week of March 15-21:
ROOMS FILLED: Midweek occupancy rates averaged 39.4%, up 3.6% compared to the same week in 2008.
Weekend occupancy rates averaged 59.7%, no change to the same week in 2008.
6 week average (Feb. 8-Mar.21) 38.4%, down by 4.9% compared to the same period in 2008.
TOTAL REVENUE per available unit: 16.9% down from last year at this period.
FORECAST:40%-60% occupancy rate for coming week of March 14-20. Despite a rainy forecast, occupancy rates are expected to be up this weekend due to scheduled events that are unaffected by the weather such as the Battle of the Beach Cheerleading competition.
Write Offs for Real Estate Investors
Investment real estate can generate substantial write-offs.
If you own rental property you must seek a fair market rental for your property. You may generally deduct mortgage interest, property taxes, repair costs, management by an outside party, depreciation, advertising, insurance, utilities, legal services and other expenses.
It’s possible with rental properties to have both a positive cashflow and a loss for tax purposes. However, the ability to use real estate losses to reduce overall taxes may be phased out as income rises above $100,000.
If a rental involves relatives special rules and restrictions may apply. Check with a tax pro for details.
If you own rental property you must seek a fair market rental for your property. You may generally deduct mortgage interest, property taxes, repair costs, management by an outside party, depreciation, advertising, insurance, utilities, legal services and other expenses.
It’s possible with rental properties to have both a positive cashflow and a loss for tax purposes. However, the ability to use real estate losses to reduce overall taxes may be phased out as income rises above $100,000.
If a rental involves relatives special rules and restrictions may apply. Check with a tax pro for details.
Friday, March 13, 2009
March 6, 2009
GOT STOCKS?
What if you could tap your stocks for cash right now…without calling your broker to sell them?
Hello. Joel Greene here from Condo Hotel Center.
In the six-plus years since Condo Hotel Center began as nothing more than a concept and a four-page website, we’ve rarely ever provided information on anything other than condo hotels and fractionals.
Today, we want to discuss something that is on everyone’s mind even more than real estate, octuplets and steroids in baseball — money.
In this economy, in this job market, and with the financial world providing a daily dose of more bad news, money is what everyone is talking about. Some have it, but don’t know what to do with it. Some don’t have enough to get by and are fearful of losing their homes or cars. And many are somewhere in between, not panicked, but cutting back on expenses and trying to hold onto what they’ve got, at least until things start looking a little bit better.
My reason in writing you today is simply to make you aware of an option that could be right for you or someone you know in these challenging times.
A Cash Resource in This Tight Market?
Maybe you’ve stashed your money in the stock market to have the funds available to pay for your daughter’s wedding and suddenly, your portfolio is down 40%. Or just maybe you realize that now may be the best time to buy real estate if only you had the cash, and if only you could look to your bank to help finance that purchase.
Condo Hotel Center may have a solution for you.
What if I told you that you could have the cash you needed for that dream wedding without having to cash in your stocks?
What if you could raise cash to invest in real estate without having to resort to bringing in a partner?
Condo Hotel Center has recently connected with the oldest continuous provider of stock-secured loan financing in the United States. Our lender is a Pennsylvania-based firm that has been around for 10 years. The company has excellent references that they are pleased to provide once the borrower signs a non-binding term sheet. They are A+ rated by the Pennsylvania Better Business Bureau, and using their rather simple program, they have processed about $800 million in loans in the past 10 or so years.
What This Means to You
Let’s say you need money for any purpose; like that big wedding, sending the kids off to college or closing on your recent condo hotel purchase without having to put 30-40% cash down, you can do that now with financing that does not cost you any upfront money and without all of the usual hassles involved in getting your typical loan.
Here’s How the Program Works
Assuming that you have money in the stock market of any major international exchange, you can pledge the stock of the portfolio to the lender and get a loan of up to 85% of the value of the your stock portfolio. You remain the beneficial owner of your shares, participate in their growth, and have the security of limited-recourse default if for some reason you can’t make the interest payments. In that case, you’d owe nothing beyond your forfeited shares, no matter how low their value may have fallen AND no negative reports would be sent to the credit bureaus.
The best example of how this works is when you buy your new Mustang with a loan from Ford. You own the car and have it sitting in your driveway; however, Ford holds the title for the vehicle. Upon satisfying the loan, the title is then released to you.
The nice thing is that you do not have to cash in the stock now to borrow money against it. And, considering that the value of your stock portfolio has probably dropped quite a bit this past year – ouch - not having to cash it in at its current reduced market value may be a real godsend.
Competitive Terms
Of course, there are certain terms and conditions, but for many borrowers they are more attractive than terms the banks could give – that is, assuming they were currently making loans at all. In a nutshell, here’s what is being offered:
Loans are available for an amount up to 85% of the borrower’s stock portfolio. There is a minimum loan amount of $50,000 and a maximum loan amount of $200 million+.
Loan programs offer either monthly, quarterly, semi-annual interest payments or no payments until the end of term balloon (not all loans will qualify for deferred interest payments).
Terms are typically 2-7 years, at a fixed interest rate starting at 4.99%, interest only, and:
There are no upfront fees.
There are no credit checks.
It doesn’t matter what you intend to do with the money, provided that it is for any legal purpose. The only exception is that the funds may not be used to repurchase marginable securities.
Paperwork is limited, and there is no need for appraisals like in a typical home loan.
There is no pre-loan qualifying misery; no 100 page forms to fill out; no need for tax returns, stated or otherwise; and no long wait times for decisions. Your stock is your "credit."
Loans can be completed quickly, typically in as little as 5-10 days when all parties cooperate.
Loans are limited recourse and limited exposure.
Limited Recourse
Unlike the structure of typical loans that have payments due quarterly or semi-annually, this loan will have a balloon payment due at the end of the term. You can pay it off at that time, or alternatively, you can do the following:
Refinance the loan.
Sell the shares that you have pledged to repay the loan.
Walk away from the shares you have pledged, even if the value of them at that time is less than the amount that you borrowed, and no negative credit bureau reports will be filed.
So What’s the Catch?
Typical home loans may have an average of 2 to 3 origination points. This lender charges 5 origination points. While this may seem high, recognize that the interest rate is very attractive, and that this is a non-recourse loan.
That means the lender takes a risk that if this market drops and if your funds drop more than 15%, then you simply walk away, forfeiting the shares that you have pledged for the loan. And, since the origination points are taken from the loan proceeds, there are no up-front fees to you. Zero!
This Lender Is Stable, Reputable
Before introducing this new affiliate to you, as part of our due diligence, we at Condo Hotel Center contacted individual references who have completed deals with this lender. Their feedback was very positive. We also spoke with a major accounting firm that did extensive research on this particular lender for one of its clients. They said, “Everything we can say about this company is tremendously positive. They are honorable. We had no issues with them. They are people of character."
We researched the company name and founder/president’s name and found nothing negative or derogatory. We also contacted the Better Business Bureau in Pennsylvania and verified that the company is A+ rated and has never had a complaint against them.
Having said all that, we believe it always prudent to check out anyone you intend to do business with, taking into consideration your own personal requirements, and we encourage you to do your own due diligence before moving forward.
More Information Available, No Obligation
If this program sounds like it could be for you, simply reply to this e-mail with your full name, mailing address and phone number. There’s no obligation, and you don’t need to provide us with any personal information.
We will send you a PowerPoint presentation that explains things in more detail. We will also give you the company’s website, which has a great deal of information.
Then, upon request, we can put you directly in touch with the lending source. It’s that simple.
Again, simply reply to this e-mail with your name and contact information, and we’ll respond immediately.
As always, thank you for taking the time to read our newsletter. Feel free to pass along our information if you know someone who might be interested.
Our goal is always to bring to your attention interesting opportunities. We’ll be back soon with one of our more traditional Property Alerts about available real estate.
Joel GreeneLicensed Real Estate BrokerCondo Hotel Center13499 Biscayne Blvd., Suite #210N. Miami, FL 33181Ph: (954) 450-1929mailto:Joel@CondoHotelCenter.com?subject=Lenderhttp://rs6.net/tn.jsp?t=kzzx9ycab.0.mykw4jbab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fwww.condohotelcenter.com%2Fhttp://rs6.net/tn.jsp?t=kzzx9ycab.0.awugisbab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fwww.condohotelsdubai.com%2F http://rs6.net/tn.jsp?t=kzzx9ycab.0.stmkigcab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fwww.worldclasscondohotels.com%2Fhttp://rs6.net/tn.jsp?t=kzzx9ycab.0.5so5e7bab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fwww.condohotelsbahamas.com%2Fhttp://rs6.net/tn.jsp?t=kzzx9ycab.0.ttmkigcab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fcentralamericasecondhomes.com%2Fhttp://rs6.net/tn.jsp?t=kzzx9ycab.0.av5o7qcab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fdominicanrepublicvacationhomes.com%2Findex.htmlWant to know more about me? Click below:
http://rs6.net/tn.jsp?t=kzzx9ycab.0.ydumxrcab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fwww.condohotelcenter.com%2Fjoel-greene.html
GOT STOCKS?
What if you could tap your stocks for cash right now…without calling your broker to sell them?
Hello. Joel Greene here from Condo Hotel Center.
In the six-plus years since Condo Hotel Center began as nothing more than a concept and a four-page website, we’ve rarely ever provided information on anything other than condo hotels and fractionals.
Today, we want to discuss something that is on everyone’s mind even more than real estate, octuplets and steroids in baseball — money.
In this economy, in this job market, and with the financial world providing a daily dose of more bad news, money is what everyone is talking about. Some have it, but don’t know what to do with it. Some don’t have enough to get by and are fearful of losing their homes or cars. And many are somewhere in between, not panicked, but cutting back on expenses and trying to hold onto what they’ve got, at least until things start looking a little bit better.
My reason in writing you today is simply to make you aware of an option that could be right for you or someone you know in these challenging times.
A Cash Resource in This Tight Market?
Maybe you’ve stashed your money in the stock market to have the funds available to pay for your daughter’s wedding and suddenly, your portfolio is down 40%. Or just maybe you realize that now may be the best time to buy real estate if only you had the cash, and if only you could look to your bank to help finance that purchase.
Condo Hotel Center may have a solution for you.
What if I told you that you could have the cash you needed for that dream wedding without having to cash in your stocks?
What if you could raise cash to invest in real estate without having to resort to bringing in a partner?
Condo Hotel Center has recently connected with the oldest continuous provider of stock-secured loan financing in the United States. Our lender is a Pennsylvania-based firm that has been around for 10 years. The company has excellent references that they are pleased to provide once the borrower signs a non-binding term sheet. They are A+ rated by the Pennsylvania Better Business Bureau, and using their rather simple program, they have processed about $800 million in loans in the past 10 or so years.
What This Means to You
Let’s say you need money for any purpose; like that big wedding, sending the kids off to college or closing on your recent condo hotel purchase without having to put 30-40% cash down, you can do that now with financing that does not cost you any upfront money and without all of the usual hassles involved in getting your typical loan.
Here’s How the Program Works
Assuming that you have money in the stock market of any major international exchange, you can pledge the stock of the portfolio to the lender and get a loan of up to 85% of the value of the your stock portfolio. You remain the beneficial owner of your shares, participate in their growth, and have the security of limited-recourse default if for some reason you can’t make the interest payments. In that case, you’d owe nothing beyond your forfeited shares, no matter how low their value may have fallen AND no negative reports would be sent to the credit bureaus.
The best example of how this works is when you buy your new Mustang with a loan from Ford. You own the car and have it sitting in your driveway; however, Ford holds the title for the vehicle. Upon satisfying the loan, the title is then released to you.
The nice thing is that you do not have to cash in the stock now to borrow money against it. And, considering that the value of your stock portfolio has probably dropped quite a bit this past year – ouch - not having to cash it in at its current reduced market value may be a real godsend.
Competitive Terms
Of course, there are certain terms and conditions, but for many borrowers they are more attractive than terms the banks could give – that is, assuming they were currently making loans at all. In a nutshell, here’s what is being offered:
Loans are available for an amount up to 85% of the borrower’s stock portfolio. There is a minimum loan amount of $50,000 and a maximum loan amount of $200 million+.
Loan programs offer either monthly, quarterly, semi-annual interest payments or no payments until the end of term balloon (not all loans will qualify for deferred interest payments).
Terms are typically 2-7 years, at a fixed interest rate starting at 4.99%, interest only, and:
There are no upfront fees.
There are no credit checks.
It doesn’t matter what you intend to do with the money, provided that it is for any legal purpose. The only exception is that the funds may not be used to repurchase marginable securities.
Paperwork is limited, and there is no need for appraisals like in a typical home loan.
There is no pre-loan qualifying misery; no 100 page forms to fill out; no need for tax returns, stated or otherwise; and no long wait times for decisions. Your stock is your "credit."
Loans can be completed quickly, typically in as little as 5-10 days when all parties cooperate.
Loans are limited recourse and limited exposure.
Limited Recourse
Unlike the structure of typical loans that have payments due quarterly or semi-annually, this loan will have a balloon payment due at the end of the term. You can pay it off at that time, or alternatively, you can do the following:
Refinance the loan.
Sell the shares that you have pledged to repay the loan.
Walk away from the shares you have pledged, even if the value of them at that time is less than the amount that you borrowed, and no negative credit bureau reports will be filed.
So What’s the Catch?
Typical home loans may have an average of 2 to 3 origination points. This lender charges 5 origination points. While this may seem high, recognize that the interest rate is very attractive, and that this is a non-recourse loan.
That means the lender takes a risk that if this market drops and if your funds drop more than 15%, then you simply walk away, forfeiting the shares that you have pledged for the loan. And, since the origination points are taken from the loan proceeds, there are no up-front fees to you. Zero!
This Lender Is Stable, Reputable
Before introducing this new affiliate to you, as part of our due diligence, we at Condo Hotel Center contacted individual references who have completed deals with this lender. Their feedback was very positive. We also spoke with a major accounting firm that did extensive research on this particular lender for one of its clients. They said, “Everything we can say about this company is tremendously positive. They are honorable. We had no issues with them. They are people of character."
We researched the company name and founder/president’s name and found nothing negative or derogatory. We also contacted the Better Business Bureau in Pennsylvania and verified that the company is A+ rated and has never had a complaint against them.
Having said all that, we believe it always prudent to check out anyone you intend to do business with, taking into consideration your own personal requirements, and we encourage you to do your own due diligence before moving forward.
More Information Available, No Obligation
If this program sounds like it could be for you, simply reply to this e-mail with your full name, mailing address and phone number. There’s no obligation, and you don’t need to provide us with any personal information.
We will send you a PowerPoint presentation that explains things in more detail. We will also give you the company’s website, which has a great deal of information.
Then, upon request, we can put you directly in touch with the lending source. It’s that simple.
Again, simply reply to this e-mail with your name and contact information, and we’ll respond immediately.
As always, thank you for taking the time to read our newsletter. Feel free to pass along our information if you know someone who might be interested.
Our goal is always to bring to your attention interesting opportunities. We’ll be back soon with one of our more traditional Property Alerts about available real estate.
Joel GreeneLicensed Real Estate BrokerCondo Hotel Center13499 Biscayne Blvd., Suite #210N. Miami, FL 33181Ph: (954) 450-1929mailto:Joel@CondoHotelCenter.com?subject=Lenderhttp://rs6.net/tn.jsp?t=kzzx9ycab.0.mykw4jbab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fwww.condohotelcenter.com%2Fhttp://rs6.net/tn.jsp?t=kzzx9ycab.0.awugisbab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fwww.condohotelsdubai.com%2F http://rs6.net/tn.jsp?t=kzzx9ycab.0.stmkigcab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fwww.worldclasscondohotels.com%2Fhttp://rs6.net/tn.jsp?t=kzzx9ycab.0.5so5e7bab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fwww.condohotelsbahamas.com%2Fhttp://rs6.net/tn.jsp?t=kzzx9ycab.0.ttmkigcab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fcentralamericasecondhomes.com%2Fhttp://rs6.net/tn.jsp?t=kzzx9ycab.0.av5o7qcab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fdominicanrepublicvacationhomes.com%2Findex.htmlWant to know more about me? Click below:
http://rs6.net/tn.jsp?t=kzzx9ycab.0.ydumxrcab.9qpxz8n6.0&ts=S0387&p=http%3A%2F%2Fwww.condohotelcenter.com%2Fjoel-greene.html
I found Condotel Financing at competitive rates
Types of Mortgages Available
Principle & Interest Mortgage Options
30 yr 3/3 ARM @ up to 75% LTV (Lock for 3 Yrs. Then recasts every 3 Yrs.)
30 yr 5/5 ARM @ up to 75% LTV (Locked for 5 Yrs. Then recasts every 5 Yrs.)
30 yr 10/5 ARM @ up to 75% LTV (Locked for 10 Yrs. Then recasts every 5 Yrs.)
15 yr Fixed Rate @ up to 75% LTV
Interest Only Options
30 yr 3/1 ARM I/O @ up to 75% LTV (Locked for 3 Yrs. Then recasts every year after that)
30 yr 5/1 ARM I/O @ up to 75% LTV (Locked for 5 Yrs. Then recasts every year after that)
No 30 Yr Fixed Mortgages Available**
Loan Amounts up to $650,000 with Regular Conventional Rates
Chuck Sands
First Home Mortgage
Senior Loan Officer
First in Customer Service...
1341 44th Ave N.
Myrtle Beach, SC 29577
Cell: 843-504-1803
Fax: 843-448-4966
csands@gofirsthome.com
Check out our new website: http://www.gofirsthome.com/
Principle & Interest Mortgage Options
30 yr 3/3 ARM @ up to 75% LTV (Lock for 3 Yrs. Then recasts every 3 Yrs.)
30 yr 5/5 ARM @ up to 75% LTV (Locked for 5 Yrs. Then recasts every 5 Yrs.)
30 yr 10/5 ARM @ up to 75% LTV (Locked for 10 Yrs. Then recasts every 5 Yrs.)
15 yr Fixed Rate @ up to 75% LTV
Interest Only Options
30 yr 3/1 ARM I/O @ up to 75% LTV (Locked for 3 Yrs. Then recasts every year after that)
30 yr 5/1 ARM I/O @ up to 75% LTV (Locked for 5 Yrs. Then recasts every year after that)
No 30 Yr Fixed Mortgages Available**
Loan Amounts up to $650,000 with Regular Conventional Rates
Chuck Sands
First Home Mortgage
Senior Loan Officer
First in Customer Service...
1341 44th Ave N.
Myrtle Beach, SC 29577
Cell: 843-504-1803
Fax: 843-448-4966
csands@gofirsthome.com
Check out our new website: http://www.gofirsthome.com/
There are other options and programs available. Chuck can also get your preapproval letter which is necessary to make any offer on a short sale or a foreclosure.
And, to search for foreclosures and short sales in the Myrtle Beach ocean front condo market, visit my website at http://www.myrtlebeachdreaming.com/
Myrtle Beach Occupancy Rates and History
Coastal Carolina University’s Clay Brittain Jr. Center for Resort Tourism release their lodging results every Thursday.
Preliminary results for the week of March 1-7 :
ROOMS FILLED:
Midweek occupancy rates averaged 29%, down by 18.8% compared to the same week in 2008.
Weekend occupancy rates averaged 58.2%, down by .5% compared to the same week in 2008.
6 week average (Jan. 25-Mar.7) 35.3%, down by 7.8% compared to the same period in 2008.
TOTAL REVENUE per available unit:
4.4% down from last year at this period.
FORECAST:
40%-60% occupancy rate for coming week of March 14-20.
The start of the 48th Annual Canadian-American Days Festival should contribute to higher rates.
Preliminary results for the week of March 1-7 :
ROOMS FILLED:
Midweek occupancy rates averaged 29%, down by 18.8% compared to the same week in 2008.
Weekend occupancy rates averaged 58.2%, down by .5% compared to the same week in 2008.
6 week average (Jan. 25-Mar.7) 35.3%, down by 7.8% compared to the same period in 2008.
TOTAL REVENUE per available unit:
4.4% down from last year at this period.
FORECAST:
40%-60% occupancy rate for coming week of March 14-20.
The start of the 48th Annual Canadian-American Days Festival should contribute to higher rates.
Changes won't benefit buyers of bargain priced properties
Current real estate tax rule regarding point of sale assessment to determine property taxes due may change. South Carolina state legislature may rewrite a portion of the 2006 law that gave homeowners a tax break in exchange for a higher state sales tax. Lawmakers say they are concerned one provision of the law has hurt real estate sales in the state.
Of particular concern, they say, is a requirement that homes and businesses be taxed at their full market value when sold. Advocates say that requirement has scuttled sales after buyers learned what their new tax bills would be. Both the House and Senate are working on bills that would eliminate that part of the law.
Eliminating so-called "point-of-sale" property reassessment would mean a property's tax value could increase by only 15 percent every five years, a constitutional change approved by state voters in 2006.
The property tax swap bill, known as Act 388, may soon be overhauled. Right now though, with record low sales prices on property in the Myrtle Beach real estate market, point of sale basis for tax value is a huge plus with significant savings. Property owners who bought at the peak of the market in 2005 are paying almost double taxes right now. Could this be another reason to buy property in Myrtle Beach????
Of particular concern, they say, is a requirement that homes and businesses be taxed at their full market value when sold. Advocates say that requirement has scuttled sales after buyers learned what their new tax bills would be. Both the House and Senate are working on bills that would eliminate that part of the law.
Eliminating so-called "point-of-sale" property reassessment would mean a property's tax value could increase by only 15 percent every five years, a constitutional change approved by state voters in 2006.
The property tax swap bill, known as Act 388, may soon be overhauled. Right now though, with record low sales prices on property in the Myrtle Beach real estate market, point of sale basis for tax value is a huge plus with significant savings. Property owners who bought at the peak of the market in 2005 are paying almost double taxes right now. Could this be another reason to buy property in Myrtle Beach????
Thursday, March 12, 2009
Myrtle Beach market is better than most?
I don't know if we have hit the bottom yet but we must be very close. Foreclosures are definately down and so far next months foreclosures appear to be down also. Could this signal the bottom?
Friday, March 6, 2009
Ambitious Foreclosure Plan Revealed - How Will It Help?
Kevin Hall with RISMedia gives an interpretation of Obama's plan to help distressed homeowners across parts of America.
It's pretty long and the basic part is that it won't help every body. Lot's of owners in Myrtle Beach will not be eligible for this bailout so we should see our foreclosure numbers stay high for the next few months.
Cash buyers are here today in the Myrtle Beach ocean front real estate market. Banks are starting to sell short but financing is almost impossible to find.
Even with Obama's bailout, if it even works, it will take a long time for the positive effects here (banks lending on the ocean front) to trickle down.
If you are a cash buyer you have a golden opportunity to steal ocean front property. If you need a mortgage to purchase, even if you have great credit and 25% down, no loans are currently available through banks for ocean front property under 650 heated square feet.
If you would like to be put on a list to be notified when I can find secure mortgage money at a good interest rate, send me an email and let me know.
Visit my website and email me. Http://www.MyrtleBeachDreaming.com
It's pretty long and the basic part is that it won't help every body. Lot's of owners in Myrtle Beach will not be eligible for this bailout so we should see our foreclosure numbers stay high for the next few months.
Cash buyers are here today in the Myrtle Beach ocean front real estate market. Banks are starting to sell short but financing is almost impossible to find.
Even with Obama's bailout, if it even works, it will take a long time for the positive effects here (banks lending on the ocean front) to trickle down.
If you are a cash buyer you have a golden opportunity to steal ocean front property. If you need a mortgage to purchase, even if you have great credit and 25% down, no loans are currently available through banks for ocean front property under 650 heated square feet.
If you would like to be put on a list to be notified when I can find secure mortgage money at a good interest rate, send me an email and let me know.
Visit my website and email me. Http://www.MyrtleBeachDreaming.com
Thursday, March 5, 2009
How much are Property Taxes
Property taxes are based on the sale price. As an example, if you buy a property for $150,000 and it is your second home or investment you can budget paying about $1,920 per year. If it is your primary residence your tax would be about $1280.00.
No Mortgages Available on Oceanfront????
Mortgage money has become non-existent for any
condos on the Myrtle Beach ocean front unless they are 750 heated square feet or more.
That means there is no mortgage money, even to qualified individuals with
the minimum of 25% down, and that is going to put more downward pressure on
prices since the only buyer right now is a CASH buyer.
Studio types and typical one bedroom floor plan condos can now only be sold for cash. Most 2 and 3 bedroom condos can still qualify for attractive loan programs though.
I'm searching for money but until the larger picture of getting the banks to
start lending again comes around, we are at a standstill for any purchases
made with a mortgage. I would have never dreamed all of this a few years
ago.........................
condos on the Myrtle Beach ocean front unless they are 750 heated square feet or more.
That means there is no mortgage money, even to qualified individuals with
the minimum of 25% down, and that is going to put more downward pressure on
prices since the only buyer right now is a CASH buyer.
Studio types and typical one bedroom floor plan condos can now only be sold for cash. Most 2 and 3 bedroom condos can still qualify for attractive loan programs though.
I'm searching for money but until the larger picture of getting the banks to
start lending again comes around, we are at a standstill for any purchases
made with a mortgage. I would have never dreamed all of this a few years
ago.........................
M-Grande ocean front foreclosure for $30,000?
Amazing, isn't it??? This is an ocean front studio type, probably about 325
heated feet for $30,000.
It is a foreclosure but it is marked on "Hold" right now because of what is
going on at this resort. I did call the listing agent a couple of weeks ago
and she tells me that she does have an accepted offer on it.
It is on hold because the guy who owned a majority of the condos at the M
Grande (where this is located) and operated the on sight rental desk
defaulted on his loan and got way behind in his monthly homeowner payments.
I understand that he has now left the country and there may be no remedy but
to foreclosure on his huge block of condos. I think there are over 250 in
this building.
What is bad for the owners right now is that the front desk is closed and
the city of Myrtle Beach has shut it down because there is no water or
electricity to the building. So, the owners there now are kind of screwed
out of any immediate rental income until this whole mess is taken care of.
And that could take a long time. The homeowners are petitioning the courts
to allow them to take control of the homeowners association and get the
front desk open again but who knows what the judge will rule.
So, yes the price is crazy low but there could be a lot of headaches
associated with it.
BUT, if you are looking at our MLS you probably see that prices are
dropping. I see some prices dropping to 1999 price levels which means that
some of the better properties will now come close to cash flowing with 25%
down. Happy days are here again. These things never did cash flow great
and with the inflated prices we reached in 2005 (due to ANYBODY being able
to get a loan) they didn't cash flow at all.
heated feet for $30,000.
It is a foreclosure but it is marked on "Hold" right now because of what is
going on at this resort. I did call the listing agent a couple of weeks ago
and she tells me that she does have an accepted offer on it.
It is on hold because the guy who owned a majority of the condos at the M
Grande (where this is located) and operated the on sight rental desk
defaulted on his loan and got way behind in his monthly homeowner payments.
I understand that he has now left the country and there may be no remedy but
to foreclosure on his huge block of condos. I think there are over 250 in
this building.
What is bad for the owners right now is that the front desk is closed and
the city of Myrtle Beach has shut it down because there is no water or
electricity to the building. So, the owners there now are kind of screwed
out of any immediate rental income until this whole mess is taken care of.
And that could take a long time. The homeowners are petitioning the courts
to allow them to take control of the homeowners association and get the
front desk open again but who knows what the judge will rule.
So, yes the price is crazy low but there could be a lot of headaches
associated with it.
BUT, if you are looking at our MLS you probably see that prices are
dropping. I see some prices dropping to 1999 price levels which means that
some of the better properties will now come close to cash flowing with 25%
down. Happy days are here again. These things never did cash flow great
and with the inflated prices we reached in 2005 (due to ANYBODY being able
to get a loan) they didn't cash flow at all.
Rental Manager Fees
Most on sight rental managers charge 46% to handle the rentals. Those are the people behind the front desk.
Yes, you could use an off sight rental manager who would probably only charge you 25% but historically you will get a better bottom line by using the on sight rental manager.
I usually quote net rental incomes which is the figure after you pay the rental manager.
Yes, you could use an off sight rental manager who would probably only charge you 25% but historically you will get a better bottom line by using the on sight rental manager.
I usually quote net rental incomes which is the figure after you pay the rental manager.
Use Your IRA to Invest in Real Estate
Because right now there is very limited mortgage money available to purchase ocean front real estate in Myrtle Beach, I have been trying to find other sources of funds to take advantage of record breaking low prices.
For those of you who have an IRA, here is an interesting article about "Self Directed IRA's. The only drawback I can see for some of you is that you can't use your property when it isn't being rented. I know some of you specifically want to be able to use your ocean front condo in Myrtle Beach so this may not work well for you.
But, if you are a real estate investor who already owns property and you are just looking to expand your holdings, review the material below to see if this is a viable source of capital.
"Real Estate IRAs: Secrets Revealed - Part OneKnowledge is Power: The Basic Incredible Wealth-Building Secrets of IRAsBy: Dick Desich
Thank you for requesting our free mini-course, "Real Estate IRAs: Secrets Revealed.
"According to the Social Security Board of Trustee's 2006 Annual Report, the Social Security system will begin to run a negative cash flow by the year 2017, and by the year 2040 it will be completely insolvent!The total in unfunded liabilities for Social Security and Medicare in present value (or in today's dollars) is $45 Trillion... the ENTIRE net worth of America is $42 Trillion!
So what is this telling us? Very plainly, that we need to take our future into our own hands. We need to use our knowledge and expertise, coupled with the tools the government has given us, to not rely on Social Security as our safety net.You see, dollar-for-dollar, nothing provides a better return on investment than investing in what you know (real estate) in a tax-free environment that retirement plans provide.
Have you been burnt by that hot stock tip? Or just been upset the market's general unpredictability?Imagine investing in a piece of property just down the street - a real, tangible asset! Would it make you sleep better at night, knowing that you could go and see your retirement growing in front of your eyes?
In this seminar, you will discover the secrets to Real Estate IRAs and wealth generation for you and your family.
So let's get started...The Basics: Do you think that your only retirement investment option is the stock market or low-yielding CDs?Most real estate investors aren't aware that they can use their retirement savings, such as IRAs, 401(k) and other qualified plans, to invest in real estate.
In addition, many do not fully understand the incredible wealth-building powers these government-sanctioned plans hold.Any IRA invested in low-interest CDs or government bonds will grow exponentially due to the tax-deferred or tax-free status that IRAs possess. That's fine - if you are satisfied with low investment returns and believe that they will keep you ahead of the inflation rate and meet your retirement needs.
For most investors, low-rate fixed investments are not the answer, so many have turned to the stock market."Has the market burned your IRA? Avoid being churned and burned by the ups-and-downs of the stock market: Use your IRA to invest in real estate."Though the stock market can offer significantly higher returns, many investors in recent years have seen their retirement plans derailed or significantly altered. Historically, the stock market has been a sound investment over time.
But looking more closely, the market has achieved virtually all of its gains over relatively short bull-market surges.Given its historic ups-and-downs, do you really want to bet your retirement exclusively on the U.S. stock market rising in value? Can you be confident that the money you will need will be there when you need it?
"You do have options."Other investors, using their current investment strategies in real estate or other alternative assets, are able to achieve substantially greater returns in their IRA plans than they would by investing in stocks or mutual funds.When you combine the powers of an IRA with the knowledge and expertise of a real estate entrepreneur, the result can be an opportunity for tremendous financial growth. By creating, transferring, or rolling over a 401(k) to a truly self-directed IRA, you will have complete control over how these funds are going to be invested.
Imagine being able to complete real estate transactions almost exactly as you are currently doing them, but gaining the added advantages offered by IRAs and their tax-deferred/free status.
"Why haven't I heard about this before?" Most investors don't know this opportunity exists because most IRA custodians do not offer truly self-directed IRAs that allow Americans to invest in real estate and other non-traditional investments.Often, when you ask your custodian/trustee, "Can I invest my retirement funds in real estate?" they will say, "I've never heard of that" or, "No, you can't do that.
"What they really mean is that you can't do this at their company because they have a vested interest in getting you to invest in their stock, mutual fund or CD products.
As a truly self-directed IRA custodian, Equity Trust Company (www.trustetc.com) will not only allow you to invest in all forms of real estate (or other investments not prohibited by the Internal Revenue Service), but will also handle all transactions within your IRA for one low annual fee, with no hidden charges.
"How do I know this is legal?" For many years, corporations (large and small) as well as individual Americans have been using their retirement funds to invest in real estate using with IRAs, 401(k)s and other pension plans.But because most Americans have not been educated about their options, they might wonder, "Is this legal?"Well, quite simply, it is.But don't take my word for it, just look at information published by the ultimate authority on IRAs, the Internal Revenue Service.
In IRS Publication 590 (dealing with IRAs), it states what investments are prohibited; these investments include artwork, stamps, rugs, antiques, and gems.All other investments, including stocks, bonds, mutual funds, real estate, mortgages, and private placements, are perfectly acceptable as long as IRS rules governing retirement plans are followed.(For a copy of IRS Publication 590 please go to http://www.trustetc.com/links/irspubs.html)We can also look to information provided on the IRS website.
The following is an excerpt from an FAQ section about IRAs: "Are there any restrictions on the things I can invest my IRA in?
The law does not permit IRA funds to be invested in collectibles such as:ArtworkStampsRugsAntiquesThe law also does not permit IRA funds to be invested in life insurance contracts. See Code section 408(m) for additional investment restrictions.Finally, IRA trustees are permitted to impose additional restrictions on investments.
For example, because of administrative burdens, many IRA trustees do not permit IRA owners to invest IRA funds in real estate.IRA law does not prohibit investing in real estate, but trustees are not required to offer real estate as an option.
"Now that I understand the basics, let's talk about how self-directed IRAs can benefit me!"
As mentioned before, an IRA is one of the most powerful wealth-building tools available to real estate investors. But why is this? What benefits can an IRA offer that your present investing strategies cannot?
Well, there are several benefits, and in future emails you will see how an IRA can provide investors much more than just a way to save for retirement.Watch your email inbox for Part II of the Real Estate IRA Report, where you will discover how you can create tremendous wealth for you and your family by using the power of TRUE compounding interest to accelerate wealth generation.
"What type of returns can you make investing in real estate? 10%? ...20%? ...30%?"
If you have enjoyed this report, why not forward it to an associate or colleague who can profit from this information? They'll thank you for it!
If this message was forwarded to you: Get a free full version of this mini-course by visiting http://www.trustetc.com/. Along with your free mini-course, you will receive a free subscription to "The Ultimate IRA Report," a comprehensive update on IRA and wealth creation information.
Want to learn more about how to combine your own investment knowledge and expertise with the tax savings benefits of IRAs and the high potential profit value inherent in real estate and other alternative investments? Visit our website for more detailed information: http://www.trustetc.com/
How would you like to create tax-free wealth for you and your family? Richard Desich has developed a whole series of educational materials and training seminars to teach individuals how to truly create wealth for themselves and their families. Additional information is available at http://www.irareg.com/
Please do not reply to this email. All inquiries should be directed to help@trustetc.com or call Equity Trust Client Services at 440.323.5491.Equity Trust Company, 225 Burns RD, Elyria, OH 44035, USA
Have Questions? We' ve Got Answers!
Has this seminar sparked some questions that you might have about self directed real estate IRA investing? If so follow the link below for a consultation with a self directed IRA specialist.With over 33 years of experience we can answer all of your questions and best of all we'll call you at YOUR convenience.Get Your Consultation Now >>
For those of you who have an IRA, here is an interesting article about "Self Directed IRA's. The only drawback I can see for some of you is that you can't use your property when it isn't being rented. I know some of you specifically want to be able to use your ocean front condo in Myrtle Beach so this may not work well for you.
But, if you are a real estate investor who already owns property and you are just looking to expand your holdings, review the material below to see if this is a viable source of capital.
"Real Estate IRAs: Secrets Revealed - Part OneKnowledge is Power: The Basic Incredible Wealth-Building Secrets of IRAsBy: Dick Desich
Thank you for requesting our free mini-course, "Real Estate IRAs: Secrets Revealed.
"According to the Social Security Board of Trustee's 2006 Annual Report, the Social Security system will begin to run a negative cash flow by the year 2017, and by the year 2040 it will be completely insolvent!The total in unfunded liabilities for Social Security and Medicare in present value (or in today's dollars) is $45 Trillion... the ENTIRE net worth of America is $42 Trillion!
So what is this telling us? Very plainly, that we need to take our future into our own hands. We need to use our knowledge and expertise, coupled with the tools the government has given us, to not rely on Social Security as our safety net.You see, dollar-for-dollar, nothing provides a better return on investment than investing in what you know (real estate) in a tax-free environment that retirement plans provide.
Have you been burnt by that hot stock tip? Or just been upset the market's general unpredictability?Imagine investing in a piece of property just down the street - a real, tangible asset! Would it make you sleep better at night, knowing that you could go and see your retirement growing in front of your eyes?
In this seminar, you will discover the secrets to Real Estate IRAs and wealth generation for you and your family.
So let's get started...The Basics: Do you think that your only retirement investment option is the stock market or low-yielding CDs?Most real estate investors aren't aware that they can use their retirement savings, such as IRAs, 401(k) and other qualified plans, to invest in real estate.
In addition, many do not fully understand the incredible wealth-building powers these government-sanctioned plans hold.Any IRA invested in low-interest CDs or government bonds will grow exponentially due to the tax-deferred or tax-free status that IRAs possess. That's fine - if you are satisfied with low investment returns and believe that they will keep you ahead of the inflation rate and meet your retirement needs.
For most investors, low-rate fixed investments are not the answer, so many have turned to the stock market."Has the market burned your IRA? Avoid being churned and burned by the ups-and-downs of the stock market: Use your IRA to invest in real estate."Though the stock market can offer significantly higher returns, many investors in recent years have seen their retirement plans derailed or significantly altered. Historically, the stock market has been a sound investment over time.
But looking more closely, the market has achieved virtually all of its gains over relatively short bull-market surges.Given its historic ups-and-downs, do you really want to bet your retirement exclusively on the U.S. stock market rising in value? Can you be confident that the money you will need will be there when you need it?
"You do have options."Other investors, using their current investment strategies in real estate or other alternative assets, are able to achieve substantially greater returns in their IRA plans than they would by investing in stocks or mutual funds.When you combine the powers of an IRA with the knowledge and expertise of a real estate entrepreneur, the result can be an opportunity for tremendous financial growth. By creating, transferring, or rolling over a 401(k) to a truly self-directed IRA, you will have complete control over how these funds are going to be invested.
Imagine being able to complete real estate transactions almost exactly as you are currently doing them, but gaining the added advantages offered by IRAs and their tax-deferred/free status.
"Why haven't I heard about this before?" Most investors don't know this opportunity exists because most IRA custodians do not offer truly self-directed IRAs that allow Americans to invest in real estate and other non-traditional investments.Often, when you ask your custodian/trustee, "Can I invest my retirement funds in real estate?" they will say, "I've never heard of that" or, "No, you can't do that.
"What they really mean is that you can't do this at their company because they have a vested interest in getting you to invest in their stock, mutual fund or CD products.
As a truly self-directed IRA custodian, Equity Trust Company (www.trustetc.com) will not only allow you to invest in all forms of real estate (or other investments not prohibited by the Internal Revenue Service), but will also handle all transactions within your IRA for one low annual fee, with no hidden charges.
"How do I know this is legal?" For many years, corporations (large and small) as well as individual Americans have been using their retirement funds to invest in real estate using with IRAs, 401(k)s and other pension plans.But because most Americans have not been educated about their options, they might wonder, "Is this legal?"Well, quite simply, it is.But don't take my word for it, just look at information published by the ultimate authority on IRAs, the Internal Revenue Service.
In IRS Publication 590 (dealing with IRAs), it states what investments are prohibited; these investments include artwork, stamps, rugs, antiques, and gems.All other investments, including stocks, bonds, mutual funds, real estate, mortgages, and private placements, are perfectly acceptable as long as IRS rules governing retirement plans are followed.(For a copy of IRS Publication 590 please go to http://www.trustetc.com/links/irspubs.html)We can also look to information provided on the IRS website.
The following is an excerpt from an FAQ section about IRAs: "Are there any restrictions on the things I can invest my IRA in?
The law does not permit IRA funds to be invested in collectibles such as:ArtworkStampsRugsAntiquesThe law also does not permit IRA funds to be invested in life insurance contracts. See Code section 408(m) for additional investment restrictions.Finally, IRA trustees are permitted to impose additional restrictions on investments.
For example, because of administrative burdens, many IRA trustees do not permit IRA owners to invest IRA funds in real estate.IRA law does not prohibit investing in real estate, but trustees are not required to offer real estate as an option.
"Now that I understand the basics, let's talk about how self-directed IRAs can benefit me!"
As mentioned before, an IRA is one of the most powerful wealth-building tools available to real estate investors. But why is this? What benefits can an IRA offer that your present investing strategies cannot?
Well, there are several benefits, and in future emails you will see how an IRA can provide investors much more than just a way to save for retirement.Watch your email inbox for Part II of the Real Estate IRA Report, where you will discover how you can create tremendous wealth for you and your family by using the power of TRUE compounding interest to accelerate wealth generation.
"What type of returns can you make investing in real estate? 10%? ...20%? ...30%?"
If you have enjoyed this report, why not forward it to an associate or colleague who can profit from this information? They'll thank you for it!
If this message was forwarded to you: Get a free full version of this mini-course by visiting http://www.trustetc.com/. Along with your free mini-course, you will receive a free subscription to "The Ultimate IRA Report," a comprehensive update on IRA and wealth creation information.
Want to learn more about how to combine your own investment knowledge and expertise with the tax savings benefits of IRAs and the high potential profit value inherent in real estate and other alternative investments? Visit our website for more detailed information: http://www.trustetc.com/
How would you like to create tax-free wealth for you and your family? Richard Desich has developed a whole series of educational materials and training seminars to teach individuals how to truly create wealth for themselves and their families. Additional information is available at http://www.irareg.com/
Please do not reply to this email. All inquiries should be directed to help@trustetc.com or call Equity Trust Client Services at 440.323.5491.Equity Trust Company, 225 Burns RD, Elyria, OH 44035, USA
Have Questions? We' ve Got Answers!
Has this seminar sparked some questions that you might have about self directed real estate IRA investing? If so follow the link below for a consultation with a self directed IRA specialist.With over 33 years of experience we can answer all of your questions and best of all we'll call you at YOUR convenience.Get Your Consultation Now >>
Why is the monthly HOA so high?
I am often asked by curious folk why the monthly HOA (home owners association) or POA (property owners assocation) fees are so high for oceanfront condos in Myrtle Beach.
The average monthly HOA for a direct ocean front one bedroom condo is $525. Two bedrooms average around $800 and 3 bedrooms usually are over $1,000 per month.
Yikes you say.
Consider this: In MOST cases, the building insurance payment is included in that monthly HOA. In fact, the insurance payment amount can be 1/3 to 1/2 of that monthly HOA fee.
So be aware. If you see a property listed for sale on the ocean front and the monthly HOA fee is substancially less, it could very likely be that the building insurance is assessed separately. Depending on the size and location of the condo, that separate fee can range from $1,800 to $4,000 every year.
Also generally included in that monthly fee are items such as interior electric, exterior building electric of common areas, water, cable, building maintenance, landscaping, pool maintenance, security, pest control, legal and accounting and homeowner management service.
It's easier to tell you what it doesn't usually include. Usually it doesn't include phones and contents insurance.
Also, the homeowner association is entirely independent of the rental manager and the monthly fee has nothing to do with the rental manager.
Don't you feel better now?
No bailouts for Myrtle Beach 2nd homeowners
According to local real estate gurus, 67% of all property in the county that Myrtle Beach is located are owned as a second home or investment property. So far, there has been no stimulis or bail out planned for these folks. Right now, the President is trying to stop massive foreclosures but only for primary homeowners. Where does that leave the majority of property owners in our county?
Things are not looking very good for these property owners. Prices are falling to 1999 levels in some cases.
I post some great deals on these properties at my real estate website for Myrtle Beach properties and foreclosures at http://www.myrtlebeachdreaming.com
Things are not looking very good for these property owners. Prices are falling to 1999 levels in some cases.
I post some great deals on these properties at my real estate website for Myrtle Beach properties and foreclosures at http://www.myrtlebeachdreaming.com
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