1. Don’t be in a rush to buy- find a deal, there are plenty of sellers that have to unload their unit, find one of those, take advantage of current market conditions, it won’t be this way forever.

2. Do due diligence, look at all aspects of the particular unit and building you are considering. Go to the rental companies and look at rental histories, look at the condition of the property owners association (financial), look at the location and the probability of continued rental income.

3. Price- when we find a unit that meets your needs and the price seems fair, OFFER MUCH LESS! You may not get it at that price but all we are trying to do is find out the lowest price that owner will sell for, only way to do that is start low.

4. The main overall theory is, if it pays for itself including mortgage- buy it, if not don’t. This of course relies on investment only, if you are looking for personal units look at item 5.

5. Keep in mind that a unit may not show as well as another in a particular building but may be priced $70,000 less, you can do a lot of upgrades and improvements for $70,000, if the basic floorplan is the same get ideas and prices for upgrades. Examples for a 4 BR oceanfront would be about $10,000 to totally redo, including carpet, furniture, cabinets etc.

6. It APPEARS the market has leveled off and prices have stabilized, the Fed has cut rates and we MAY be in a position to again have the real estate market move up. Again, if the property pays for itself then you can’t get in trouble regardless of what the market does in the short tem future.

7. There are essentially 3 places to invest money, real estate, stock market and banks, there are many derivatives but basically that’s it. Then there are 3 reasons to invest 1. appreciation 2. income 3. tax advantages. Only rental property meets all three(at least in my humble opinion).

8. Management fees are a vital part of your total income, generally in Myrtle Beach they will range from 45 to 50% of gross income. In North Myrtle Beach they are generally 15%. This is a large difference and must be taken into account.

Since I do ONLY investment oceanfront property I do know the market well. Your first trip should be an educational experience. I will take you to rental companies, property management companies, and spend a considerable amount of time showing you the area and what is available and which are profitable along with reasonably priced units in that building.

Keep in mind that you are generally looking for INVESTMENT property, not the home you will live in forever. Of course its important that you like the unit but dollars are the primary concern. In reality most people have a two-fold goal which is they want to use it and make money, that’s ok, that most certainly can happen.

The Myrtle Beach area offers investors opportunity no other resort area does. First the season is extremely long, generally from March 1 to Jan 1. The temperature is generally mild during the spring and fall months which draws people to visit the beach, the ocean temperature is in the mid 80’s in the summer and 70’s in the spring and fall. Next there are 121 golf courses in the area bringing in golfers year round but particularly in the "off" season.

The entertainment here at the beach is world famous, from Alabama Theater, House of Blues, Dolly Parton’s Dixie Stampede, Broadway shows at the Palace 2 full casino gambling boats, the new Hard Rock Theme Park, various types of parks and recreation for all. 1800 restaurants serving food of every variety and taste, world class shopping in malls, outlet centers and a large variety of stores and shops that can’t be found elsewhere. In other words there is something for everyone and that’s what keeps the crowds coming, in the summer almost 1 million people a week visit the beach and the number of "off" season visitors is increasing yearly.

Another big advantage are the conventions and special events that go on year round, there is SOS (society of stranders, a beach music festival) Italian-American Days, Irish festival, Canadian month etc., there are too many to mention that brings people in year round.

For you, the investor, Myrtle Beach area means more income than other beaches for a longer period during the year. In comparison the Va.,Md., NJ, NY and north have very short seasons and the oceanfront property is considerably more expensive. Florida has the same problem, essentially a 3 month season with very high prices and taxes. Comparing the income with these areas will quickly show you the difference.

Prices are very low compared to 3 years ago at the beach making this a real "buyers" market. The formula is real simple, if the unit pays for itself considering 100% financing then buy it, if not don’t.

I think you will find if you are considering an investment then the Myrtle Beach area is one you should look at very closely, you will find your financial goals can be met here more than most places plus you get to use your unit on the beach!