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Archive for October, 2016

VIDEO: Why invest in Myrtle Beach?

Thursday, October 6th, 2016

I was recently interviewed by the Myrtle Beach Chamber of Commerce in a video that takes a closer look at some of the investment opportunities the area offers. I wanted to share that video with you today so that you can benefit from the information in it, too. Jump to 1:36 to hear me discuss the benefits of investing in vacation properties in the area.

The Myrtle Beach area includes 12 distinct communities: Little River, Murrells Inlet, Surfside Beach, Pawleys Island, North Myrtle Beach, Loris, Litchfield Beach, Atlantic Beach, Aynor, Conway, Garden City Beach, and Georgetown. Each of these communities offer a variety of opportunities to meet an investor’s needs.

Investing in Myrtle Beach is popular because the area offers a lot of options. Whether you’re coming here to buy a $40,000 condo or rent out a beach house priced over $1 million, there’s a little something for every kind of investor. Myrtle Beach also happens to be the second-fastest growing metropolitan statistical area in the United States.

In addition, the cost of living in Myrtle Beach is six points below the national average, according to the ACCRA Cost of Living Index from July 2014. South Carolina was also ranked as one of the most tax-friendly states in the U.S.

All of this makes Myrtle Beach an excellent area to invest in commercial real estate as well, which includes retail, commercial land and development, manufacturing, and a wide variety of small and large business opportunities.

One of the most popular housing products at the beach are what are called “condotels,” which are individually-owned condominiums that are treated like hotels. Many investors like this because it allows them to invest in a resort community like Myrtle Beach, but be very hands-off when it comes to renting each unit. An investment company handles the rental of the property, while an HOA manages the exterior of the building itself.

With over 17 million visitors annually, Myrtle Beach is also one of the fastest-growing tourism markets in the U.S., meaning that there is high demand from visitors to rent vacation property.

For those looking to invest in Myrtle Beach real estate that want to use the property two or three times per year, owning these units and letting the on-site desk rent it out for you will help you offset your expenses, including the HOA dues and taxes on it. This also makes it the perfect place to park your money while waiting to build up long-term equity. In addition, this is one of the few investments that you can truly enjoy as an investor—in fact, many investors come for a visit and end up buying commercial real estate in the area. They then end up looking for local companies to manage those investments.

Many who want to take advantage of the low real estate prices and low interest rates decide to purchase a second home here in order to retire or relocate to it upon retirement. There are lots of choices for people in this situation, in terms of products like this. We hope that these are good long-term options for investors.

The business leaders in the Myrtle Beach area have put great emphasis on the diversification of the commercial real estate market as well, which includes a newly-expanded airport with growing air service and nearly $2 billion in recent road improvements like the new interstate connection. It’s been a team effort between the city, county and state government, the economic development corporation, the Chambers of Commerce, and the private sector all working together to create a truly business-friendly environment to invest in commercial real estate.

Combining small-town charm with big city properties and amenities, the Myrtle Beach area has the infrastructure and the economic climate to support all business and investment needs. When thinking about investing in beach property, be sure to think Myrtle Beach!

If you have any questions about investing in the Myrtle Beach area, be sure to give me a call or send me an email. I’d be happy to help you!