Because of the current state of the economy, a lot of homeowners are now struggling to continue paying their mortgages.  The number of Myrtle Beach foreclosed homes has rapidly increased.

Considering this, you may think this is not a good time to invest on real estate. But if you know how, these Myrtle Beach foreclosures can actually help you make a profit.  To do this, you’ll need  information regarding  the options to consider when buying foreclosed properties.

Go to foreclosure auctions

Foreclosure auctions are conducted with regards to each state’s legislation. Some auctions – such as those involving few properties – are held on the steps of the local government office building. When there are hundreds of properties at the auction, it may be held in large convention centers or meeting rooms.

When buying at a foreclosure auctions, be sure you are financially prepared; a down payment is usually required on the day of the auction and  full payment is expected in 24 hours.

Buy from mortgage lenders

Another way to purchase foreclosed homes is through mortgage lenders. Real Estate Owned (REO) properties are like Myrtle Beach foreclosures. The only difference is that these properties are repossessed by the lenders due to non-payment. These lenders will often advertise these properties by publishing articles in local newspapers, posting on their website, or sending out fliers.

Buying REO properties from mortgage lenders usually results to a good deal since you have the bargaining power. Remember, the longer a REO property sits on the market unoccupied, the more money the lender loses and the more willing they will be to accept your offer.

Look out for short sale Myrtle Beach foreclosures

These properties are not yet foreclosed but are soon to be if not sold at once. At some point when the homeowner declares they could no longer continue paying the mortgage, the lender may agree on a short sale. This is often times preferred by the lender rather than getting into lengthy and costly foreclosure proceedings.

You can make a profit from buying short sale foreclosures because the selling price of these types of properties is often lower than the outstanding mortgage due. To maximize your profits, choose properties whose owners have made payment for a number of years, leaving little balance on their mortgage.

Before reselling the foreclosed or soon-to-be-foreclosed properties that you purchased  from auctions or mortgage lenders, you’ll have to research the differences of each type of property.

If you have bought a single-family home, you can realize profit by making an REO sale, foreclosure short sale or putting it up for auction. You will realize additional profits if you bought at less than the home’s value. Alternatively, you can also opt to make improvements to the home to increase its value and selling price.

To make a profit from buying foreclosed or soon-to-be-foreclosed multi-family homes or Myrtle Beach Condo, it is best to make the property available for rent. To minimize any complaints  from tenants, make the necessary improvements to the property. To ensure you’ll get inquiries and be able to find tenants more quickly, charge a competitive rate that is similar to other rentals in the area.

Because you bought the property at a significantly lower cost, it will take you less time to actually make a profit from your investments. Another important key to consider when trying to make profit from foreclosed multi-family homes through renting is securing paying tenants.  By paying a reduced rate and  responsible renters, you’ll be able to start making profits from regularly paying tenants in no time.

Working with a Myrtle Beach real estate agent that knows how to profit from short sales and Myrtle Beach foreclosures is a must!  Contact us today to schedule a consultation and see how you can profit in today’s real estate market.

JP Real Estate Experts
(843) 839-9872
mbcondoexpert.com

Myrtle Beach Foreclosures Experts

Some property owners have no idea how foreclosures work. It actually goes through several stages from receiving a Notice of Default to the sale of the property. This article will discuss the two primary processes that a foreclosed property goes through – the actual foreclosure process and the foreclosure auction.

The Actual Foreclosures Process

Receipt of Notice of Default (NOD)

When a property owner misses payments for 3-6 months, the lender orders a trustee to record an NOD at the County Recorder’s Office. A copy of the notice is given to the property owner to inform him that he is facing foreclosure.

Reinstatement Period

From the time of receiving an NOD, the property owner goes through a reinstatement period that runs until five days before the Trustee Sale. During this period, the property owner is given the opportunity to correct his default. Usually, however, this period lasts a maximum of three months. After three months and the loan is still not brought to current, the property owner will receive a Notice of Sale.

Notice of Sale

The Notice of Sale primarily shows the sale date of the foreclosure, including the time and location of this sale. It is recorded at the County Recorder’s Office in the county where the property is located as well as posted on the property itself. The Notice of Sale will also be published in local newspapers over a three-week period.

Trustee Sale

The Trustee Sale is actually the foreclosure sale that happens exactly at the date, time, and location indicated in the Notice of Sale. It is basically an auction of the foreclosed property that usually transpires on the steps of the county courthouse in which the property is situated. The highest bidder will get ownership of the property upon provision of a deposit up front and completion of the agreed price within 24 hours.

The Foreclosure Auction

At the Trustee Sale or sometimes referred to as the foreclosure auction, the opening bid is determined by the foreclosing lender based on the outstanding loan balance, interest accrued, and all other additional fees that will be incurred during the sale including attorney fees. There will be times that the opening bid will be too high for the bidders and no one will go higher. During such incidences, the attorney conducting the sale will purchase the property at the opening bid for the lender. Properties sold at the opening bid will be referred to as Real Estate Owned (REO).

Most properties put on foreclosure auctions have more debt than what it’s worth. This is why when the opening bid is calculated, it results to a very high amount that, for some interested bidders and real estate investors, are difficult to achieve and exceed.

All junior liens apart from property taxes are disregarded for all properties bought at foreclosure auctions. Liens are prioritized based on the date of recording. So buyers basically receive a clean title for the properties they’ve bought at Trustee Sales or Foreclosure Auctions.

Foreclosure is an important aspect of property investment that every property owner should know about. If you have additional questions regarding foreclosures, please do not hesitate to contact one of our listing agents.

Myrtle Beach Foreclosures Experts

But, a quick condo sale is not at all impossible. Here some expert tips to help you make Myrtle Beach condo sales as easy as selling houses.

 Bring out space for quick Myrtle Beach Condo Sales

Space is one of the primary deciding factors of most condo buyers. So it is important to make your condo unit look and feel spacious. Remove all unnecessary furniture that makes the condo look small and feel tight. Rearrange your furniture and redecorate the area to maximize space. Do this before inviting the potential buyer over.

TIP: Bring out mirrors to decorate the wall. It helps create the illusion of space and makes a room look bigger.

 Work with the unit’s strengths

Every condo unit has it’s own strengths and weaknesses. Find out which part of your unit is its strength and work with that room. Enhance it so when the potential buyer comes, he’ll instantly notice this, which would help him decide to go for the sale. You can also start directing attention to your unit’s strong elements and features in your advertisements to attract more buyers.

TIP: Get a professional photographer to take pictures of your condo and capture its strengths in a perfect angle.

Make it look good as new

Keep in mind the saying, “first impressions last” especially when tidying the unit before the potential buyer comes to take a look at it. Replace worn out fixtures such cabinet doors, doorknobs, lights, and windows. Clean kitchen counters and other table tops that may be dirty with dust. It is important to make the condo unit look good as new so the buyer would see it in its true beauty.

 Add a touch of nature

 To enliven the unit and inject a sense of vitality, consider adding potted plants and flowers throughout your unit. This will help potential buyers see the condo as an area for growth and progression. Plus, plants and flowers help create a calming and natural atmosphere to the entire unit.

 Make that extra push

Sometimes, buyers are on the brink of deciding to purchase the unit. You can see that they’re already in love with the unit and wanted to purchase it right there and then. But a lot of the times, there is still that one small hindrance preventing them to go for the sale.

What these buyers sometimes need is that extra push. During these times, consider throwing in some incentives to your buyers. Offer to have the help with the down payment or you can throw in some furniture as an added bonus. The latter more often work for buyers who are young couples starting their own family who have not yet been able to invest on necessary pieces of furniture. Sometimes, all you need is a bit of negotiation and creativity to make Myrtle Beach condo sales.

Don’t ever think it difficult to sell a condo unit. Use these tips to make quick and easy Myrtle Beach condo sales.

Give us a call whether you are buying or selling your Myrtle Beach condo.  We can help you find the perfect fit.

JP Real Estate Experts
(843) 839-9872
mbcondoexpert.com

There are a variety of resort properties from which to choose

• Hotel style condos
• Beachfront homes
• Golf resorts
• Intercoastal waterway condos and homes
• Vacation properties
• Rental properties
• Second homes
• Investment properties

If maintenance is a concern then a condo would be a better alternative than a home.  If you vacation with your family then a home that spacious enough for everyone but can still be rented when not used for vacation is an ideal solution.  There is so much to choose from in Myrtle Beach from an oceanfront efficiency to large penthouses with plenty of bedrooms and bathrooms overlooking the beach.

That strip of land in front of the ocean is very limited.  You can build a golf course almost anywhere but you can’t build a new beach and this makes beach front property very desirable.

Types of Resort Properties

Second Row Back – primarily located on the second street behind the beach front and will not have a view of the ocean.  They are within easy walking distance and are still a very good seasonal rental property.

Street View – these condos may or may not offer a view of the ocean.  They usually overlook the street and you can glimpse the ocean from a side view.

Angle Ocean View – here you have a view of the ocean from the side of the building.  Keep in mind that the view may be blocked by other buildings.

Ocean View – Although these condos offer a view of the ocean the view may be partially blocked by other buildings.

Angle Oceanfront – these condos are located in buildings directly on the ocean however, they are located on the side of the building.  You will have an ocean view but you will also see other structures.

Oceanfront – direct oceanfront views of the beach and are not obstructed by other buildings.

The styles and choices of condos and homes varies and you will need to consult with a Myrtle Beach real estate agent to determine which style best fits your specific needs.  JP Real Estate Experts know the area and can help you make the right decision.

Summer vacation time will be here soon.  Call us today to schedule a convenient time to review your options.

JP Real Estate Experts
(843) 839-9872
mbcondoexpert.com?

Stress Free Myrtle Beach Condo Living

This stress free lifestyle is the main reason that folks love owning a Myrtle Beach condo.  You don’t have to worry about exterior maintenance and in many instances, paying for services such as water and sewer, pest control, security, pool services, landscaping, etc.  All of this is included with your monthly association fee.

Many people relocating from other parts of the country to Myrtle Beach are unfamiliar with the concept of a home owners association.  Some even complain that the fee seems to be higher than they expected.  However, if you consider what you would be paying for all of the services listed above, it is a real bargain.  When condo owners pay collectively for these services they are considerably less than when paid individually.  In addition, your HOA fees are covering the maintenance of the entire complex.  You also have access to facilities such as pools, Jacuzzi,  exercise facilities and more.  Whether you live in your Myrtle Beach condo full time or simply use it as a great get-away, the association contributes to your care-free lifestyle.  A HOA will also set standards by which all owners must adhere and this ensures that the property is well-maintained and the values remain profitable.

In addition to the amenities we have already mentioned, many complexes offer decorated clubhouses with scheduled events such as card parties or socials.  For a small cleanup fee you can also host your own event.  Many active condo owners enjoy tennis courts, exercise pools and fitness centers.

Another great feature of owning a Myrtle Beach condo is when you have family or friends visit.  Most oceanfront condos have units that are available for rent.  Your visitors can have their own living quarters and still be close to you for great times to remember for years to come.

Condos located on the intercoastal waterway often include boat ramps, fishing piers and crabbing docks.  In some instances waterway condos offer full marinas for your boating enjoyment.

As the demographics of the average homeowner in Myrtle Beach changes and as builders of condominiums continue to improve the design and quality of these developments, their popularity will continue to grow.

Many oceanfront and waterway condos also have a property manager onsite.  This is a great option if you are looking for a vacation home that can pay for itself.  You can schedule the times when you and your family plan to vacation in Myrtle Beach and the remainder of the year the property can be generating rental income.

There are many styles of condos from which to choose and we will discuss those in our next installment.  In the meantime, if you are ready for this carefree lifestyle, give Jerry Pinkas Real Estate Experts a call.  Whether you are looking for a full time home or just a place to get away and relax, we have a Myrtle Beach condo just for you.

Jerry Pinkas Real Estate Experts
854 Jason Blvd Myrtle Beach, SC 29577?
(843) 839-9870
homeguidemyrtlebeach.com

One of the best and most affordable first home choices is a condo. Lots of individuals today buy condos as their first investment, particularly if they intend to build a property portfolio. If you consider buying a Myrtle Beach condo, here are some important facts you should know about condos.

What exactly is a Condo?

Condominiums are usually in the form of several apartments or town houses in a single property. Each and every owner has a title to their unit and is part owner of the entire property. Like in ordinary rental apartments, owners of each unit are responsible for maintaining and taking care of all parts of the property including lobbies, gardens, recreational areas, and parking spaces.

If you prefer not to be stressed with the entire property’s maintenance,  most condo corporations offer to take these off your shoulders. You won’t have to worry about anything else. They do a superb job at keeping the condo in good condition, especially since you’ll have to pay extra for this particular service.

Myrtle Beach Condo Rules to Follow

Much like living in apartments, there are certain rules that you’ll have to follow with condo properties. Condo organizations tend to be strict when it comes to the implementation of these rules. So if you want to stay in good terms with them, you should really follow the rules. Some of the rules you’ll have to comply with may involve bringing in pets, washing your car in the parking area, and placing tools and other items – like barbecue grills – in the balcony.

Owners’ Association Documents

Similar to owning a house, there are also owners’ association documents you might want to check out prior to purchasing a unit. It is extremely important to have your lawyer look at these documents to ensure the condo corporation is legit with a stable financial condition.

Have your lawyer look for special assessments that may come up in the future. Apart from your monthly rent, these are additional and separate fees used by the condo corporation for necessary repairs. Keep in mind that while they are responsible for taking action on fixing any problems to your units or the entire property, funding comes from unit owners. This is also to ensure that the owners will do their share of responsibility and take care of the entire property in general.

There are condo corporations – including those in Myrtle Beach – that require monthly maintenance fees where they take a portion off for future and unexpected repairs. This is required by law in all Myrtle Beach condo corporations.

Renting Out your Condo Unit

If you are purchasing a condo unit only to put it in the rental market, you may want to verify first with the corresponding condo associations. The reason for this is that not all condo associations allow this since renters have different terms of ownership that may affect the future value of the entire property.

Also, some HOAs implement restrictions for renting out their units. You will have to get a copy of this from the Home Owner Association bylaws if you’re persistent to rent out your unit before occupying it yourself.

If you intend to purchase a Myrtle Beach condo, consider calling Jerry Pinkas Real Estate Experts for information and assistance in looking for the most suitable condo for your needs.

#1 Turn your Myrtle Beach Real Estate into rental income

Many people purchase vacation property to have a great get-away all year around.  Why not rent your property when it is not in use?  When purchasing your vacation home look for quality, income producing properties which will increase your rental income.  By renting out your vacation home you have someone else paying for it!  .

#2 Leverage with a loan

Even if you have the where-with-all to purchase your vacation home outright, this is not a good idea.  Here is an example: you are considering a $100,000 condo in Myrtle Beach and instead of purchasing it, you put down a 25% deposit or $25,000 and a low interest loan for the balance.  You have complete control of the property for $25,000.  Property values are on the rise and let’s say that your property market value increases from $100,000 to $110,000 over the coming year. You have leveraged your cash for a 40% increase (40% of $25,000 is $10,000!)  You can actually own a more expensive Myrtle Beach real estate at a fraction of the initial investment value.

#3 Pay off the mortgage early

If you have purchased the Myrtle Beach real estate with a loan, then you will want to use the rental income to pay off the loan as quickly as possible.  This will save you the interest on the loan and that savings will go directly to your bottom line.  Even if this is a vacation home, think of it in terms of rental property.

#4 Tax incentive

Since you are renting the property you can take advantage of tax deductions such as depreciation, expenses such as utilities and home owners dues, interest on the mortgage, taxes, etc.  You will want to check with your accountant on the percentage of deductions allowed if you are using the unit for personal use and rental income.

#5 Start an income producing hobby

By purchasing a few great rental properties over a period of time you are increasing your net worth and you will be surprised at the amount of income they can produce.  Repeat the process, pay off the property and your part time job becomes a great source of income for you and your family.

Leveraging your portfolio with rental property takes knowledge and experience.  JP Real Estate Experts have the experience to help you make wise decisions!  Call us today.

JP Real Estate Experts
4717 Jenn Drive #100Myrtle Beach, SC 29577
(843) 839-9872

Tips for leveraging when buying Myrtle Beach Real Estate

 #1 Calculate the cost

Before you make an offer on an investment property, calculate the total costs of the investment:

• Average monthly utilities, including electric, water, sewer, garbage pickup
• Estimate what it will take to maintain the property in good repair
• Home Owner Association fees, including potential assessments (make sure you know exactly what the HOA monthly fee covers)

Make sure you understand completely your month-to-month expenses for the property.  Even if you plan to have the tenant pay for some of these expenses you need to be prepared to pay them when the property is not rented.  A good Myrtle Beach real estate agent can help you with these calculations.

#2 Research your taxes

Another thing to check before you make an offer on the property is the current outstanding taxes.  Remember that the taxes may be higher than what is on record if this property is the primary residence for the current owner and you plan to use the property for an investment or second home.  Also, in South Carolina, residents who are 65 or older get a special tax break, so if the current owner falls under this homestead tax breaks, your taxes will be considerably higher.  An experienced real estate can help you determine exactly what your annual taxes will be.

#3 Be sure and take a close look at property insurance

This is an item that MAY BE included with your home owners but make sure you understand exactly what is covered.  Even if the exterior is covered, you will want to be sure to have content insurance.  In Myrtle Beach you will want to check to see if the property is in a flood zone.  If so, you will want to make sure the insurance carrier is aware of this and make arrangements for flood insurance.  Your real estate agent can provide you with a list of agents that are competitive and have a good knowledge of what you will need.

#4 Compare the value of similar properties

This is an area where having an expert in Myrtle Beach real estate can really help you in your investing.  Your agent can pull the most recent sales in the neighborhood and compare the asking price of the property you are considering to these sales.  You will want to get a list of properties that have sold in the last six months.  You can get a good estimate of what you should bid on the property by taking the sale price and dividing it by the square footage of the house.  This will allow you to accurately compare the investment property to recent sales.

#5 Get the rental numbers

If the property is currently an investment property it will be easy to get the rental values over the last few years to see if they are trending up or down.  Rental performance is a great way to determine the quality of the property.  If renters are continuing to rent year after year, then you are assured that there is a good potential for the future.

#6  Inspect the property

Always have a full inspection done by a qualified home inspector.  This will help you to determine what repairs are needed.  Add the cost of the repairs to the selling price to determine if the rental income on the home will cover the investment costs.

#7 Use an attorney that specializes in real estate transactions

A good Myrtle Beach real estate attorney will work for you to ensure you have a clear title when you close on the property.  This is especially important for foreclosures, short sales or pre-foreclosure properties.  Don’t try and save money in this area by hiring a friend or relative that does not specialize in real estate.  It will end up costing you in the long run.

#8 Get title insurance

Even with the best of attorneys, errors can take place with the recorded deed, transfers or the plotting of the land parcel.  Title insurance is inexpensive compared to the potential problems that can arise and the cost involved with those problems.  Title insurance will protect you against defects, potential errors in the title and the ownership chain.

#9 Get the right documents from your HOA

Ask for the current copy of the covenants, minutes of recent meetings and the current budget.  You want to know all the rules and regulations before you make a commitment to purchase the property.  The minutes will tell you if there are plans for a future assessment or any pending lawsuits in the community.  The budget will tell you where they are spending the monthly dues and if there is enough in reserves to cover major maintenance.

JP Real Estate Experts know the area and specialize in helping investors grow their portfolio.  Give us a call today to discuss you investment plans for the new year.

Your Myrtle Beach Real Estate Investment Specialists

Is one of your goals for the coming year to increase your net worth?  If you examine people of wealth, you will notice they have either made their money in real estate or they hold a high percentage of their assets in real estate.

We did a survey of local investors and asked them why they invested in Myrtle Beach real estate as opposed to other investment opportunities.  Here is what they said.

Reasons to invest in Myrtle Beach Real Estate

• The type of return your receive with Myrtle Beach real estate investing cannot be safely made in the stock market
• Leaving my money in the bank doesn’t yield the returns they receive from real estate investing.
• Investing in real estate is a great way to diversify my portfolio
• In the near future prices will be much higher, with prices currently down, now is the best time to invest.

There are some investors that simply start as a hobby and have seen significant profits from real estate investing.  Many serious investors make as much or more investing than on their “real” job. Many investors are enjoying early retirement from their investing efforts.

How do they accomplish this – LEVERAGE.

Leverage is simply taking something small and turning it into something of more value.  Myrtle Beach real estate investing provides one of the best vehicles for leveraging your money.  By utilizing an investment in the right property, we have seen local investors gain additional income from rentals while increasing their net worth.  Rental income is what is called residual income and will continue long after the property is paid for.

Here are few leverage tips.  This article will cover leveraging yourself before you buy.  We will be covering others ways to leverage yourself in the next few articles.

#1 Don’t fall in love with a property you have only seen online

Don’t get me wrong, the internet is a great tool for doing your research however it does not answer all of your questions.  You can do your Christmas shopping online but don’t try and purchase investment property this way.  You can save time by setting up an appointment to see the property in person.  How does this save time?

• The property you are dreaming about online may already be under contract and the internet has not been updated.
• You may pass up a great investment opportunity simply because a photo was out of focus.  Reviewing properties online can be very deceiving.  You need to feel and touch your investment.
• Many great deals never make it to the internet.

Set up an appointment with a real estate advisor that knows the market and can show you properties that will provide the return you are looking for.

#2  Don’t overanalyze

Always keep an open mind.  I have seen many investors lose a great deal because they wanted to research every aspect of the property.  If you are working with the right Myrtle Beach real estate expert, they will have the facts you need to make the right decision.

#3 Always take the time to be pre-approved

You can leverage your time by only looking at properties that are within your budget.  You will know what price range to concentrate on if you are pre-approved for the investment.  Keep this documentation with you when shopping.  This will position to you move quickly when you see the right investment.

#4 Work with experts

This is a FREE service that you need to take full advantage of.  When you hire a buyer’s agent you get:

• Local insider information – key if you are not from this area
• Expertise – the tools and resources needed to make an informed decision
• Skill level of the agent – knowledge of trends and market analysis

#5 Income producing properties

You will want to filter the rental properties to see which ones are the highest producing properties.  Then sort through the properties that are in your price range and note any that you like personally.  This will help you narrow down the best properties to invest your time in pursuing.

Our next article will focus on leveraging yourself when buying.  Ready to get started now?  Give us a call today. We are the experts in Myrtle Beach real estate.

Jerry Pinkas Real Estate Experts
854 Jason Blvd Myrtle Beach, SC 29577?
(843) 839-9870
homeguidemyrtlebeach.com

For this type of buyer, it’s the view that’s even driving them to buy in the first place. That view is worth more to this kind of buyer than it would be to a buyer with small children who need a flat yard that’s easy to access from the living room. A nice view for them would just be icing on the cake, but not necessarily a requirement.

Water views can add great value to a condo, especially in the Myrtle Beach area. This can vary greatly in actual price depending on the type of water view it is. For example, a full view of the ocean will certainly be worth more than a glimpse across the street.

If you live in a major metro area, then no view at all would bring the value of the condo down, whereas mountain views or being able to see a famous building or architecture will bring that home’s value up significantly. Also, a Myrtle Beach Condo that has a view, which cannot be blocked by the building of another home, will hold greater value.

Hunting For The Myrtle Beach Condo With A View

If a view in your condo means a lot to you, then make sure you buy a condo that isn’t located where buildings or trees will obstruct that view. You should also check into whether or not new buildings can be constructed in front of your condo, thus blocking its view. The last thing you want is to buy a Myrtle Beach Condo with a beautiful view, just to have it disappear with new construction or development down the road!

Think about the maintenance needed. If your neighbor’s trees are in the way of your view, then you may want to suggest he trim them back or hire someone to do it. And if you have big trees on your own property that could potentially obstruct the view, then you might want to have them cut back before you attempt to sell your condo.

These are just a few things to consider when looking at how value is affected by view. The cost difference can be wide, but if you love that ocean view, then it may very well be worth it to you to put down the extra money to see it everyday! For more tips and articles on selling or buying a Myrtle Beach condo, check back often! We hope this article has been helpful to you.

Myrtle Beach Condo Experts