tag:blogger.com,1999:blog-23829308494215643072023-06-20T05:40:59.821-07:00Real Estate at the BeachLooking to Buy or Sell Real Estate in Myrtle Beach? Find information here about current real estate market trends in Myrtle Beach and the surrounding area. Jason Ryan and Associates is a top selling team of realtors whose goal is provide exceptional service to area buyers and sellers. For additional information about our team, visit one of our websites!Unknownnoreply@blogger.comBlogger12125tag:blogger.com,1999:blog-2382930849421564307.post-43876160342914057052011-07-13T09:21:00.000-07:002011-07-13T09:21:38.731-07:00Bank-Owned Buyer Survival Skills: Outwit, Outlast, Underbid<em>Experienced Investors Share Secrets to Buying Unlisted & Listed REOs</em><br />
As a real estate investor specializing in low-end condominiums in Orange County, Calif., Lin He knows the value of doing his homework and relationship building. They are the two key factors that have given him a jump on his competition when it comes to buying bank-owned properties — either before or right after they are listed on the local multiple listing service. <br />
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“Buying pre-listing REOs definitely is a viable strategy. In fact, it's my major property acquisition strategy for me,” said He. “It takes time to develop a relationship with the REO agents. They need to be able to trust that you’ll perform.”<br />
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The relationship strategy has worked many times for him. So well in fact, that sometimes he’s able to submit an offer immediately when the property hits the MLS, and other times he’s been in the situation where he doesn’t even have to make an offer up front. The agent just sends him the paperwork on the deal and he decides whether he wants to take it or not.<br />
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<a href="http://www.realtytrac.com/images/news/customer/LinHe.PullQuote.jpg"></a>His focus has been not only on getting to know the key REO agents in the areas he buys, but also on building good relationships with the local homeowners associations, the property management companies that represent the HOAs, and even the neighbors surrounding the condos he owns. These relationships translate into a better chance that he’ll know early on about units headed into the foreclosure process. <br />
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<strong>Outwit Other Buyers</strong><br />
An investor in REO properties for 20 years and a well-known coach to real estate investors nationwide, Andy Heller believes working the unlisted bank-owned market is good for as much as a 25 percent to 30 percent discount before the property hits the MLS.<br />
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Utilizing a foreclosure listing service such as RealtyTrac, Heller teaches his students how to scan the lists of pre-foreclosure properties looking at location, loan amount and loan type as key criteria for sorting through properties. Next, the investor should identify 15 to 25 potential properties that are expected to go REO based on location.<br />
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While the larger banks don’t have to talk with you, and the chance of an investor getting in with the bank directly are slim and none, that strategy might be feasible with smaller, more local or regional banks. The key is timing, Heller noted.<br />
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“What you want to accomplish is to have the bank view you as an alternative to their normal structure of how they do things,” he said. <br />
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He suggests a three-step approach:<br />
<ul><li><strong><em>Call</em></strong><em> in the days following the foreclosure sale but before the bank begins its normal p</em><em>rocess to market the property.</em></li>
<li><strong><em>Make a specific property inquiry for a single property based on your identified property list.</em></strong><em> Tell them you’d like to make a quick sale offer which will separate you from other investors.</em></li>
<li><strong><em>Say the right things.</em></strong><em> After telling them you’d like to make a quick sale offer, ask them </em><em>f</em><em>or nothing more than access to the property and tell them you should have an offer on their desk in two to three days after that.</em> </li>
</ul>Heller said he calls 15 to 20 banks and expects that two or three will give him the time of day and grant him access to the properties. He ends up buying one or two properties a month that way.<br />
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<strong>Outlast the Lenders</strong><br />
Although he’s an investor, Sham Reddy spends most of his time working as a real estate agent representing other investors in Dayton, Ohio. Given the plentiful inventory of properties available in the area, Reddy said he trains his investors to wait on REOs until after they’ve hit the MLS and been on the market for at least 30 days before making a move.<br />
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“The longer the property is on the market the better negotiating position we have,” said Reddy, who is president of both the Greater Dayton Real Estate Investors Association and the Ohio Real Estate Investors Association.<br />
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Reddy said one of his key strategies for working REOs is following the sheriff’s sales and keeping track of the results. He knows that it usually takes four to six weeks before the property eventually ends up as someone’s REO listing (VA and HUD properties take a little longer to show up on the market).<br />
<span style="font-style: italic;">This article is excerpted from RealtyTrac's award-winning Foreclosure News Report.</span>Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2382930849421564307.post-53102133546937131362011-07-12T12:43:00.000-07:002011-07-12T12:43:05.496-07:00Our Office Has Moved!...<a href="http://idx.imprev.net/03782F07/33/93633/1513829/index.ipv">We've Moved!</a>...<br />
Click on the link above for address information and directions to our new office location.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2382930849421564307.post-3608448573862914042011-01-28T08:01:00.000-08:002011-01-28T08:01:08.661-08:00F.H.A. Loan Information! GREAT!<div dir="ltr" style="text-align: left;" trbidi="on"><div class="MsoNormal" style="margin: 0in 0in 0pt;">How to spell “F.H.A.”!!!<span style="mso-spacerun: yes;"> </span>1/28/2011</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">Today’s conventional interest rates30-year fixed = 4.625%<span style="mso-spacerun: yes;"> </span>5/1 ARM = 3.25%</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">Learning to suggest FHA financing as a possible option for buyers in need of flexibility will be a great tool for you.<span style="mso-spacerun: yes;"> </span>You will NOT need to know many specific details of the FHA product – that’s MY job – but it does pay to know that flexibilities do still exist – however limited they may be, these days!</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><strong>The GOOD:</strong></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">·FHA offers the lowest down payment possible – just 3.5%.<span style="mso-spacerun: yes;"> </span>(USDA and VA still offer 100% financing for those borrowers/properties that qualify.)</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">·Highest allowable debt ratio – if your buyer has too much debt, FHA can save your deal!</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">·Low interest rate – often lower than the best conventional!</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">· Flexible guidelines for receiving gifts for down payment funds – for those buyers with little cash….but PARENTS!!!<span style="mso-spacerun: yes;"> </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">·Flexibility to deal with ‘special credit circumstances’ – FHA allows for letters of explanation that make sense of unusual circumstances on your buyers’ credit report, such as:</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">o<span style="mso-spacerun: yes;"> </span>Credit card payment on credit report has always been paid (and will continue to be) by dad.</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">o<span style="mso-spacerun: yes;"> </span>Ex-husband didn’t make the payments on this item, and we can show proof.</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">o<span style="mso-spacerun: yes;"> </span>Newly-separated buyer can show that soon-to-be-ex-husband is responsible for mortgage payment on marital home.</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
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</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><strong>The BAD:</strong></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">·FHA financing ALWAYS means mortgage insurance – for at least 5 years.<span style="mso-spacerun: yes;"> </span>I view it as the cost of the flexibilities benefiting your buyer.</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">·This mortgage insurance has TWO components:</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">o<span style="mso-spacerun: yes;"> </span>Up-front fee of approx 1% of their loan amount – this is rolled into the loan amount, so not paid out-of-pocket!</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">o<span style="mso-spacerun: yes;"> </span>Monthly premium is added to the buyers’ payment each month.</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
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</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><strong>FHA scenario from today:</strong></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">· Purchase of a primary residence, single-family home</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">· Purchase price - $250,000</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">· Down payment of just 3.5% (that’s just $8,750), of which $7,000 was a gift from family!</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">· Buyer had a great deal of debt, including two big cars and student loans.</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">· Interest rate for a 30-year fixed loan = 4.25%!!!<span style="mso-spacerun: yes;"> </span>(that’s NOT a misprint!!!)</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">· The same scenario with a 20% down payment and a conventional loan would have been 4.625%!<span style="mso-spacerun: yes;"> </span>However, this buyer would not have qualified for conventional due to debt ratio and lack of cash, but….FHA SAVED THE DEAL!!!</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">Let me know your questions about FHA financing today.<span style="mso-spacerun: yes;"> </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">Real Estate Mortgage Network, Inc. NMLS #6521. <state w:st="on"><place w:st="on">New Jersey</place></state> Licensed Lender and Mortgage Banker #L041053. MLS # 322102</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><strong><span style="color: blue;">R. Roy Dunn (843) 446-4663 Fax: (803) 753-9432 <a href="http://www.financingthebeach.com/">http://www.financingthebeach.com/</a></span></strong></div></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2382930849421564307.post-33113654356787455122011-01-17T07:26:00.000-08:002011-01-17T07:26:56.217-08:00Looking to buy? Buy NOW before the RATES RISE!<div class="MsoNormal" style="margin: 0in 0in 0pt;">It's been said that <b style="mso-bidi-font-weight: normal;">"no news is good news</b>...." And while that can be true, lately many of the economic reports we have seen have been very good news, as they show signs that our economy continues to improve.</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;">Stocks just enjoyed their seventh straight week of gains</b>, due to the positive economic reports that have been streaming in. While this is certainly cause for celebration, an important question we need to consider is what does this mean for home loan rates in the short and long term? </div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">On the one hand, improvement in the economy is good news on the housing front, as once people feel better about keeping their job or getting a new job,<strong> home purchasing activity will rise, and values will follow</strong>. But on the other side of the coin, as the labor market and economy improve, <strong>home loan rates will have to gradually rise as well.</strong> And remember, this all ties in with the Fed's plan to inject the full $600 Billion into our economy as part of their latest round of Quantitative Easing, known as "QE2."</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;">Remember, the three part goal of QE2 is to create inflation, lower unemployment, and boost Stock prices - and we are seeing evidence of these goals occurring. Not only have Stock prices improved over the last seven weeks as we discussed above, but December's Jobs Report posted the lowest unemployment rate since May of 2009. And last week, we saw some evidence of inflation as the Producer Price Index (PPI), which measures inflation at the wholesale or producer level, came in higher than expected. While December's Consumer Price Index wasn't quite as hot as the PPI, going forward our increasing budget deficit could cause inflation to spike down the road.</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;">So what's the bottom line if you have been thinking about purchasing or refinancing a home? Home loan rates are still very attractive right now, so call or email me if you want to get started. Or forward this newsletter on to someone you know who may benefit from today's historically low rates.</b></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2382930849421564307.post-84037951542953320382011-01-12T19:13:00.000-08:002011-01-12T19:13:16.890-08:00Monthly Marketing Report for the Grand Strand.<div class="MsoNormal">During December, SFR and condo sales were up versus prior year levels. The increase was driven by a record number of distressed sales (37% of all sales). This level of distressed activity led to a low median sales price of $169,900 and $109,900 for SFR and Condos, respectively. For the full year, SFR and Condo sales were up approx. 15% and 20%, respectively.</div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><em><span style="font-family: Arial, Helvetica, sans-serif; font-size: xx-small;">(Source: SiteTech Systems)</span></em></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2382930849421564307.post-58124268950941011472011-01-11T12:22:00.000-08:002011-01-11T12:22:50.425-08:00Local Real Estate Association Monitors Market Conditions<span style="font-family: Arial;">The numbers for 2010 give a hopeful sign that the economy is slowly improving. According to data compiled by Site Tech Systems, <strong><u>SFR sales rose 14.6% from 2009</u></strong>. <strong><u>Condo sales rose 19.3%</u></strong> in the same time period. We will continue to monitor the local market trends and keep you informed throughout the year.</span><br />
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<span style="font-family: Arial;"><strong><em><span style="font-size: xx-small;">(Source: </span></em></strong><span style="font-family: Arial Black, Avant Garde;"><strong><em><span style="font-size: xx-small;">Coastal Carolinas Association of REALTORS® 2010 Annual Report)</span></em></strong></span></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2382930849421564307.post-47057422351192733882011-01-10T16:48:00.001-08:002011-01-10T16:48:08.605-08:00Tax Deadline Extended!Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2382930849421564307.post-28264260985165865922011-01-06T15:33:00.000-08:002011-01-06T15:33:06.429-08:00What's your New Years Resolution<div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/zV3MUpN8vA0?feature=player_embedded' frameborder='0'></iframe></div><br />
What is your New Years Resolution? If you are looking to buy or sell a home in 2011, let Jason Ryan and Associates make your resolutions come true.<br />
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Whenever you are buying a home, it should be a positive experience, and while doing so, you should do some homework first! There is a wealth of information available to you whether you are a first-time homebuyer or not. It makes the process more understandable, keeps you informed and prepares you to make wise decisions. <br />
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Jason Ryan and Associates recommend that you work with a professional Real Estate Agents such as themselves. They will save you money and time. Real estate agents with experience, education and results are usually the leaders in the industry. <br />
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Jason Ryan and Associates have accumulted a multitude of awards over the years. The most recent award includes the Platinum Club Award which is given by Re/Max International. Only 4% of the Re/Max Network has acheived this prestigious award. Re/Max has nearly 100,000 agents in more than 75 countries who continue to out-produce the competition, averaging more sales than other real estate agents. <br />
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Remember, your real estate agent is a professionally trained person that you are engaging to help you make the right decisions. Be an informed homebuyer and Happy House Hunting! <br />
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Best regards, <br />
Jason RyanUnknownnoreply@blogger.com0tag:blogger.com,1999:blog-2382930849421564307.post-62321635742682579842011-01-03T11:46:00.000-08:002011-01-03T11:46:20.978-08:00Did you know? Why use Re/Max Agents - Jason Ryan & Associates?<div class="separator" style="clear: both; text-align: center;"><span style="font-family: Georgia, "Times New Roman", serif; font-size: large;"><strong>Jason Ryan & Associates closed 92 properties in 2010! </strong></span></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><span style="font-family: Georgia, "Times New Roman", serif; font-size: large;"><strong>Hire 3 Agents for the price of 1.</strong></span></div><ul><li><div class="separator" style="clear: both; text-align: center;"><strong><span style="font-family: Georgia; font-size: large;">Our 1-800 toll-free # is available 24/7.</span></strong></div></li>
<li><div class="separator" style="clear: both; text-align: center;"><strong><span style="font-family: Georgia; font-size: large;">Call now to buy or sell your next home!</span></strong></div></li>
<li><div class="separator" style="clear: both; text-align: center;"><span style="font-family: Georgia; font-size: large;"><strong>888.360.7263</strong><em> (360.SAND).</em></span></div></li>
<li><div class="separator" style="clear: both; text-align: center;"><em><span style="color: blue; font-family: Georgia; font-size: large;">Client SATISFACTION is our #1 priority!!</span></em></div></li>
</ul><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><object width="320" height="266" class="BLOGGER-youtube-video" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" data-thumbnail-src="http://2.gvt0.com/vi/tp_T_iC8lpI/0.jpg"><param name="movie" value="http://www.youtube.com/v/tp_T_iC8lpI&fs=1&source=uds" /><param name="bgcolor" value="#FFFFFF" /><embed width="320" height="266" src="http://www.youtube.com/v/tp_T_iC8lpI&fs=1&source=uds" type="application/x-shockwave-flash"></embed></object></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2382930849421564307.post-65718334069615517102011-01-01T13:26:00.000-08:002011-01-01T13:26:00.859-08:00How Much Should I Offer on this Foreclosure?"How much should I plan to offer...I mean...it is a foreclosure! I am sure the bank is dying to get it off of their books."<br />
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I am asked this question quite often and 90% of the time, my answer is the same..."If there are multiple offers already on the table... submit your offer quickly and I'd recommended that you offer full price!" <br />
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Let me explain...Banks seek out the help of experienced realtors and appraisers to determine the lowest fair-market value of a property. The property will be priced lower than other homes in the neighborhood, or lower than other condos in the building, because banks are not in the business to sell real estate. If the property needs repairs, the bank will lower the sale price even more, because the costs to make repairs are deducted. If the bank is also looking at other offers in addition to yours, go ahead and make a full-priced offer, you WILL still get a good deal!<br />
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If there are no other offers, (you can ask your realtor to gather this information) still go in with a strong offer. I had a property listed with a $200,000 sales price. An agent submitted an offer for their client of $140,000. The bank would not even entertain the offer...the bank didn't even counter! 15% below asking price is a good starting point for submitting offers...if there are no multiple offers. Again, even if you end up paying full price, you still will get a great deal and have instant equity.<br />
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If you submit an offer and at the same time, other offers are coming in, you'll be asked to submit a "Highest & Best" offer. This is when you decide how much the property is truly worth to you...offer your maximum purchase price. If your offer is the highest, you win!<br />
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One more note...it doesn't matter if you are planning to pay in cash or financing. Although it would seem that a cash offer is better, banks will still take the highest offer presented. On your offer, you'll also want to have a short time frame for closing to take place. 30 days is a good number.<br />
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There's still more to learn, so call me at 888.360.SAND for additional advice. In 2010, I sold nearly 100 bank-owned properties. I am an authorized Listing Agent for Fannie Mae HomePath Properties, as well. I look forward to your questions and to helping you find a great deal!Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2382930849421564307.post-91395510039010590362010-12-29T17:05:00.001-08:002010-12-29T17:09:49.112-08:00Purchasing an Ocean Front Condo for Investment Purposes<div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">Okay, you’ve decided to purchase an ocean front condo in Myrtle Beach. There is a lot to learn! Just because a condo sits direct ocean front, can be rented weekly, and purchased for under $100,000, it doesn’t mean that you are going to see a lofty annual profit. <span style="mso-spacerun: yes;"> </span>If you are hoping to purchase a condo, use it 2-3 weeks out of the year, and rent weekly to cover your monthly mortgage payment, and other monthly and annual fees, then you’ll find lots of condos that qualify. If, however, you are looking to cash flow by $20-30,000/year, you’ll need to do a little number crunching.</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;"><strong><span style="text-decoration: underline;">Here’s our guide successfully purchasing a condo for annual profit.</span></strong> </span></div><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">1.</span> </span></span><span style="font-family: Calibri;"><span style="text-decoration: underline;">Talk to a lender</span> and tell them that you would like to purchase an ocean front condo in Myrtle Beach. Rates and lending guidelines for homes, townhomes, land, condos and ocean front condos vary greatly. Lately, buyers are being required to put 40%+ down to purchase an ocean front condo. Next, ask the lender how much money you will be allowed to borrow. <em>This can also be your price cap when doing your condo search.</em> Get a proof-of-funds or pre-qualification letter up to the amount the lender is willing to let you borrow. If this lender is not willing to work with you, ask why, (perhaps there is an issue with your credit that can be resolved). Then, talk to several other lenders; just because one lender is not willing to work with you, doesn’t mean that others will not work with you, as well. </span></div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in;"><br />
</div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">2.</span> </span></span><span style="font-family: Calibri;">Seek the help of a realtor. Currently on the market, there are lots of great opportunities to purchase bank-owned foreclosures, short-sales, and distressed properties. Realtors have the ability to research these properties for you. Ask the realtor to send you a daily list of new ocean front condo foreclosures. <strong>Banks work entirely through realtors</strong> to sell their properties, so even if you contact the bank directly regarding a property they have for sale, they are going to direct you to the realtor who has the property listed. <strong>Seek the help of a realtor who both lists and sells foreclosures; they have the best knowledge of how the process to purchase a foreclosure works</strong>. Short-sales are an entirely different process altogether; short-sales require a lot of patience because the offer/acceptance process can take months. We’ll discuss short-sales in a later blog post. With foreclosures, you'll often receive a counter-offer and/or offer acceptance within 24-48 house and some banks, like Fannie Mae, are even offering special rates with as little as <strong>3% down</strong> if you purchase a foreclosed property they own. </span></div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in;"><br />
</div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">3.</span> </span></span><span style="font-family: Calibri;">Now, get ready for the gritty work. From the foreclosure list, select the condos you like…eliminate the ones you don’t like. Ask your realtor to show you the ones you like. Again, eliminate the ones you don't like. Try to be unemotional about the elimination process...you're buying for investment purposes, not personal use. </span></div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><br />
</div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Calibri;"> </span><span style="font-family: Calibri;">a. Then, ask your realtor to gather gross annual rental figures for the ones you do like. </span></div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Calibri;"> Ask for a 2 or 3 year history and then take an average; due to the state of the</span></div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Calibri;"> economy, rental figures have been down for the past few years. </span></div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in;"><span style="font-family: Calibri;"> </span><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">b.</span> </span></span><span style="font-family: Calibri;">Next ask what the <span style="text-decoration: underline;">nightly, seasonal rental rates</span> are.</span></div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 1in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -0.25in;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">c.</span> </span></span><span style="font-family: Calibri;">Ask what <span style="text-decoration: underline;">% the rental management company charges</span> and <span style="text-decoration: underline;">what the fee covers</span>. Ask how the units are rented…are they based on a “grading system” (…grade A,…grade B,..grade C), or are they simply rented on a rotation-basis. If on a grading system, Grade A units are rented first, because they are in better condition and/or have better views.</span></div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 1in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -0.25in;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">d.</span> </span></span><span style="font-family: Calibri;">Ask what the <span style="text-decoration: underline;">Property Owner’s Association fees</span> are and what those fees cover.</span></div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 1in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -0.25in;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">e.</span> </span></span><span style="font-family: Calibri;">Ask if the building is currently undergoing an <span style="text-decoration: underline;">assessment</span> or if there are any proposed assessments. The last thing you want is to close on a condo and then find out that the building is having the roof repaired or windows replaced and there is a $500/month assessment.</span></div><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 1in; mso-add-space: auto;"><br />
</div><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><strong style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">4.</span> </span></span></strong><span style="font-family: Calibri;">Next, crunch some numbers and see if any of the units will give you an annual return. There may be 2 or 3 out of the entire list that you preview, but they are out there! One more bit of advice if you are planning to purchase a foreclosure...have that pre-qualification letter or proof of funds letter in your hand and be ready to make a decision quickly. The really, really good deals go fast! <strong style="mso-bidi-font-weight: normal;">In our next blog, we’ll discuss making offers on foreclosure properties.</strong></span></div><span style="line-height: 115%;">We’ve provided a lot of information here and there is even more to learn about purchasing ocean front condos in Myrtle Beach. We have the knowledge and experience to help you through the buying process. <strong>We list and sell foreclosures</strong>, as well as all other types of property. <strong>Our goal is to help 100% of our buyers find great properties at a bargain.</strong> If your goal is to cash-flow, we can help you do that too! In July alone, we’ve put 9 properties under contract, and are working on several more. Give us a call at <strong>888.360.7263</strong> if you have questions, or would like to speak to us directly. </span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2382930849421564307.post-30150600230526317912010-12-28T11:09:00.001-08:002010-12-29T17:08:46.663-08:00About Myrtle Beach<span style="color: black;">For decades, Myrtle Beach and the surrounding areas of the Grand Strand have been a major destination for beach lovers, tourists and those looking to settle. Myrtle Beach's initial appeal is one of awe as visitors and new residents discover the many shopping, food, and leisure activities afforded by the area. Rich in both history and culture, Myrtle Beach has lent itself to the inspiration of many, an imagination from it's beautiful familybeaches and temperate climate, to it's active nightlife, and family fun. The shops and establishments along some of the historic parts of Ocean Boulevard, have become staple attractions. Fun or excitement, convenience or relaxation, Myrtle Beach is your destination for it all!</span><br />
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<span style="color: black;">Myrtle Beach, also known as the Grand Strand, stretches out for sixty miles/100 Kms. It is the most popular and median location between the northern South Carolina coast and stretches from the North Carolina line in Little River to Georgetown as its southern most extremity.Whatever your method of travel-driving or flying- the Myrtle Beach is the perfect travel destination, and an even better place for your primary or secondary residence. As a family destination, Myrtle Beach rivals any beach in Florida, not only for it's water activities and beaches, but also for its phenomenal housing standards, entertainment, world-class golf, food venues and shopping. A major claim for the Grand Strand area is that it is a very safe place to live, with activities and civic groups for retirees, low crime rates, and wonderful school systems. The area is comprised of those looking for a second home location and families with children. The population of Myrtle Beach is growing as folks who discover the SC Coastal Area realize the real estate opportunities, the delightful southern charm and hospitality.</span><br />
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<span style="color: black;">As a new Myrtle Beach resident or investor, you'll enjoy the friendliness and hospitality of your neighbors who also live work and invest in the SC Coastal area. Even with all of the exciting venues and attractions nearby, your family will appreciate a move to Myrtle Beach, as it moves at a peaceful pace.</span><br />
<span style="color: black;">The Myrtle Beach and surrounding area is evolving from a plantation culture to a high-end resort destination as babyboomers, just a step away from retirement, and young professional investors are lured by enticing entry prices. The coastal area is a decade and a half from being built out, yet our roads and infrastructure are far ahead of growth and development. As a result, coastal investment opportunities that include significant appreciation make investing in Myrtle Beach appealing.</span>Unknownnoreply@blogger.com0