If you already own rental property in the Myrtle Beach
area, you are probably aware of the unique market we have
here. If you are considering investing in rental property
here, a good market analysis can help you determine where
to buy and how much you should consider paying for the property.
Myrtle Beach was once a very seasonal market. Now, it
has developed into a year-round market. Our tenant base
includes: new doctors and attorneys, college students, hotel/motel
managers, bartenders/servers, nurses/medical technicians,
real estate agents, entertainers, retirees and retail store
managers, just to name a few.
The job market is booming in Myrtle Beach. With new malls,
new resorts and new restaurants opening, new jobs are created.
People are moving here from every state to fill those jobs.
The majority of the potential tenants earn between 18
to 28 thousand dollars per year. These people are looking
for housing that ranges from $450 to $600. per month. Many
of the retirees that are moving to Myrtle Beach are choosing
to lease instead of buy. They simply don't want the burden
of maintenance and taxes. These potential tenants are willing
to pay significantly more.
Property Analysis
A thorough property analysis should be completed at least
once every year. The purpose is to improve and/or maintain
your property value. Potential tenants begin making their
decision about a property as soon as they turn into the
driveway!
Your property analysis should begin the same way! "Curb
Appeal" is essential to the rent ability of your property.
A good property analysis should include the inspection of:
heating and air conditioning units, major appliances, plumbing
and electrical, roofs and exterior surfaces, weather stripping
around doors and windows, fences, lawns, trees and shrubs.
Financial Accounting
Honest and accurate accounting is the only way to determine
the return on your investment. Good accounting records allows
your personal accountant to take advantage of tax deductions
and depreciation.
