Working with buyers to find an investment property that cash flows can be as simple as looking as an Excel spreadsheet and typically they might not even have to see the property. When it gets a little hairy is when buyers want a great rental property but also a property they like... be careful when they fall in love though! Hairy for two reasons... the numbers are the numbers despite location, amenities, size, etc. to an investor. The investor looking to also use the property and bring Aunt Susie and Uncle Tom and the occasional Cousin Billy and Bob turns this cash flow situation into one where location, size, layout, amenities and more do matter and it's a one size fits all. If you have not ever tried on a one size fits all dress ranging from size 2-20, to put it simply does not work. If and when we find the property that the buyers love that is "too perfect" then of course, what owner wants to rent this jewel? Well, looking for a happy medium is sometimes a trial and error process and in this case it was not so complicated because buyers were very realistic on their expectations but our buyers did want a property they could use personally and size did matter. We decided the "shot-gun layout" wasn't going to work especially with Aunt Susie and Uncle Tom tagging along on the occasional trip down from the north to escape the snow. This was just too close for comfort!
To add to the complexity, the condo was not furnished because it was a foreclosure (many times the bank will clean out the unit IF the owner hasn't already). Well, furnishing the condo was quite simple in comparison to figuring out how one might get the satellite dish in concrete in a planter on the balcony (which I'm certain wasn't allowed by HOA and don't know how it even got up there) or they will get it down...anchors away... satellite overboard. Anyway, that's always the challenge and the occasional laugh that you get when buying a foreclosure especially since foreclosure properties are sold "as is " "where is". We are currently in the peak of rental season but after checking with rental management on the future rental potential, the satellite dish must go somehow and I'm sure buyers have been working around the clock to get this baby furnished and rentable in the next 24 hours. I find out later they cut it up and took it piece by piece down stairs.
After searching Myrtle Beach and North Myrtle Beach for the best value less than or around $120,000, Prince Resort was the winner. Situated on the 12th floor of the Prince Resort, listed at $129,500, my buyers got to purchase the listing which closed at $122,500. Let the rental season begin!!! Best of luck to these wonderful buyers who have purchased their 2nd property from us in less than a year! I know it will be a success and Aunt Susie and Uncle Tom and the entire family (you never knew you had)will enjoy it !!!