We provide a strategic three step approach to buying your vacation rental investment property. We often see buyers begin their search with a general search of the property based on their personal likes and dislikes. Keeping emotional buying at bay can be difficult especially if you find the perfect property and find yourself doing everything possible to buy it. But it is vital to approach buying an investment property with your eyes wide open. Take the time to understand the numbers, where area it is best to buy in, and plan for contingencies should the market change.
STEP 1 – LOCATION
Choosing the correct location and area for your investment property is so important. Base your search on where guests desire to stay the most as well as what area will support income in the off season too. In North Myrtle Beach, Oceanfront back to the 4th row are the usually the most producing areas for vacation rental homes and condos.
STEP 2 – SEARCH FOR PROPERTY ALREADY ON OUR PROGRAM
Consider searching for a vacation rental property that is already on a rental program with strong history. By contacting Elliott Beach Rentals first, we can determine what properties are for sale on our program and what fits your goals and budget. Obtaining actual rental history will give you more buying confidence than a projection.
STEP 3 – KNOW YOUR NUMBERS
Make sure the numbers work by using our ROI Calculator. If you find a property that is already on Elliott Beach Rentals program, request 2-3 years rental history, where possible, and determine if that property cash flows based on your finance. Be realistic about occupancy and understand that using your property more often will impact the potential income. Build this into your calculation.