Is it better to invest in a condo or home in Myrtle Beach, SC?
86958
Depends on the condo project. Not all condo projects are created equal.\n\nFirst, do a cash flow analysis on each using comps in the area.\n\nSecond, evaluate the condo project itself. Consider the % of investors in the project, health of the condo assoc, age of the development (needing repairs in common areas etc.), and condo developers role (if any) still in the project. It's good to have the homeowners in complete control - especially when some work is left to do.\n\nOnce you get comfortable on the condo project, pick the one with the better cash flow.
142220
I live here and I would say; Sure if you have $500,000 you would like to spend on a small 3/2 in a so so area, come on over, its great here.  The sun always shines and you can see it through the smog most of the time.
719438
You couldn't ask for a better place to live. I'm a native of Charlotte and lived in the Myers Park area of the city. It has grown by leaps and bounds in the past ten years. You will find a wide range of neighborhoods to live in. Many of our older ones are being upgrated and are rather pricey, but you can find just as nice neighborhoods in most any part of Charlotte. My hubby and I, we're retired, live in the south of Charlotte in Matthews and love our area. The shopping is terrific and there are many great places to eat. We are also about 1 1/2 hours from the mountains, the Blue Ridge Parkway, and are about 5 hours from some of the most beautiful beaches to visit. The schools vary from excellent to fair, depending on where you decide to live. Get a good real estate agent and tell him/her what you are looking for. I recommend Allen Tate Realtors, I think they are the best. Good luck and I hope you decide to move here, you won't be sorry.
333126
I am not sure whether you are asking which is the better purchase option for you, or if you are asking whether you should purchase a home at all. If your question is the second one, yes, you should purchase one or the other, as you will be building equity of your own, rather than paying rent, which is building equity for someone else.  If you are asking which to purchase, there are a number of things you should consider.  While a house may appreciate faster, thus allowing equity to build faster, it requires a lot more maintenance, repairs, and yard work.  Are you equipped to do these yourself, or have the resources to pay someone else to do them?  Talk over everything with a real estate professional you can trust.  Look at every consideration you can think of, and decide which would be best for you.  Only then should you start to look at potential properties.  Good Luck!
1001318
Currently, probably Louisiana.  New oceanfront condos, middle of the line, costs $300-500/sq ft here in Panama City Beach, FL, to give you a reference.  Of course there's less and more expensive.  But there's ALOT to choose from, old and new.
992620
I went to Myrtle Beach a few years ago-- They are ALL great, they have the most fun mini golf places in the world. You're going to pretty much find the same deal every where you go, so just look around and pick something that looks like fun ;)
434948
100% financing on an investment property?  Sounds fishy to me.  Is this some condemned building or one that was under seawater from the last hurricane?  That area was hit hard, are you an out of state investor?  Be careful.
458771
I'm not sure where abouts you are but I have two investment properties and can recommend the following:\n\nLook for low maintenance properties -  minimal gardens etc\nCheck out local infrastructure, public transport, schools shops etc\nTry to keep within 10km of the CBD
709452
Either you are joking, or you need a little education on your local real estate market (particularly for condo's).  See the site below before you buy anything in San Diego right now.  Take care.
1066479
if i were you, i will buy some investments in Berkeley, keinsintong, el cerrito, and around there. now the prices are just ok, some are over too much, but it is still cheaper than s.f. and north bay!
1134848
There seems to be a lot of answers favoring paying it off, but really the answer is a bit more complicated.   If you think you can invest the money in something that will get you a higher average annual return than the rate you're paying on the loan, then absolutely take out the loan for the house, invest your money and the rate difference between the loan and your investment will pay not only for the interest but also leave you with a bit of a spread.   In addition, the tax deduction on the mortgage interest will offset part of the investment income.      Also, keep in mind that when I say investment, I'm not limiting things to paper investments like stocks, mutual funds, CD's, etc., but also to investment real estate whether buying another house, duplex or apartment or commercial property for the rents that produce positive cash flow after expenses and any related debt service on those properties as well.\n\nThe bottom line is you have to figure out what kind of investment you're comfortable with and what kind of knowledge you have in that area (and if you don't feel comfortable with your knowledge level, speak to a certified financial planner to find out what is possible and what the risks are) and then you can determine if you're likely to get a higher rate on investing the money or not.  If not, you're better of just paying for the house using your funds.
1091650
The best option for you would be to find others with 30k to invest and see about setting up a REIT (real estate investment trust). Think about it, get 10 people together and now you've got 300k to work with. At that point, you can put the money down on a strip mall, apt complex, etc... Commercial real estate is very lucrative and often you will walk in cash positive. In fact, you can't buy the place (conventionally) unless you are cash positive. You get to see the previous owners 3yrs of financial records to tell you if it's going to yeild you a return or not and so on.
1013397
I can answer your question from 2 perspectives:\n1. I am currently a mortgage loan officer in North and South Carolina and very familiar with credit, real estate and the housing market.\n\n2. Not only did I used to work for Palm Harbor both in sales and setup, I also used to own a Palm Harbor Home.\n\nLet me state this... as far as manufactured hoems go, I truly believe Palm Harbor to be the best in construction and quality. Most folks do not know they are in a doublewide.. they do a fantastic job and they are tight!\n\nHowever, I must caution your daughter.. not so much on Palm Harbor, but on the manufactured home in general. Although I personally believe they are great homes, the general public, the real estate market and the lenders do not think that way.\n\nThe manufactured housing industry has taken some hard hits.\n\nLenders have pulled out nationwide from lending money on these homes due to the high foreclosure ratios. And contrary to someone else's response, lenders are not looking to get back into that market. When you lose millions of dollars, you learn your lesson. So, once your daughter gets approved, no matter what the sales person tells you, there may not be any better financing options available later... she may not be able to refinance the loan later. So she must accept that the payments she gets are the best she may ever get on that home.\n\nThe real estate market is flooded with foreclosed manufactured homes, so the market is not allowing the mobile homes to hold their value. Most home depreciate fast because the most recent comaparable properties available sold in foreclosure for 20-30% less than yours! This is not a wise INVESTMENT.\n\nThe general public sees mobile homes still as "trailers." Although nowadays they typically build a more solid home than many home builders (I have been to the factories!), the public still sees them as the old single wide metal homes that just won't go away even though they are falling down.\n\nChances are that if your daughter can buy a manufactured home, she can buy a solid site build single family residence. Have her check with a local mortgage broker in the area that works with less than perfect credit and first time home buyers. (Believe me, we brokers can help here!) If in NC or SC, use my link below.\n\nAlthough she may not get as much room for the money, the long term investment in a site built home will pay off. When she needs more room or needs to sell and move in the future, she will have a property she can sell and make money from, not a mobile home she needs to pay her way out of or be stuck in.\n\nBest of luck in your decisions.
40646
Property is the best investment,so if you've got the financial ability buy two houses.You can't go wrong.
925821
First, get out of that ARM!!!!\nYou can get fixed 30 yrs at or below 6.75% right now.  Yes, that's higher than what you're paying right now, but lower than what you'll re-fi at in two years when you really will be hurting.\n\nIf you're in San Antonio, then you've noticed that we had a wave of investors come in.  This did two things.  1 - Drove prices of newer homes up pretty quickly.  2 - Drove prices of rentals down quickly.\n\nYour mortgage is $1,400 and it could rent for $1,000.  You're probably correct.  This price range is for buying and living in, not for owning as an investment.\n\n"Money makers" more often than not, come in neighborhoods that you'd rather not put your family into.
699190
No, they are overpriced. Trump is selling you the condo at prices that are double or even triple for the area. You are buying a name. The assessments we'll be high as well. Consider what you can get elsewhere. Trump properties are for people who won't leave for a while.
838934
For me, the reasons to buy a condo include location and access to the things I want and need (grocery, banks, work, shopping), low maintenance (no yard care) and a sense of community through the amenities such as fitness center, swimming pools, tennis courts, and clubhouse.  The negatives to buying a condo is that I don't think they appreciate as quickly in value as single family homes do.  One reason for this might be the fact that at any given time, there may be units just like yours on the market, so there is more competition to keep the price lower.  If I were looking at buying a condo, I would pay careful attention to how the common areas are kept, whether you receive parking or a garage with your unit, what the HOA fees will be each month, whether any extra HOA assessments are coming due, and the ratio of owners to renters in your development.    Good luck!!!