A fun and exciting way of Myrtle Beach condo investing is sharing ownership with friends and relatives. Many investors are considering this type of ownership because of the many benefits it can provide.
Among these benefits are earning additional income, even if you invested a small amount of money. Sharing ownership with your friends and relatives would mean you are all owners and have investment in the condo. Regardless of how you divide up the investments – including time, effort, and money – you will all earn additional income in the long run.
If you want to consider this new way of purchasing a Myrtle Beach condo, here are helpful tips to ensure you will make the most out of your investment.
- Agree on a specific set of rules – You and all co-owners should agree on a specific set of rules regarding the required investments, maintenance, and use of the condo. If you purchased the condo as a source of additional income, you can agree on renting out the unit for several months, reserving a few months for personal use. On the other hand, you can also equally divide the months in a year when each of you will have equal number of months of living in, renting out, and maintaining the unit.
- Talk about sharing risks and rewards – Because you are all owners of the Myrtle Beach condo, you should establish at the early part of your partnership, even before you have purchased a condo, that all of you will share risks, rewards and responsibility over maintaining the condo. You can opt to pay a certain amount each month for the maintenance and upkeep of the unit.
- Establish a contingency fund – To prevent sudden expenses on maintenance and upkeep, it is highly suggested that you and all partners set up a contingency fund. Set aside a contingency fund for at least 6-12 months worth of maintenance costs at the beginning of your partnership.
- Get a partnership or life insurance policy for each of the owners – This will help protect each of you and your investments in the condo unit should one of you pass away or experience an accident. You should set up the cost, terms, and payment for the insurance with all other owners of the condo unit to protect every owner from possible future real estate issues.
- Plan an exit strategy – Every business should have an exit strategy. This is also the same in condo investments. You and all owners of the condo should plan and agree on an exit strategy that will protect and benefit each other.
Call Jerry Pinkas Real Estate Experts now for more information on Myrtle Beach condo investments.
Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your Myrtle Beach condo experts!