Myrtle Beach South Carolina What is a Myrtle Beach condotel and how does it differ from a regular condo

What is a Myrtle Beach condotel and how does it differ from a regular condo

Another question I get asked all the time is what is a condotel? Condotel versus condo? A condotel is a condo that can be rented by the night, by the week, or by the month, on a short term rental basis, where there is a front desk in a resort, and people can walk up and rent or book a vacation one line. Like a hotel. It looks like a regular hotel, but in fact each individual unit is owned by an individual owner who gets a split of the nightly rental rate with the front desk. Sounds like a great idea when the front desk and take care of all the cleaning towels linens maintenance and the owner gets a monthly statement with how many nights were rented during the month and a check at the end of the month...and doesn't have to be involved in the day-to-day operation. These work very well especially in resort areas. But there are other issues to consider. Financing is usually a little more difficult with no major banks will finance these. It's usually a handful of local lenders because they know what it is where it is and of course they know that the rental income is stable so it's not as much risk or some of these local lenders. Price points tend to be very good for investors and also for owners personal use because everything is taken care of for the owner when they come and use it for their vacation time. There are differences between a condo which most lenders will lend money one and a condotel which most lenders will not loan money on. The problem I see is when people say I'm buying a condo in Myrtle Beach and in fact they don't tell their lender that they're buying a condo tell where it has been classified in that complex as a condotel, these are the deals that fall apart. Don't fall into the pitfalls that are costly this is what we do we do it every day and were very good at it give us a call 843-839-9870 Jerry Pinkas real estate experts 604 N. 27th Ave. in Myrtle Beach, SC 29577. You have questions we have answers don't use average choose the expert talk to you soon #MyrtleBeachCondotel #MyrtleBeachCondotels #CondoTell -~-~~-~~~-~~-~- Please watch: "Questions To Ask When Buying A Home | Jerry Pinkas" -~-~~-~~~-~~-~-
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