Myrtle Beach Oceanfront Home and Condo Joint Ownership Opportunities
Myrtle Beach South Carolina is at the center of a coastal region known as The Grand Strand.
Grand Strand beaches offer some of the best residential, retirement, and resort housing opportunities available anywhere.
Your front yard and personal playground is over 50 miles of continuous wide, clean, sandy beaches.
There are only a few truly great beaches around the world, but none are as spectacular or as user friendly as your Grand Strand.
The soothing sounds of the Atlantic, the warm shallow water and gentle waves combined with the most beautiful sun rises you'll ever see can be enjoyed every day in your very own beach cottage or condo.
Many Myrtle Beach beach homes and condos also make great resort rentals and investment properties.
Seasonal rentals provide you an excellent opportunity to recapture some or all of the cost of ownership and allow you and your family to enjoy a great second or vacation home Have you dreamed of owning a beautiful Myrtle Beach oceanfront home or condo, but don't want the payments or expense of a full time resort investment property? Joint ownership may be for you.
Joint or co-ownership can be established on most resort properties through a variety of legal entities including tenant in common agreements, partnerships, and LLC's.
The terms and conditions of co-ownership can be customized to the needs of the co-owners.
The owners can be strictly investors who turn the property over to a management company for year round rentals, or the co-owners can agree on a personal usage or partial usage arrangement.
Many co-owner groups opt to rent the home or condo during the peak Myrtle Beach summer and shoulder seasons and share usage during the "off" seasons.
Joint ownership is attractive to many people who can only spend a week or two each year at their vacation home and who prefer the quieter Myrtle Beach off seasons.
It's especially attractive to Canadian and north eastern visitors who enjoy spending their time in Myrtle Beach during the winter.
They maximize their rental income during the summer tourist season and use the home during the mild Myrtle Beach winter when there are few vacationers.
Co-ownership is not time-sharing or fractional ownership.
In a time share you just buy "time" in the property or the right to use a property for a certain time each year.
Fractional ownership is a hybrid between time share and co-ownership.
Fractional ownership, like a time share, comes with a right to use the property during certain time periods and may or may not come with a deeded interest in the property or a right to rent or trade your time.
In joint or co-ownership, a co-owner has a deeded interest in the property or a legal ownership interest in a partnership or LLC equal to his share of the investment.
A co-owner will have rights to the income, depreciation, appreciation, income tax deductions, and equity and will have responsibilities for maintenance, property taxes, insurance and expenses proportional to his investment in the property.
Example: If 5 friends or family members jointly purchase a beach cottage for $500,000.
00 by contributing $100,000.
00 each, then each co-owner has a 20% or 1/5 interest in the property.
Each co-owner is entitled to 20% of the income the property produces, 20% of the depreciation and other income tax deductions, and is responsible for 20% of the expenses in maintaining and managing the property.
Benefits - Less up front cost - Acquire a larger, more desirable, and better located property - Avoid expensive investment or 2nd home mortgage costs - Minimize market risks - Minimize out of pocket expenses - Minimize your liability - Maximize your return on your investment.
- Survivor and Beneficiary Protection Which entity is best for co-ownership? It really depends on the property, and nature, interests, and goals of the co-owners.
For 2 or 3 friends or family members a TIC Tenants In Common) might be best, for others an LLC (Limited Liability Company) or an LFP (Limited Family Partnership) may be better suited.
These legal entities can be established inexpensively by a qualified real estate attorney who can also best determine the appropriate form of co-ownership for you and your group.
Your attorney will also prepare and customize the necessary documents and agreements to ensure each co-owner's interests are protected, ensure survivorship, eliminate or minimize potential conflicts, and clearly define responsibilities and obligations.
Any issues or concerns you have about co-ownership can be addressed in the legal agreements.
If you're interested in co-ownership of a beautiful Myrtle Beach ocean front or resort home or condo contact us.
We'll take the time to understand the needs and goals of your group, help you find a suitable property at a great price, and provide you with the legal, insurance, management, and maintenance resources you need to ensure a successful and profitably joint ownership venture in Myrtle Beach.
Do you want to invest in a joint ownership venture but don't have a group? We're forming several investment LLC's for the purpose of acquiring desirable and well located resort properties at bargain prices.
Investment's start at $25,000.
Contact us for more information.
Grand Strand beaches offer some of the best residential, retirement, and resort housing opportunities available anywhere.
Your front yard and personal playground is over 50 miles of continuous wide, clean, sandy beaches.
There are only a few truly great beaches around the world, but none are as spectacular or as user friendly as your Grand Strand.
The soothing sounds of the Atlantic, the warm shallow water and gentle waves combined with the most beautiful sun rises you'll ever see can be enjoyed every day in your very own beach cottage or condo.
Many Myrtle Beach beach homes and condos also make great resort rentals and investment properties.
Seasonal rentals provide you an excellent opportunity to recapture some or all of the cost of ownership and allow you and your family to enjoy a great second or vacation home Have you dreamed of owning a beautiful Myrtle Beach oceanfront home or condo, but don't want the payments or expense of a full time resort investment property? Joint ownership may be for you.
Joint or co-ownership can be established on most resort properties through a variety of legal entities including tenant in common agreements, partnerships, and LLC's.
The terms and conditions of co-ownership can be customized to the needs of the co-owners.
The owners can be strictly investors who turn the property over to a management company for year round rentals, or the co-owners can agree on a personal usage or partial usage arrangement.
Many co-owner groups opt to rent the home or condo during the peak Myrtle Beach summer and shoulder seasons and share usage during the "off" seasons.
Joint ownership is attractive to many people who can only spend a week or two each year at their vacation home and who prefer the quieter Myrtle Beach off seasons.
It's especially attractive to Canadian and north eastern visitors who enjoy spending their time in Myrtle Beach during the winter.
They maximize their rental income during the summer tourist season and use the home during the mild Myrtle Beach winter when there are few vacationers.
Co-ownership is not time-sharing or fractional ownership.
In a time share you just buy "time" in the property or the right to use a property for a certain time each year.
Fractional ownership is a hybrid between time share and co-ownership.
Fractional ownership, like a time share, comes with a right to use the property during certain time periods and may or may not come with a deeded interest in the property or a right to rent or trade your time.
In joint or co-ownership, a co-owner has a deeded interest in the property or a legal ownership interest in a partnership or LLC equal to his share of the investment.
A co-owner will have rights to the income, depreciation, appreciation, income tax deductions, and equity and will have responsibilities for maintenance, property taxes, insurance and expenses proportional to his investment in the property.
Example: If 5 friends or family members jointly purchase a beach cottage for $500,000.
00 by contributing $100,000.
00 each, then each co-owner has a 20% or 1/5 interest in the property.
Each co-owner is entitled to 20% of the income the property produces, 20% of the depreciation and other income tax deductions, and is responsible for 20% of the expenses in maintaining and managing the property.
Benefits - Less up front cost - Acquire a larger, more desirable, and better located property - Avoid expensive investment or 2nd home mortgage costs - Minimize market risks - Minimize out of pocket expenses - Minimize your liability - Maximize your return on your investment.
- Survivor and Beneficiary Protection Which entity is best for co-ownership? It really depends on the property, and nature, interests, and goals of the co-owners.
For 2 or 3 friends or family members a TIC Tenants In Common) might be best, for others an LLC (Limited Liability Company) or an LFP (Limited Family Partnership) may be better suited.
These legal entities can be established inexpensively by a qualified real estate attorney who can also best determine the appropriate form of co-ownership for you and your group.
Your attorney will also prepare and customize the necessary documents and agreements to ensure each co-owner's interests are protected, ensure survivorship, eliminate or minimize potential conflicts, and clearly define responsibilities and obligations.
Any issues or concerns you have about co-ownership can be addressed in the legal agreements.
If you're interested in co-ownership of a beautiful Myrtle Beach ocean front or resort home or condo contact us.
We'll take the time to understand the needs and goals of your group, help you find a suitable property at a great price, and provide you with the legal, insurance, management, and maintenance resources you need to ensure a successful and profitably joint ownership venture in Myrtle Beach.
Do you want to invest in a joint ownership venture but don't have a group? We're forming several investment LLC's for the purpose of acquiring desirable and well located resort properties at bargain prices.
Investment's start at $25,000.
Contact us for more information.
