Okay so my grandmother has a house in Myrtle Beach, SC...
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truth spitter
Members Posts: 3,845 ✭✭✭
but she lives in another state and no one lives there...she wants me to take it over and see if we can rent it out but I have no idea how to do it...what are the necessary steps to make some money off the house IC?
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Since she said she wants you to take over...you're gonna have to pay for the insurance. You need to get three appraisals on the house....average the three appraisals out...and that will be the current cost of the house..then charge rent however you see fit...now i'm warning you...there is a lot of headache that goes along only if you rent it out to family members..I am begging you...please do not rent to family members and friends.
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You might want to consider time sharing. If it is close to the beach. Myrtle Beach is a tourist destination and some people like the comforts of a home and not a hotel. You can time share which will give you income well over market rate from renting.
You wouldn't have to worry about renting to family or unknown renters who will tear up your ? over a extended period of time. Most people who time share are home owners who like the comforts of home. Maybe even make it into a bed and breakfast type joint. Of course that depends on the size of the house but if you have a 3 bedroom house you can make 75 to 100 dollars a day with full occupancy, maybe even more.
Of course the upkeep would fall on you and you would have to be more hands on, but with the revenue you generate you can hire somebody for that.
It is possible you are sitting on a gold mine.
Something to consider. -
hire some one to maintain and rent it at a market value in myrtle beach there are a number of realtors who can help. i would suggest a well know one. best bet is to time share it but that also mean you may not get to use it urself when you want to
