Short Term Rental Opportunity - South Carolina - Need Advice!

Starting Out
2yFollow

Short Term Rental Opportunity - South Carolina - Need Advice!

Jerry Velez
Suffolk County, Long Island · Member since 2024 · 22 posts · 8 votes

Has anyone done any STR in North Myrtle Beach, South Carolina? Horry county to be specific. My family owns a 2 BR 1 BA in the area and I have looking at using this property as a STR, as long as the house is zoned for it. I am curious as to what has been anyone experience with STR in similar or the same market?

0Reply
47 views

Most Popular Reply

Jay Faulkenberry
Real Estate Agent · Myrtle Beach, SC · Member since 2019 · 19 posts · 10 votes
2y

Jerry, I live in Myrtle Beach and am a Real Estate Agent here. NMB is very popular and very successful with STR. You would need to check to see if your property is zoned for STR by contacting the County: https://www.horrycountysc.gov/departments/planning-and-zonin...

If I can be of any help, please reach out! If you want to use a local company to manage your rental instead of self-managing, I can put you in contact with a great team! They can give you projections based on historical data.

1Reply
See this reply in the discussion

11 Replies

Jump to latestLatest
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    2y

    I go there to stay on the beach. How close are.you to the ocean?

    One good thing, your not another condo.

    0Reply
  • Jerry Velez
    OP
    Suffolk County, Long Island · Member since 2024 · 22 posts · 8 votes
    2y

    5-10minute walk from the beach. Maybe 20-25 minutes from Downtown Myrtle Beach. There are a lot of condos closer to the water and I wasn’t sure if those were long term or short term rentals. There have also been a lot of developers in the area buying up plots of land recently.

    0Reply
  • Jay Faulkenberry
    Real Estate Agent · Myrtle Beach, SC · Member since 2019 · 19 posts · 10 votes
    2y

    Jerry, I live in Myrtle Beach and am a Real Estate Agent here. NMB is very popular and very successful with STR. You would need to check to see if your property is zoned for STR by contacting the County: https://www.horrycountysc.gov/departments/planning-and-zonin...

    If I can be of any help, please reach out! If you want to use a local company to manage your rental instead of self-managing, I can put you in contact with a great team! They can give you projections based on historical data.

    1Reply
  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    2y

    As long as the zoning for STR is good, you should be good and with a 2/1, you can go more crazy on the beach theme and furnishings which is the only way to be successful in a market where there are a lot of other options.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    1Reply
  • Jerry Velez
    OP
    Suffolk County, Long Island · Member since 2024 · 22 posts · 8 votes
    2y

    @Jay Faulkenberry Yeah that sounds great! I intended on using a local property management company so I'd love to connect.

    1Reply
  • Alyson Gordon
    Real Estate Broker · Raleigh, NC · Member since 2023 · 79 posts · 57 votes
    2y

    I don't own anything in that market but know a few people that do, and have *heard* that the market is saturated and not doing well. Not saying that is true but just as with any investment talk with people operating locally and run your numbers thoroughly. 

    You can do well in a down market with a great property. You can also do poorly in a good market with an ok property. 

    Good luck! :)

    1Reply
  • Jerry Velez
    OP
    Suffolk County, Long Island · Member since 2024 · 22 posts · 8 votes
    2y
    Quote from @Alyson Gordon:

    I don't own anything in that market but know a few people that do, and have *heard* that the market is saturated and not doing well. Not saying that is true but just as with any investment talk with people operating locally and run your numbers thoroughly. 

    You can do well in a down market with a great property. You can also do poorly in a good market with an ok property. 

    Good luck! :)


    Thank you for the advice! I plan on doing my own market research to ensure the property would be the right investment me. 

    I see you are a real estate broker in Raleigh. Raleigh is one of the markets I am beginning to look into for a duplex to house hack. I would love to connect and discuss and potential opportunities.

    0Reply
  • Alyson Gordon
    Real Estate Broker · Raleigh, NC · Member since 2023 · 79 posts · 57 votes
    2y

    I’d be happy to chat and get you set up for a search! We don’t have a ton of multifamily and the cash-flow isn’t strong since appreciation and demand is high. I can share more when we chat :)

    1Reply
  • Chris Rosenberg
    Rental Property Investor · Myrtle Beach, SC · Member since 2013 · 209 posts · 61 votes
    2y

    @Jerry Velez

     Hey Jerry. There’s a big difference between a 5 minute and 10 minute walk to the beach. I own a STR in NMB that’s a 5 min walk and it does much better than the one I own that’s a 10 min walk. Both are houses of comparable size. The market is tough but a 2/1 house can do pretty well depending on how it’s set up and how fast you can get good reviews on the platforms. If I had to guess and don’t know your exact locations or amenities I would say your house can gross $30-40k a year. If it’s truly a 5 min walk to the beach and in a good area and has a very nice setup and excellent property management then maybe $45k. As an LTR you might gross half, but have fewer bills. Also, I’m pretty sure that unless you have an HOA that doesn’t approve, all of NMB is zoned for STR. You just need to get your business license for that property. But check with the city of NMB, not horry county. We are getting into peak season and if the place is already furnished then now is the time to try it as a STR. Hope that helps!
    1Reply
  • Myrtle Mike ThompsonBusiness Member
    Realtor · Myrtle Beach, SC · Member since 2016 · 352 posts · 204 votes
    2y

    @Jerry Velez as Chris said, virtually all of North Myrtle Beach is zoned for short-term rental accommodations.  Feel free to send me a DM if you'd like recommendations for property managers, cleaners, etc.  

    [email protected]843-999-2301
    Myrtle Mike Real Estate581 Reviews
    WebsiteView Page
    0Reply
  • Jerry Velez
    OP
    Suffolk County, Long Island · Member since 2024 · 22 posts · 8 votes
    2y

    @Jay Faulkenberry I was able to get the zone code for the property: R2 Residential. The property actually sits in Atlantic Beach which changes things. Are you familiar with residential zoning restrictions in that area?

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free