Looking to long distance invest in an Airbnb property in the Myrtle beach SC area. Looking for realtor recommendations who have connections to management/cleaning teams.
Hey, @Matthew Veli happy to help answer any questions you have and help point you in the right direction.. The best way to go would be to try and self-manage as much as you can as property managers here will cut into a significant cut of your cashflow. @Daniel Denning has some great insights into managing from afar. There is a vast selection from the 'condotels' to single-family homes to choose from depending on what direction you want to go. Location is also key, as Myrtle Beach is expanding rapidly and spans from Pawleys Island all the way up to Cherry Grove Beach (just south of NC state line)
Thanks @Alexander Knowles ! I'd be happy to assist any way I can @Matthew Veli . In my opinion, it is best to manage yourself, but if you aren't able to put the time in to build a great system, then finding a co-host or solid property management company that will pay attention to your property and charge a reasonable rate is your next best option. On-site management companies make it very difficult to make profit in my opinion. I live in Atlanta and manage 3 properties in the Myrtle/North Myrtle area, and I'm also expanding to other markets. I build a local team of people (cleaner, handymen, HVAC, photographer, etc.) in each market and use a few different programs to help manage efficiently. PM me if you'd like to hop on a call and chat.
I definitely would like to attempt to self manage the property. I have two single family homes I self manage now, in my town, with my business partner. We just started out and we’re looking for more here.
Honestly my life long dream is to own a beach property. First, I was just going to work long hours. Then, I decided to get into real estate to be able to afford one. It dawned on me recently that I really don’t even have to use the rentals I’m in now to pay for one. I could just buy one now and let short term rentals such as Airbnb pay it off for me! Since I’m looking for a place I want to keep my own one day I don’t need massive cash flow, as the property needs to suit my own wants long term.
I only know the area from vacationing there every year as a kid. I want a single family home with room to sleep multiple guests I can have one day. I stumbled on a home I like, but I just don’t feel comfortable with my knowledge of flooding and hurricane risks especially. Including costs associated with that.
I also don’t feel like I have a great grasp on the numbers I would be looking at with Airbnb, cleaning, etc.
Verification of the areas success and help with finding what/who I need to successfully self manage from further away would really help me pull the trigger to reach my actual dream. Thanks for commenting on my post!
Great conversation guys. @Daniel Denning nailed it, it’s all about your system. Cleaner, handyman, HVAC, solid agent and online programs are what I have in place for my 2 rentals in Myrtle Beach and I have a 3rd rental in Lake Placid, NY.
You can definitely self manage from a distance. I am considering managing from a distance for others properties at a discount from what local management companies charge because it can be done and maintained with a little effort getting it set up. Most I have seen are charging between 22-30% commissions and keeping their linens and cleaning fees in house with their cleaners.
Best of luck and let me know if I can help in any way.