Resort / Golf Cart Community for STR
Member since 2024 · 6 posts · 1 vote
Resort / Golf Cart Community for STR
Most Popular Reply
John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votesOcean Lakes is set up like a MH park. You don't own the land, you rent it. Who knows how much the land rent could go up.
It is very popular though.
10 Replies
- 2yJohn UnderwoodPro MemberInvestor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
Ocean Lakes is set up like a MH park. You don't own the land, you rent it. Who knows how much the land rent could go up.
It is very popular though.
- 2yMichael BaumPro MemberOlympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
Hey @Jacqui Casey, this is always a crap shoot when it comes to STRs.
On the one hand, you point out some cool features available. So many things to do and easy to access with that golf cart.
On the other hand, these sort of properties often restrict who can use the features. Sometimes it is only owners and guests when the owner is onsite. You might be able to rent it but the guests can't use the features.
Next would be that pesky HOA. They could disallow STRs in an heartbeat. In a resort style place like you are looking at, often more than one unit is owned by a single owner. One unit, one vote. You would be at the whim of a large block of units with a single owner.
We looked at a place similar to what you are talking about in North Idaho. Right on a small chain lake, 18 hole golf course, cool clubhouse etc. Golf course was off limits to non-owners. Clubhouse was OK along with the pool for STR guests. Plus access to the small beach for the lake.
HOA was pretty high and it made it tougher to make a profit plus the board was kind of volatile.
- Member since 2024 · 6 posts · 1 vote2y
Quote from @Michael Baum:
Hey @Jacqui Casey, this is always a crap shoot when it comes to STRs.
On the one hand, you point out some cool features available. So many things to do and easy to access with that golf cart.
On the other hand, these sort of properties often restrict who can use the features. Sometimes it is only owners and guests when the owner is onsite. You might be able to rent it but the guests can't use the features.
Next would be that pesky HOA. They could disallow STRs in an heartbeat. In a resort style place like you are looking at, often more than one unit is owned by a single owner. One unit, one vote. You would be at the whim of a large block of units with a single owner.
We looked at a place similar to what you are talking about in North Idaho. Right on a small chain lake, 18 hole golf course, cool clubhouse etc. Golf course was off limits to non-owners. Clubhouse was OK along with the pool for STR guests. Plus access to the small beach for the lake.
HOA was pretty high and it made it tougher to make a profit plus the board was kind of volatile.
Yeah, I see the drawbacks too. Thanks for the reply! I'm very torn between investing somewhere for the most cash flow vs investing somewhere I would enjoy visiting.
- 2yMichael BaumPro MemberOlympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
It is always a balance @Jacqui Casey. We wanted both and were able to find it but it can take time.
- 2yMyrtle Mike ThompsonBusiness MemberRealtor · Myrtle Beach, SC · Member since 2016 · 352 posts · 204 votes
@Jacqui Casey I have a couple contacts who own in Ocean Lakes and seem to be happy with their investments. They bought several years ago though at lower price points, so I'm not sure how well those properties would pencil out with current pricing and interest rates. The big downside to that type of community is that the land is leased.. you don't own it. And you pay an annual "lot lease" to the park that can range from $4,000 - $12,000+ depending on the size and location of your property.
Your budget of $600k would afford you a number of other options in the Myrtle Beach and North Myrtle Beach markets. We have more traditional 3/2 single-family homes within walking distance of the beach that can be purchased for $400-$500k. They won't come with the resort-like amenities that you'll find at Ocean Lakes, but you can have a golf cart. You can buy a property just about anywhere along the Grand Strand and there will be several bars and restaurants that you can get to by golf cart.
I have clients from California who just bought in Garden City Beach, on the border of Surfside Beach. That's another nice area to consider. Feel free to reach out if I could be of any assistance to you :)
Myrtle Mike Real Estate581 Reviews - Rental Property Investor · south carolina and michigan · Member since 2023 · 348 posts · 226 votes2y
Some incorrect information here. So here are some facts;
We own two stilt houses (4bed/4 bath) in ocean lakes.
wr average between 135-160k in the two combined.
The amenities are ALL allowed to be used by any guest(s) that stays in our homes.
Ocean lakes is a resort and campground - it is secure in it's ability to keep its str usage and zoning due to same.
you dont own the land. There is NO HOA.
It is a golf cart community and is 318 acres gated and 24 secured with all property fenced all the way to the ocean.
Many realtors dont like to sell in there because they have in house realtors and they have a transaction fee that makes other realtors shy away. I used a out of network realtor and had a good experience and success.
We have had great success at ocean lakes and love the atmosphere it has, water parks, ocean etc sounds like you have already started researching it's qualities. It's a place where families literally come for generations.
You can get a 4/4 or 5/3 in ocean lakes all day for 600k and it will do 55-80k depending on location and fit and finish.
The only draw backs we have seen from the years we have seen is your lease for the land goes up but not so much it isn't justified in my opinion- they take extremely good care of the grounds and amenities are second to none. Also the security is almost like cops but as a owner I appreciate that when I need them.
can share my links to my houses if you need it so you can research more.
- Rental Property Investor · south carolina and michigan · Member since 2023 · 348 posts · 226 votes2y
Quote from @Jacqui Casey:
Quote from @Michael Baum:
Hey @Jacqui Casey, this is always a crap shoot when it comes to STRs.
On the one hand, you point out some cool features available. So many things to do and easy to access with that golf cart.
On the other hand, these sort of properties often restrict who can use the features. Sometimes it is only owners and guests when the owner is onsite. You might be able to rent it but the guests can't use the features.
Next would be that pesky HOA. They could disallow STRs in an heartbeat. In a resort style place like you are looking at, often more than one unit is owned by a single owner. One unit, one vote. You would be at the whim of a large block of units with a single owner.
We looked at a place similar to what you are talking about in North Idaho. Right on a small chain lake, 18 hole golf course, cool clubhouse etc. Golf course was off limits to non-owners. Clubhouse was OK along with the pool for STR guests. Plus access to the small beach for the lake.
HOA was pretty high and it made it tougher to make a profit plus the board was kind of volatile.
Yeah, I see the drawbacks too. Thanks for the reply! I'm very torn between investing somewhere for the most cash flow vs investing somewhere I would enjoy visiting.
Ocean lakes is both for sure. We're currently at 107k on the year in bookings in our two homes. We go there about once a month and the airport is 10 minutes from the resort
- 2yBradley BuxtonBusiness MemberReal Estate Agent · NV · Member since 2023 · 1k+ posts · 719 votes
As others have said be aware of HOA rules that might restrict STRs. Before buying I'd recommended looking at meeting minutes for the HOA board, look at financials, and talk to residence about the STR environment. There are some great golf courses in the Reno Tahoe area that do allow STRs and there are some that have become more restrictive or are considering restrictions. HOA management companies seem to be increasing fees for no reason except to hold more cash without actually making improvements.
- Rental Property Investor · south carolina and michigan · Member since 2023 · 348 posts · 226 votes2yNo HOA at ocean lakes
Quote from @Bradley Buxton:
As others have said be aware of HOA rules that might restrict STRs. Before buying I'd recommended looking at meeting minutes for the HOA board, look at financials, and talk to residence about the STR environment. There are some great golf courses in the Reno Tahoe area that do allow STRs and there are some that have become more restrictive or are considering restrictions. HOA management companies seem to be increasing fees for no reason except to hold more cash without actually making improvements.
- Member since 2024 · 6 posts · 1 vote2y
Quote from @Bradley Buxton:
As others have said be aware of HOA rules that might restrict STRs. Before buying I'd recommended looking at meeting minutes for the HOA board, look at financials, and talk to residence about the STR environment. There are some great golf courses in the Reno Tahoe area that do allow STRs and there are some that have become more restrictive or are considering restrictions. HOA management companies seem to be increasing fees for no reason except to hold more cash without actually making improvements.
Ugh one reason I hate HOAs for sure!
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