STR Myrtle Beach, SC - Ocean Front

10 Replies

Hey Members,

Been doing research since my last post and one of the top markets I came across has been Myrtle Beach on the ocean. It is STR friendly and thrives on tourism. Any thoughts/concerns? Anyone already in the market doing well?

Crunch your numbers. 

Realize that property management can often run 35%+ and HOA fees $650+. Tourism is first thing to get axed in a recession. Summer is the only time you'll make money, the rest of the year you are extremely lucky to break even. Get rent comps from airbnb and vrbo.

Go in with this knowledge and you'll be fine. 

The only part I’m not understanding and inplementinng in my model is 35% management fees. Airbnb charges 3% - can use great softwares to self manage and cleaning fees can be paid by guest. 

@Joseph Ammar if going with condotel you'll want to ask if your guests lose the amenities if you use off-site management.  If not, then yes using off-site management will save you a few percent often.   Look up Southern Coast Vacations, Elliot Vacation Rentals, Thomas Beach Vacations. You'll probably want one of those for a house anyway if you go that route.

Going the AirBNB self-managed route sounds like a lot of work for one property to me. 

@Alan Feldman I'm here if you need boots on the ground. Moved down almost 2yrs ago from York, PA. Love every minute, although the heat takes a little time to get used to. 

Its called the redneck riviera for a reason.

No way no, how would I. And I have before.

There are 2 weeks a year you better not rent it out and id recommend boarding it up, lol. Both bike weeks were hell on my properties.

@Joseph Ammar . In 2017 we spent a good amount of time and energy trying to make a vacation rental work in Myrtle Beach and the surrounding area. We took a trip down there, met with a great agent and crunched a bunch of numbers and with the market at this time the opportunity was not there. The prices were holding steady and we didn’t see any opportunity to swoop in on a great deal like you could about 10 years ago. We decided for this round to get a multi family in our state of CT but stay in touch with our agent in SC so when prices start to go down we will jump on a deal. Good luck and I hope that helps. Also we were looking for the property to benefit us financially solely we were not looking for a place to vacation ourselves and rent out when we were not using it.