Myrtle Beach Vacation Rentals

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Myrtle Beach Vacation Rentals

Philip Mullinax
Columbia, SC · Member since 2014 · 100 posts · 12 votes

Hey guys, I am getting ready to sell my fourplex and looking to get a vacation rental. We live in Columbia so our initial thought would be Myrtle Beach. I just wanted to see if anyone currently has a vacation rental at Myrtle Beach or somewhere close by that could give a little insight as to your experience. I know about the investor rate on taxes and the HOA fees with most rentals at Myrtle. I just wanted to get someone's feedback on how successful you have been with the short term rental market at the beach and any other nuggets of wisdom you can provide. I appreciate any input.

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Kyle R.
SC · Member since 2017 · 13 posts · 5 votes
5y

@Philip Mullinax

The Myrtle Beach vacation market is more like 5 or 6 total towns from Little River all the way down to Garden City Beach. It’s a well established market where they depend on the hospitality industry so I don’t see much regulations risk.

I personally would look in the Surfside Beach and Garden City Beach area. Prices are going up but I would stick to the ocean side for best rental potential. Condos (in low rises) go from 200-400k whereas beach front houses are 800k-2M.

If you pick a nice property or renovate it to be one of the nicer ones you can count on 15-30% CoC return if you manage yourself. It's also a driving market as well as almost a full year market

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    5y

    I can tell you that I just rented a house on Myrtle Beach. I searched for a house that was pet friendly and that was directly on the beach. I can tell you that they are expensive.

    Condos are cheap because there are so many of them.

    1Reply
  • Philip Mullinax
    OP
    Columbia, SC · Member since 2014 · 100 posts · 12 votes
    5y

    @John Underwood we run into the same issues when we go. We’re hoping to find something we can both rent out short term and vacation at when we want to visit the beach. I’ve spoken with a few people that own at oceans lake, but I’m having trouble getting passed the leased land concept. 

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    5y
    Originally posted by @Philip Mullinax:

    @John Underwood we run into the same issues when we go. We’re hoping to find something we can both rent out short term and vacation at when we want to visit the beach. I’ve spoken with a few people that own at oceans lake, but I’m having trouble getting passed the leased land concept. 

     I'm not a fan of the leased land at Ocean Lakes either. Its like owning a MH in a MH park, you have little control.

    Check out cable show "Beach Front Bargain Hunt" There is also one where they buy beach front fixer uppers.

    1Reply
  • Philip Mullinax
    OP
    Columbia, SC · Member since 2014 · 100 posts · 12 votes
    5y

    Thanks @John Underwood. We love those shows. 

    1Reply
  • Kyle R.
    SC · Member since 2017 · 13 posts · 5 votes
    5y

    @Philip Mullinax

    The Myrtle Beach vacation market is more like 5 or 6 total towns from Little River all the way down to Garden City Beach. It’s a well established market where they depend on the hospitality industry so I don’t see much regulations risk.

    I personally would look in the Surfside Beach and Garden City Beach area. Prices are going up but I would stick to the ocean side for best rental potential. Condos (in low rises) go from 200-400k whereas beach front houses are 800k-2M.

    If you pick a nice property or renovate it to be one of the nicer ones you can count on 15-30% CoC return if you manage yourself. It's also a driving market as well as almost a full year market

    4Reply
  • Blake Brown
    Realtor · Columbia, SC · Member since 2019 · 16 posts · 6 votes
    5y

    @Philip Mullinax Hey Just checking in to see if are looking to sell your fourplex, what side of town is it on, and would you send me more info? 



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  • Philip Mullinax
    OP
    Columbia, SC · Member since 2014 · 100 posts · 12 votes
    5y

    @Kyle R. thanks for the insight. We are a bit nervous with the high HOA's, but think the amenities will make for a stronger rental market. Do you have any experience with self management in the short term rental market? Just trying to think about how the coordination of cleaning, repairs, and letting the tenant into the property would work. Again, I appreciate the insight.

    @Blake Brown we are.  I haven't listed it yet as we have a few people interested off market, but if they don't work out we will list it.  Are you interested in purchasing it or listing it?

    1Reply
  • Ryan Woods
    Investor · Augusta, GA · Member since 2017 · 44 posts · 5 votes
    5y

    @Philip Mullinax

    I’m interested in the 4 plex as well.

    0Reply
  • Daniel Denning
    Investor · Atlanta GA, USA · Member since 2018 · 118 posts · 90 votes
    5y

    @Philip Mullinax I’d be happy to chat if you’d like. I bought an oceanfront condo in Myrtle Beach in March and have been very happy. I manage it myself and manage another person’s property in North Myrtle Beach.

    2Reply
  • Blake Brown
    Realtor · Columbia, SC · Member since 2019 · 16 posts · 6 votes
    5y

    @Philip Mullinax I could do either but it would depend on the numbers, location, and what you would like to do. I was originally just looking to send it out to my investors here in the area but I could list it for you if you don't already have an agent.

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  • Philip Mullinax
    OP
    Columbia, SC · Member since 2014 · 100 posts · 12 votes
    5y

    @Daniel Denning that would be great.  Do you mind me asking what development you purchased in?  We are looking at Ocean's Lake or a few other developments on the beach.  Just curious how you manage from a distance?  How do you handle the checkin process, turn over, and repairs?  I appreciate any insight.

    0Reply
  • Daniel Denning
    Investor · Atlanta GA, USA · Member since 2018 · 118 posts · 90 votes
    5y

    @Philip Mullinax I bought in the Carolinian Beach Resort. I use some software to manage everything and have a team of people I work with for cleanings, repairs, etc. I’m happy to show you the software if you want to see. I’ll pm you my information.

    2Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Philip Mullinax Have you talked with any fellow hosts, property managers, or agents who specialize in vacation rentals along the SC coast? I'd recommend starting there for good insight.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
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  • Joshua Strickland
    Investor · Flowery Branch, GA · Member since 2019 · 413 posts · 412 votes
    5y

    @Daniel Denning I see the HOA fees at places like the Carolinian are pretty high, but it also seems like almost everything is included (utilities, etc.) making it more palatable. Is this the case with yours or are their other utilities or fees that are not included? This is one of the biggest reasons I went to Panama City versus Myrtle.

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  • Daniel Denning
    Investor · Atlanta GA, USA · Member since 2018 · 118 posts · 90 votes
    5y

    Hi @Joshua Strickland. So HOA can go to about $1,350 from what I've seen with Myrtle. That typically means there are a lot of amenities (water slides, restaurants, etc). The Carolinian seems to be about average for HOA being now at $860/month. You are right that it includes all utilities, cable, internet. So while it is high, it's not as bad since you get all of that. The draw for me though is Myrtle gets 20 million tourists each year, so that was why I wanted to be in that market.

    2Reply
  • Joshua Strickland
    Investor · Flowery Branch, GA · Member since 2019 · 413 posts · 412 votes
    5y

    @Daniel Denning Nice. Thanks for the insights!

    0Reply
  • Josh Kuebel
    Member since 2018 · 2 posts · 0 votes
    5y

    @Daniel Denning. Hi Daniel, I am about to purchase in the Myrtle Beach area as well. I would love to see the software as well. Also , we are trying to decide whether to use in house property management(very expensive) or outside mgmt, or do it ourselves from out of town.

    0Reply
  • Daniel Denning
    Investor · Atlanta GA, USA · Member since 2018 · 118 posts · 90 votes
    5y

    Hi @Josh Kuebel. I’d be happy to hop on a zoom call if you want to show you what I do! I’ll send you my details.

    1Reply
  • Josh Kuebel
    Member since 2018 · 2 posts · 0 votes
    5y

    @Daniel Denning. Thank you very much.That would be great. I really appreciate it. If you PM me , we can setup when you have a few minutes.

    0Reply
  • Kyle R.
    SC · Member since 2017 · 13 posts · 5 votes
    5y

    @Daniel Denning

    I agree. The high rise buildings in MB and NBM have high HOAs over $1000 but they usually have indoor pools and slides for the kids. The low rise buidings (3-4 stories) in South Myrtle beach have HOAs around 400-700.

    HOAs seem high compared to what people thinking of buying stand alone houses look at but the HOA fees cover all roofs, siding, and insurance, flood especially, which a homeowner would have to put aside anyway so it all evens out. This also makes it easier for out of state owners to manage their units remotely

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  • Daniel Denning
    Investor · Atlanta GA, USA · Member since 2018 · 118 posts · 90 votes
    5y

    @Kyle R. Good point! However, you will still have a master insurance policy (mine was $2,400) charged by the building to cover a lot of that stuff. But I ran the numbers on it all and can still make good money so I don’t really care.

    0Reply
  • Brent Jackson
    Real Estate Agent · Murrells Inlet, SC · Member since 2018 · 3 posts · 2 votes
    5y

    @Daniel Denning - I’m an agent in Myrtle Beach. Have owned and lived in Little River, Myrtle Beach, and now live in Garden City / Murrells Inlet area. I just finished working with an investor purchasing a few ocean front rentals.

    ** Be careful and always check in your due diligence, some resorts own the amenities ( pool, water slides etc...). If you use an offsite rental company or self manage. They try and restrict your guests from having access to certain amenities. I am sure it’s something you can work around, just be aware of it!! Good luck with your search.

    2Reply
  • Philip Mullinax
    OP
    Columbia, SC · Member since 2014 · 100 posts · 12 votes
    5y

    @Marc Rice I've spoken with a few property management companies in Myrtle. The management fee ranges from 18-25% of the base rent. I've looked at Ocean's Lake, but worry about the Lot Lease. The people that own there say its just another expense to calculate, but they make it work with their numbers. I would definitely like something ocean front with amenities, but again I worry about the lack of control of how high the HOA fees will go and what a solid exit strategy would be for those units with HOA fees toping a 1,000 a month.

    @Daniel Denning for the master insurance policy is that the same as the H06 policy or is that something in addition.  I would love to see your set up when you have time and your numbers if you don't mind.

    @Joshua Strickland that's an interesting thought about Panama City.  We were looking at Myrtle since we are roughly 2 hours away, but we may want to look out of state once we get this one up and running.

    0Reply
  • Brent Jackson
    Real Estate Agent · Murrells Inlet, SC · Member since 2018 · 3 posts · 2 votes
    5y

    @Philip Mullinax . Apologize, tagged the wrong person in comment.

    0Reply
  • Philip Mullinax
    OP
    Columbia, SC · Member since 2014 · 100 posts · 12 votes
    5y

    @Brent Jackson that's really interesting.  I didn't know that was a thing, but I guess they try to force your hand to use their company to manage the rental.  Do you know the verbiage to look for when I am doing my due diligence?  

    0Reply
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