Rental Property Investor · CT · Member since 2020 · 6 posts · 2 votes
I just started my real-estate rental journey, soon to finish a gut and remodel of an sfr, currently screening tenants. I hope to be able to get the next deal sometime soon, but might want to make a career in real estate in a different direction.
I have always been interested in short term rentals in North Myrtle Beach or Myrtle Beach. I went to Beach Cove Resort for much of my childhood, and loved that style vacation. I am interested in pursuing AirBnb or VRBO short term rental properties, specifically interested in condos in a resort.
Is there anyone that has experience in this area or in resort style condo rentals that would be willing to share the good and bad of this style short term rental?
How does the cleaning process work? Do you pay the resort? Do you bring in an outside company? How much should I expect to pay when running my numbers?
Thank you so much for any help you can give! I have learned so much from this community...love it!
Real Estate Agent · North Myrtle Beach, SC · Member since 2018 · 110 posts · 99 votes
5y
@Dean DellaVecchia certainly a great place for STRs. There is a lot to unpack and I would highly suggest doing some research on the different types of options you have. Condos are very competitive and the condotels will charge a ~40% property management fee and handle everything. There’s some opportunity in the single family / multi family space depending on your location you decide on and if you can self manage appropriately. Zoning is important as the city of Myrtle Beach is becoming more strict on the short term rental/AirBnB side of things. Happy to be a resource to you!
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
5y
Check rental rates on a Myrtle Beach condo. I have in the past stayed in these for really low rates because there are some many that the competition is intense. Then check on a SFR property in the same area. I believe a house would be a much better investment.
Real Estate Agent · North Myrtle Beach, SC · Member since 2018 · 110 posts · 99 votes
5y
@Dean DellaVecchia certainly a great place for STRs. There is a lot to unpack and I would highly suggest doing some research on the different types of options you have. Condos are very competitive and the condotels will charge a ~40% property management fee and handle everything. There’s some opportunity in the single family / multi family space depending on your location you decide on and if you can self manage appropriately. Zoning is important as the city of Myrtle Beach is becoming more strict on the short term rental/AirBnB side of things. Happy to be a resource to you!
Rental Property Investor · CT · Member since 2020 · 6 posts · 2 votes
5y
Thank you for the info @Alexander Knowles. After I do some research on my own, I may be reaching out to you! I am guessing that the zoning changes are more related to single/multi family rather than the condotels?
Without allowing short term rentals in those monster buildings it would seem as though the city would be losing a major source of business.
Real Estate Agent · North Myrtle Beach, SC · Member since 2018 · 110 posts · 99 votes
5y
@Dean DellaVecchia - correct, more so single/multi-family short term rentals. There is always the one-off big party that spoils it and hence the City are restricting these in certain areas. I would definitely recommend looking into North Myrtle/Cherry Grove or south in the Surfside area if you're looking for single/multi-family.