Checking to see what other BP investors out there have had (still have) experience with short term rentals in North Myrtle Beach in South Carolina. I am currently starting to look for a STR investment property at one of the beaches in either SC/NC. All opinions and discussion welcomed!
I own an 8br oceanfront in cherry grove and a 14br duplex, 2nd row, in crescent beach and both do very well. Both have been rented through October since February. Key to buying a single-family is pool and oceanfront and if over two stories it should have an elevator.
Agreed - a single family can make you stand out and these are in high demand by renters as people are driving to vacation more than ever. The key variable in making a good return is figuring out the management piece - if you are able to self-manage you will be in good stead.
I own two condos south of myrtle in Surfside and have done very well there but am looking to add another property and am open to all options from North Myrtle down to Pawley’s Island for our next one. It is a very hot market right now. Good luck on your search @Adam Essink.
I have 7 rental units in the area. Three are in North Myrtle Beach. I sold one and will be closing on it soon. It was one of my greatest rentals but I am downsizing my operation. Longer term rentals are the better market here now. I recently raised all my rents and converted 3 that I rented by the week during the summer to long term rentals. Short term rentals must be cleaned and good luck finding anyone here to do that now. There are labor shortages here. In short, this market has shifted and rather quickly. For now I have converted to long term rentals. Just make sure to get at least two months upfront. The locals know the loopholes in the laws and try to put down as little as possible. I had no trouble finding highly qualified long term tenants. STRs will work here. I have a house where all the adjacent houses on that street were snapped up by a development company. They offered to buy mine also. The beach access is across the street. They built mega houses where they charge tens of thousands a week and they are booked solid. Sea side property rents are up everywhere so it's a dynamic market. This area is really building with solid fundamentals.
I own an 8br oceanfront in cherry grove and a 14br duplex, 2nd row, in crescent beach and both do very well. Both have been rented through October since February. Key to buying a single-family is pool and oceanfront and if over two stories it should have an elevator.