AirBNB: Myrtle Beach, South Carolina
Hey everyone!
I am an investor and REALTOR from Kentucky. I am looking invest in an AirBNB on myrtle beach as my first investment property. I am using the AirBNB tool here on BiggerPockets to help my analyze the properties to see if it would be profitable for me. Does anyone local or who has invested there have any information that I should know or anything that can help me make a decision.
thank you!
#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
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#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
Buy a beachfront house, not a condo.
Condos to rent are a dime a dozen. So rental prices are very competitive.
Be pet friendly to appeal to the masses.
I have a beach front house in Myrtle Beach rented for later this month.
I agree with @John Underwood My GF and I were just in Myrtle Beach for vacation and stayed in a condo.
It was nice but looking at it from an investors prospective I'm not sure I'd buy one. We were on the 12 floor with a view but it wasn't amazing. Obviously you pay for best views or enjoyment of an entire house. As an investor I choose house. I'd accept a short walk to the beach over the view. Some of the condos are great but don't forget the PM, parking lot security, HOA's, etc. I'm guessing it's more than just owning a vacation home... I mean AirBnB property.
Question for @John Underwood, I have also looked in the Myrtle Beach area intermittently. I mostly have been involved with STR's in Pigeon Forge, but also have one in Hilton Head. I agree on the beachfront house position. Which beach area do you feel gets the best returns? One of my issues living in SC also is that the tax rates are higher for an STR being a resident.
Hey y'all. I'm a local REALTOR and investor here in Myrtle Beach. Shoot me a message if you'd like to connect. Most short term rentals here can be quite profitable if managed correctly. Hardest part is narrowing down your options. Probably more to consider than I can cover in this thread. Have a great day!
As a recent tourist to the area (first time), my family and I were a bit disappointed with the beach/touristy area of Myrtle Beach. Looked like it was a great spot back in the day but felt like an area that has gone downhill over the years. If we returned, we LOVED the vibe in Surfside Beach and Murrells Inlet. I would absolutely pay a premium to rent a nice home in those areas rather than a condo in Myrtle Beach. BTW, we're a family of 4, no pets. Also wanted to mention, it didn't feel like much of a drive to Myrtle from those areas, so we didn't feel it was a pain in the butt to drive north to Myrtle for all the mini golfs spots, etc. I agree with the other comments regarding condos. I believe an HOA would pass restrictions on STRs quicker than an entire town, plus you're susceptible to HOA due increases or special assessments.
Being a lifelong resident of SC, I grew up going to the beaches all through the summer. Myrtle Beach was certainly the hotspot a few decades ago with no competition. However, now the amenities and access has spread down the coast line.
You need to figure out what you want as an investment property... Do you want premium with only high dollar guests, or do you want an everyday rental that rents as easy as a hotel.
What is your goal for the property? Do you want to use it as your own vacation spot or is it purely an investment.
You'll need to narrow down your price point, risk tolerance, expenses, and income needed before going to far with the search.
You could do a Beach front home in Pawleys Island or a 12th floor condo in Myrtle. All depends on you and your goals.
Hope that helps and best of luck @James M Palovich
typical rules apply in order; location, type, amenities(in the resort and the house/condo) and fit and finish of the unit.
we own two in ocean lakes that are high end and do each around 85k gross per year, couple minutes off the ocean, within a resort and with high end amenities in the house and resort.
Hey James,
Did you ever end up pulling the trigger on a Myrtle Beach investment property? I was just combing through Myrtle Beach posts as I'm a local Realtor and Mortgage Broker in the area and wanted to see if you pulled trigger, and if so, what property? Looks like a lot of sellers are anxious in our market due to rate increases as well as insurance increases. May be some opportunities coming up in the foreseeable future!