I have a SFH (3 BR/2 BA) in the Myrtle Beach area...probably about 7 miles away from the beach and right next to Conway.
It is being rented out and producing a decent cash flow but I honestly do not love the area as a long term rental.
What do others think of this area? Would it be wise to sell and get out on top (I have a ton of equity and would get a really good return) or should I hold on as a long term rental?
Now is a great time to sell. My last four listings sold in under a week for asking price or more. I would be more than happy to pull some comps for you.
If you don’t think it will be a good long-term rental I would probably sell and put that cash toward something you like better. Just my thoughts
Thanks for responding.
I feel as though this area is more so short term rentals and not so much a long term rental area. I was wondering what others in this area typically do.
Mine is not on the beach and is more suited for a family rather than a tourist spot so it puts me in an awkward position as Myrtle is of course a tourist attraction.
I sold my rental in myrtle beach few months ago. In my opinion, Myrtle beach has decent demand for long term rentals. Mine never stayed vacant more than two months.
It seems all the money is pouring into beach front/close rental, which might create less competition for long term rental deals.
I’m only speaking from my own experience, local vacancy rate and other economic indicators might give you a better picture of local long term rental market.
@KC Zhang Thanks! If you don't mind me asking, why did you choose to sell? I think the cash flow is decent but I feel like I would be better off selling and having the cash in hand to make another move closer to where I live.
I moved to Myrtle Beach about 2.5 years ago to take a job at a college here and for the first two years I rented until I found the area I wanted to live in for the long-term. I will say that from my perspective, there is a long-term rental market as well as a short-term market. I know a lot of other professors and people that work at the hospitals that rent.
Steve, if you end up wanting to sell your Conway property to invest in a property closer to you, please let me know. My fiancee and I are looking for our first rental property to purchase.
@Russ Luce I agree. There is definitely a need for both. They are however two separate animals. Most short term rental will be on or near the beach. The area around Coastal is great for student rentals if thats your thing.
@Steve DellaPelle LTR market here isn't too shabby right now. I would only sell personally if I had equity I wanted to releverage.
@Russ Luce We should talk man. Had no idea you were on BP and wanted to get into the game.
@Steve DellaPelle I bought mine as my 1st rent property after attending an seminar by a local real estate investment “guru”. He was pitching out of state properties to CA investors back then. Myrtle Beach was one of those areas where this guru had local team helping CA investors with cash flow properties. I didn’t go with his program even though it didn’t charge any money on paper. I knew he get paid at the back end after the transaction is done.
I had it for sometime and it’s time to get the Equity and invest in small apartment t buildings.
@KC Zhang I am thinking the same thing...the equity I have could pay for something much bigger...where did you invest in small apartments?
I am hoping to have around 100k in cash after a (potential) sale.
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