Is Myrtle Beach the right place for investing?

Question

Hi guys!

I’m a new investor, currently living and thinking of investing in Austin. However, I work remotely and could decide to invest somewhere else. I found some properties in Myrtle Beach that were priced very reasonably, and the property taxes are way lower here compared to Austin.

Not knowing anything about Myrtle Beach, would you guys say that it's a good area? It seems like a touristic place, is it profitable for STR?

Stuart Bartle · Answer

Hi Magda,

Have you decided yet? I’m having a hard time deciding as well. If I get the property management to take care of my condo airbnb I won’t make much cash flo. If I self manage(which was what I was planning) it could turn out a big headache) there are a lot of condos for sale which is a bit alarming as well.

I would be self managing from California so that’s long distance management and may consist of many flights taking care of any necessities.

Why can’t this be an easier decision lol good luck!

Myrtle Mike Thompson · Answer

Hey @Magda Lipinska!!  I'm a local investor and Realtor here in Myrtle Beach.  Would be happy to connect and discuss your investment interests, answer any questions you may have about the market here, etc.  Will shoot you a DM.

Daniel Hyman · Answer

@Magda Lipinska

The lower property taxes in SC may be related to the higher state taxes. TX has none as you know. Be sure to include state taxes in your deal analysis.

Joseph Chiofalo · Answer

Hi Magda,

Our group received a lot of inquires from investors and international buyers for vacation homes and investment properties.

The demand is high due to location and elevated rental rates in the area.

There are lenders that will allow up to 85% financing on an investment property and 90% on a second home purchase assuming applicant meets program requirements.

John Mason · Answer

https://awning.com/a/top-airbnb-markets?utm_content=Retarget...

AJ Wong · Answer

Hi Magda..haven't visited Myrtle Beach in a years, but kicking myself for not investing when I initially had the inclination. For STR definitely connect with a local RE broker focused or experienced with vacation rental regulations. If it's permissible then the #1 feature for top producing STR's is proximity to water. We're certainly seeing a very high demand on the investor side for loans in the area. Connect with @Joseph Chiofalo for mortgage options in SC he supports a lot of STR investors. Good luck!