All Forum Posts by: Daniel Denning

@Kyle R. Good point! However, you will still have a master insurance policy (mine was $2,400) charged by the building to cover a lot of that stuff. But I ran the numbers on it all and can still make good money so I don’t really care.

Hi @Josh Kuebel. I’d be happy to hop on a zoom call if you want to show you what I do! I’ll send you my details.

Hi @Joshua Strickland. So HOA can go to about $1,350 from what I've seen with Myrtle. That typically means there are a lot of amenities (water slides, restaurants, etc). The Carolinian seems to be about average for HOA being now at $860/month. You are right that it includes all utilities, cable, internet. So while it is high, it's not as bad since you get all of that. The draw for me though is Myrtle gets 20 million tourists each year, so that was why I wanted to be in that market.

@Philip Mullinax I bought in the Carolinian Beach Resort. I use some software to manage everything and have a team of people I work with for cleanings, repairs, etc. I’m happy to show you the software if you want to see. I’ll pm you my information.

@Philip Mullinax I’d be happy to chat if you’d like. I bought an oceanfront condo in Myrtle Beach in March and have been very happy. I manage it myself and manage another person’s property in North Myrtle Beach.

@John Cantey I use Carolina Cool and DW Designs is my handyman. Been happy with both!

@Garrett Ferrara I bought a condo in March and rehabbed it. I agree if you want a successful condo rental you will need to update it to stand out. I started renting at the very end of June and am slightly above break even right now. That is with blocking out 24 hours between guests and discounting rates in the summer. I'm pretty optimistic that it will do quite well after Covid even with a $830/month HOA. So far I'm at 29, all 5-star reviews and managing another property now. It's been a cool experience and luckily Myrtle Beach has stayed open.

@Erik Petrovich so it’s all personal preference. I decided I didn’t want to go south of the SkyWheel. I like my location because it’s 1 mile north of it so if people want to walk to the livelier part of the city they can or they can stay where it is a little quieter but still close to everything. I definitely looked at other units and all the negative reviews. In my building they were mainly complaints about rooms not being cleaned or other complaints about management. I saw this as an opportunity for me to get a unit, renovate it and manage myself. Seeing that it had gotten about $40k with bad management was encouraging because I knew I could do better.

@Erik Petrovich Id suggest you keep looking or use my agent, Ann Wilson. I bought my condo in March and it had done $39,000 the year before. I’ve seen plenty around that number. I’m at the Carolinian Beach Resort. I just didn’t see a way to really make money with the on site property management companies charging so much, so I just started managing it myself. I just started offering co-hosting as well for 15% if that is a direction you’re interested in. I have a client in North Myrtle Beach whose property I’m co-hosting now.

@Sean Bayliss Hi Sean. I bought my first condo in Myrtle Beach in March and it’s been renting out great. I’m actually just about to start managing someone else’s condo in North Myrtle Beach next month too. The key thing I’ve found is understanding your numbers. A lot of places will have gross rental numbers available if you ask, so that’s a good starting point for projecting everything. I have a homemade spreadsheet I use for projecting the return on a property that I could share if you want. If you’re going to want to manage it yourself, I’d recommend David Greene’s Long Distance Real Estate Investing book if you haven’t read it. My property is at denningproperties.com if you want to take a look. I updated mine a bit which I highly recommend for standing out.