All Forum Posts by: Daniel Denning

Hi @Paige Hutchinson if you need any help with systems I’d be happy to help. I bought a condo in Myrtle Beach last year and manage it from Atlanta as well as a few other properties there. Had to build all the systems and figure everything out, but it’s been great. I found a training program later that’s been great for helping me scale, but they also cover the full process from just getting started that would have saved me a lot of time and headaches.

@Vann Calhoune the process took 2 months. Hard to say if yours is Covid related. You’d think they’d figure out how to speed it up by now if so.

@Vann Calhoune yeah that stinks. Mine took about that long in South Carolina because of Covid last year. I definitely recommend people start that as early as possible because I was stuck waiting on permits when I was ready to rent.

@Jeffery P. I got over the fear last year and took the plunge right before Covid hit. Ended up buying and renovating a condo in Myrtle Beach that is now doing really well. I didn’t want to pay the management fees, so I figured out how to manage it myself from where I live in Atlanta. I did a training course that takes you through the basics of getting started up to scaling your business into managing or marketing many listings. I’m now managing properties in multiple states, and it’s going really well.

All this to say STRs can be really profitable if you’re willing to put in the work and provide a place that is in a desirable location and stands out from your competition.

@Chanakya J. You may want to check out the Facebook group STR Wealth Accelerator. A lot of good content is posted there and they offer training for starting and scaling a STR Business.

Hi @Matt Jennissen. I self-manage properties in multiple states while I live in Atlanta. I’d be happy to chat and answer any questions or point you to the training program I did that really helped me out. Just message me if you’d be interested!

@Norman Baldwin AirDNA is a good site to at least get a baseline for an area. Average occupancy looks like 77% for the year with July being 93% and Nov 50%. Average revenue is also $2,950/month but obviously fluctuates. 38% of rentals are 2 bedrooms as well.

Depending on the size and overall quality of your place, you can do a lot better than these numbers. For instance, my properties in Myrtle Beach do 84% more revenue than what AirDNA shows as the average, but that market is flooded with 1 bedroom properties and mine are larger and nicer than most. I know some people that do corporate rentals through Airbnb in that area and can put you in touch if that’s the direction you’d like to go.

@Keri Mallozzi I bought a condo in Myrtle Beach March last year. Happy to help any way I can. We renovated a 2 bed, 2 bath oceanfront condo. It’s been a wonderful experience so far.

@Ben Callis I wouldn’t count on that area for Airbnb. As some have noted, it will be harder to find good team members that far out. Sites like AirDNA are good for getting an idea of the market, and currently Loris doesn’t have enough properties to even bring up results there. If you want a successful short term rental, it has to be in an area with consistent tourism which the Myrtle Beach area is good for, but I don’t think too many people are going to want to stay a 25 minute drive from the beach.

@Nicholas Brosnan Pigeon Forge area is really good, but from what I’ve seen, many mountain areas have greatly appreciated since Covid started and remain extremely competitive. That doesn’t mean the numbers can’t work though. I’ve heard of people buying cabins over the $600,000 mark with an expected gross profit of $100,000. It doesn’t seem to me that prices have increased in the same way in the Myrtle Beach area and there’s a lot of opportunity to stand out with a more updated/modern rental there.