All Forum Posts by: Daniel Denning

Hi @Dustin Hynes. I invest in STRs and manage properties in the Myrtle area. I live out of state and would be happy to answer your questions. PM ime if you’d like to chat.

Thanks @Alexander Knowles! I'd be happy to assist any way I can @Matthew Veli. In my opinion, it is best to manage yourself, but if you aren't able to put the time in to build a great system, then finding a co-host or solid property management company that will pay attention to your property and charge a reasonable rate is your next best option. On-site management companies make it very difficult to make profit in my opinion. I live in Atlanta and manage 3 properties in the Myrtle/North Myrtle area, and I'm also expanding to other markets. I build a local team of people (cleaner, handymen, HVAC, photographer, etc.) in each market and use a few different programs to help manage efficiently. PM me if you'd like to hop on a call and chat. 

Hi @Mark Peltier. I own in a condotel in Myrtle and manage some more in Myrtle and North Myrtle. Let me know if I can answer any questions you have!

Hey @Brian Denvir! I own a condo in Myrtle Beach that I rent out as well as manage 2 other properties as a co-host for people that live in New York and Pennsylvania. Feel free to pm me any questions or we could do a call to go over any of your questions about the area.

@Carolann Hosey Yes a business license is required to rent out your property in Myrtle Beach, but that isn’t hard to get. And it depends on the building. I installed a smart lock at my property, so my guests don’t have to go to the front desk at all. One of the common complaints I’ve seen from guests is having to wait in long lines for the front desk or the staff not being friendly which is why I just cut all of that out with a smart lock.

It all comes down to if you see it as an investment to make money or just another place to have. You will most likely lose money with on site management, and the common complaint about it is that they act like a hotel so any guest could walk in asking for a room and they may or may not give your room. So your condo isn’t exactly being prioritized in that scenario.

Hi @Carolann Hosey. I own a condo in Myrtle Beach and manage a couple more for people. On site property management companies take 40-45% of your revenue which makes it virtually impossible to make money after you consider mortgage, master insurance, condo insurance, HOA, etc. You're better off managing it yourself or getting someone to co-host the property for you which is basically a different form of management. I manage properties from Atlanta, so it's definitely doable if you're willing to put the work in to establish the right systems.

@Brynn R. I used Coastal Carolina National Bank. The local options were limited. I ended up getting a 10/1 ARM for 20% down at 4.75%, but I did a cash out refinance with Amerisave within 7 months and pulled out $25,000 and locked in 2.75%, 30-year fixed.

@Arya Biswas If you are going with a condo, I’d recommend making your condo stand out. There are a lot of vacation rentals in the area, but many are outdated and not maintained well. If you can get a unit with a great view and make the inside great as well (updated flooring, modern design), you’ll be able to increase demand for your unit and charge higher prices. Obviously want to make sure you are in a desirable area, and amenities help. Just depends on who your target customer is.

Hi @Cindy Caldwell. I bought a condo in Myrtle Beach last year and manage it myself from Atlanta. I also manage a few other properties as well. Happy to be a resource if you have questions on systems/software!

@Philip Mullinax HO6 and Master Insurance are separate. Master is for the building and HO6 is for the condo itself.