All Forum Posts by: Michael Weigum

@Alex Moyers

I think that is a great idea. I have 2 oceanfront condos that I have on Airbnb and VRBO. I also have an RV that I rent out. Just rented it last week. We have it listed on Airbnb, RV share, and Outdoorsy. The RV community has grown tremendously in the last 2 years. We actually traveled the country in ours for 9 months in 2020. We learned a lot about the RV lifestyle. So many people are looking to get into it, but they don't know where to start, so they rent one and try it out before buying. 

Airbnb is also promoting "experiences". Renting an RV in a great location where people can experience life in an RV along with fishing, hiking, animals, makes it an experience, not just a place to sleep. Market the "experience" and you will have good returns.

@Lane C.

Great question. I would buy both actually. I've had a lot of success with STR oceanfront condos here. I also see a large demand for SFH. There is a ton of new construction going on here and people are having to wait 6, 9, 12 months to get into their new builds and need a place to live. I feel like if you could get a few SFH and rent them for 6, 9, or 12 month leases, you could do well on that side too.

As for COC, I've seen numbers well above 20%. Depending on if you self manage or have a property manager. My personal COC has been over 40%. I self manage my units.

Hope that answers your questions. Feel free to message me for more info.

Myrtle Beach and or Surfside Beach South Carolina. 

Tourism (vacation destination market), 2nd fastest growing county in the US (appreciation), drivable from major cities like Charlotte and Atlanta. 

I own 2 ocean front units and manage 2 others. We have done well here with Airbnb and VRBO and have seen good appreciation. It's been a good investment.

Hi @Christie Speciale

Have you looked in South Carolina? Myrtle Beach still has good cash flow opportunities for STR's

This is something that I have been interest in for the last couple years, just haven't done it yet. Would love to learn more from experienced people.

@Mike Stillwater

There is a lot of good advise here. I personally think having a realtor on the ground who also owns and has experience with Airbnb's is a big help. I do this in the Myrtle Beach market and have had good success with my Airbnb's. Please let me know if I can answer any question you have.

@Christine M. I know how it feels to be in overthinking mode. I spent two years on bigger pockets studying and learning before I jumped in and bought a property. One thing I will say is, trust your instincts, know that you have done your research, and jump in on a small scale to test it out. I felt like I had learned almost all of what i needed to know by doing research, but I've learned that you don't know what you don't know until you actually do it. I've learned a lot about Airbnb in the last year by having a property on Airbnb and self managing. It is very freeing when you finally jump in and get to work, at least for me. Now I have 2 properties and manage 4 others for family members that purchased recently.

Myrtle Beach is still a good place to get cash flowing STR's. Horry county South Carolina is the 2nd fasted growing county in the USA and the demand is high and inventory is low. Also, 15 milliion people visit here every year, so it has been a great place to own an STR.

Take a look at Myrtle Beach, South Carolina and take that first step. Start small and build up, learn as you go and perfect your systems. I'm happy to answer any questions you have. You will do great! 

@Eric Garcia congrats on making superhost! I know how awesome it was when we did that last year. There are still opportunities here in Myrtle Beach to make money on STR's. Especially if you have cash to purchase and then do a delayed financing. That is one strategy that is helping people secure property here. Happy to connect and answer any questions you might have.

I have 3 STR's in Myrtle Beach, SC that are at 83% occupied for April. May is starting to pick up. One thing I have noticed here is that people do a lot of last minute bookings. So, I have my rates high for May, June, and July right now but adjust as time gets closer. We are consistently keeping an eye on the competition and the local festivals and adjusting rates accordingly. Our biggest season is the summer, so I am confident that they will come! Gas prices here are starting to come down a bit, so I believe people will be driving out here very soon. We are seeing more bookings from VRBO. I guess all their advertising this year is giving us a bump. We mainly do Airbnb. Hopefully you will start getting filled up.

Myrtle Beach, North Myrtle Beach, Surfside Beach, and Conway are all good options still for cashflowing property.