Short Term Rental Opportunity - South Carolina - Need Advice!

[Jerry Velez]

Has anyone done any STR in North Myrtle Beach, South Carolina? Horry county to be specific. My family owns a 2 BR 1 BA in the area and I have looking at using this property as a STR, as long as the house is zoned for it. I am curious as to what has been anyone experience with STR in similar or the same market?

[John Underwood]

I go there to stay on the beach. How close are.you to the ocean?

One good thing, your not another condo.

[Jerry Velez]

5-10minute walk from the beach. Maybe 20-25 minutes from Downtown Myrtle Beach. There are a lot of condos closer to the water and I wasn’t sure if those were long term or short term rentals. There have also been a lot of developers in the area buying up plots of land recently.

[Jay Faulkenberry]

Jerry, I live in Myrtle Beach and am a Real Estate Agent here. NMB is very popular and very successful with STR. You would need to check to see if your property is zoned for STR by contacting the County: https://www.horrycountysc.gov/departments/planning-and-zonin...

If I can be of any help, please reach out! If you want to use a local company to manage your rental instead of self-managing, I can put you in contact with a great team! They can give you projections based on historical data.

[Jonathan Greene]

As long as the zoning for STR is good, you should be good and with a 2/1, you can go more crazy on the beach theme and furnishings which is the only way to be successful in a market where there are a lot of other options.

[Jerry Velez]

@Jay Faulkenberry Yeah that sounds great! I intended on using a local property management company so I'd love to connect.

[Alyson Gordon]

I don't own anything in that market but know a few people that do, and have *heard* that the market is saturated and not doing well. Not saying that is true but just as with any investment talk with people operating locally and run your numbers thoroughly. 

You can do well in a down market with a great property. You can also do poorly in a good market with an ok property. 

Good luck! :)

[Jerry Velez]

Quote from @Alyson Gordon:

I don't own anything in that market but know a few people that do, and have *heard* that the market is saturated and not doing well. Not saying that is true but just as with any investment talk with people operating locally and run your numbers thoroughly. 

You can do well in a down market with a great property. You can also do poorly in a good market with an ok property. 

Good luck! :)

Thank you for the advice! I plan on doing my own market research to ensure the property would be the right investment me. 

I see you are a real estate broker in Raleigh. Raleigh is one of the markets I am beginning to look into for a duplex to house hack. I would love to connect and discuss and potential opportunities.

[Alyson Gordon]

I’d be happy to chat and get you set up for a search! We don’t have a ton of multifamily and the cash-flow isn’t strong since appreciation and demand is high. I can share more when we chat :)

[Chris Rosenberg]

@Jerry Velez

 Hey Jerry. There’s a big difference between a 5 minute and 10 minute walk to the beach. I own a STR in NMB that’s a 5 min walk and it does much better than the one I own that’s a 10 min walk. Both are houses of comparable size. The market is tough but a 2/1 house can do pretty well depending on how it’s set up and how fast you can get good reviews on the platforms. If I had to guess and don’t know your exact locations or amenities I would say your house can gross $30-40k a year. If it’s truly a 5 min walk to the beach and in a good area and has a very nice setup and excellent property management then maybe $45k. As an LTR you might gross half, but have fewer bills. Also, I’m pretty sure that unless you have an HOA that doesn’t approve, all of NMB is zoned for STR. You just need to get your business license for that property. But check with the city of NMB, not horry county. We are getting into peak season and if the place is already furnished then now is the time to try it as a STR. Hope that helps!

[Myrtle Mike Thompson]

@Jerry Velez as Chris said, virtually all of North Myrtle Beach is zoned for short-term rental accommodations.  Feel free to send me a DM if you'd like recommendations for property managers, cleaners, etc.  

[Jerry Velez]

@Jay Faulkenberry I was able to get the zone code for the property: R2 Residential. The property actually sits in Atlantic Beach which changes things. Are you familiar with residential zoning restrictions in that area?