Needing Investing Help!

[Paul Enzinger]

Hi, my name is Paul I've been a BP member for a while now. I have a duplex on Long Island, NY sitting on .75 acre of land (2 lots and 1 is vacant). The one unit in the duplex is currently vacant and we are debating whether to renovate it to get it ready for another family or to sell the whole property to a developer (who I have met with already). Our medium-term goal is to purchase with the proceeds either 1 or 2 condos in Myrtle Beach, SC for short-term rentals or a larger mutli-family apt building in more or less the same area (not really dead set on the location) for more longer-term rentals. We are familiar with the longer-term rentals because that's what we are accustomed to, but the short-term Airbnb model has piqued our interest. We are currently asking if anyone has experience in these areas, knows the market, potentially has a place they are willing to part with, any help is appreciated.

We understand that nothing can substitute for experience and everyone's is different. If anything, we are reaching out to try to see if this concept would potentially work. Thank you in advance.

[Daniel Denning]

@Chris Haas Mine is in the Carolinian Beach Resort. It's about 1-mile from the center of town which is nice because it's a little quieter but still close enough to walk down to all the attractions. It's also about 1-mile from the Convention Center and Broadway at the Beach. Like most of the places in Myrtle Beach, mine needed a significant renovation to really stand out. I don't think I can post the link in here, but if you google "Myrtle's Peak Airbnb" it should come up for you.

The one I'm co-hosting for is at the Baywatch Resort in North Myrtle Beach. Co-hosting is Airbnb's way of doing property management but with some slight differences. The main difference is a co-host is added to an owner's Airbnb listing and given access so that all payments still go directly to the owner. At the end of each month or the agreed upon time frame, the co-host typically bills the owner for expenses incurred (cleaning, maintenance, etc.) and the agreed upon fee (i.e. 15% of revenue). This method allows many owner to save a bunch of money on property management as most on-site management companies will charge 40-50% of revenue which just makes it impossible to make any money as the owner. A co-host will typically have a much smaller number of properties to manage so you know you're getting the attention your property deserves.