Southern Beach Town STR Search

[Bob D.]

I bought my first STR last year in New Hampshire with the strategy of purchasing homes that I can occasionally use in locales that I like to visit with my family.

I want to purchase a something near the coast in Carolinas, Georgia, or Florida in the $500k max range that is can be managed fully remotely and I can visit once or twice per year. I really don't have the ability to provide "boots on the ground" but just want the property to sustain itself through STR.

We love Charleston and I have family in Vero Beach, FL but I'm willing to look elsewhere if the numbers are better. If anyone has suggestions on location, team, etc., I'm all ears. 

I would have 25% down and mostly likely use conventional financing. 

I realize this is a pretty vague request but honestly I have rarely been to a beach community down south that I didn't like so I'm open to getting off the beaten path if it's better economics. In reality this is 20% consumption 80% investment so I need to like the place/area. 

[Mack Lengel]

Hey @Bob D.!

I might not be able to give you all the answers you're looking for but I can share what I know from being born and raised in the Carolinas! I have either lived or have family that lives in all the major markets throughout the Carolinas.

I lived on HHI for a number of years, incredible place but wouldn't be the best bang for the buck you're looking for at that price range. Charleston is beautiful and highly ranked for visitors as well. A good place to look in my opinion would be the Edisto Beach market, it sits between the two. I have an aunt who self-manages a house there on VRBO and does really well, I know she has a really great cleaner there but not sure about the rest of the team she has. I like the area, it has a unique small beach town vibe with lots of shops. Everything there is walkable.

Another place I have heard good things about is Oak Island, NC. I haven't been there but my family raves about it. I think prices are decent there. I know an STR agent/owner there who might be a good resource as well.

The key with STRs is to find a place that you love and can utilize for personal use as well, since it's not strictly an investment. Take a "Business trip" to the areas you're looking at and find what fits you best.

That's my two cents... hope it was of some value to you! Feel free to message me and continue the conversation if you'd like.

P.S. You should be able to put less than 25% down on a vacation home if that's what you're looking for. A good lender should be able to give you the ins and outs of that.