myrtle beach vacation rentals

[James Judge]

Hi i'm new to this thinking of buying a vacation rental in myrtle beach i have about 70,000 cash and was wondering how many weeks a year the average house or condo rent need to cover my expenses thanks 

[Russ Luce]

Hi James,

My parents have rented out a condo in North Myrtle Beach for the past few years.  Oceanside, two bedroom and in March the rate was $1,000/month.  The rates do go up quite a bit starting in April and you can charge a much higher rate April-August (some parts of September as well).  Many places charge weekly in the summer and monthly in the winter.

Depending on where you bought a home, you may/may not have to pay for flood insurance.  You can look up the flood zones online or if you know of an area you're looking at, feel free to ask here and I'd be happy to help (I live in Myrtle Beach).  

You also have to think about what type of renters you want to draw.  In downtown Myrtle Beach, that area is not as nice and tends to draw a rougher crowd.  There is money to be made but those areas are not as well kept.  However, there are a lot of beachfront locations in nicer areas of town.  If you are looking for yearly leases instead of weekly rentals, you would want to look at the school districts here.  In my view, Carolina Forest and Socastee offer the better school districts.  That said, it can be hard to find a deal in Carolina Forest to purchase, although there's always something out there, right?

Let me know if I can be of further help!

Russ