Brownsburg, IN · Member since 2018 · 21 posts · 6 votes
SC investors, I am an investor from Indianapolis and received a lead on an off market property in Loris, SC. This is not my market and know next to nothing of the area other than the house is about 20 mins from North Myrtle Beach.
Can anyone shed any light on the market in this area? are there opportunities for Airbnb this far from the beach? Any and all thoughts are welcome!
The house is an older 3100 SF 2 story farmhouse on 3.5 acres.
Investor · Atlanta GA, USA · Member since 2018 · 118 posts · 90 votes
5y
@Ben Callis I wouldn’t count on that area for Airbnb. As some have noted, it will be harder to find good team members that far out. Sites like AirDNA are good for getting an idea of the market, and currently Loris doesn’t have enough properties to even bring up results there. If you want a successful short term rental, it has to be in an area with consistent tourism which the Myrtle Beach area is good for, but I don’t think too many people are going to want to stay a 25 minute drive from the beach.
Real Estate Agent · North Myrtle Beach, SC · Member since 2018 · 110 posts · 99 votes
5y
@Ben Callis Loris is pretty rural, and a good 25 mins from North Myrtle Beach. You would definitely need to check flooding in the area as we the flooding is getting worse in that area due to all the new developments going up. A successful (home-run) AirBnB play may be a stretch due to the proximity to the beach, but don’t let that discourage you! Happy to be a resource for you.
Lender · Charleston, SC · Member since 2019 · 3 posts · 1 vote
5y
Hey Ben,
The Myrtle beach market is transient & month to month rental might be a more secure option vs air bnb. Loris in in the country(outside the beach & city area of Myrtle beach). The size of the property is nice to have, 3.5 acres. I would wonder what the daily Air bnb rate is for a this property. I know a 12-month rental, 3 bed 2 bath, SFH goes for $1800/month, close to the hospital & beach. I am in the Charleston market and there is more air bnb, demand in our city.
Brownsburg, IN · Member since 2018 · 21 posts · 6 votes
5y
@Alexander Knowles. Thanks for the advice! I had those same thoughts about the Airbnb proximity. Do you know what the market is like for flips in that area?
The market around Indy is crazy right now, With very low inventory and houses getting 30 offers over asking in a few days, Do you see similar things in that area?
Brownsburg, IN · Member since 2018 · 21 posts · 6 votes
5y
@Scott Canosa good points Scott - do you have any pointers on how to check daily Airbnb rates? Is it a simple as just going on to Airbnb website and looking for similar properties around or is there more concrete data available?
Rental Property Investor · Myrtle Beach, SC · Member since 2013 · 208 posts · 61 votes
5y
@Ben Callis Hey Ben. Like Alex said, Loris is pretty rural but demand is starting to increase due to more people wanting that lifestyle. I did a flip there about a year ago and it sat on the market for a while before getting fairly close to asking price. Didn’t get a lot of activity. But the house was much smaller than yours. I’m no Airbnb expert but I would say you may get interest from families looking to get away from it all, but definitely not the beach crowd. Just make sure you can find reliable cleaners and handymen in the area. It’s not populated like Myrtle Beach.
Another thought is to subdivide the land. If zoning allows, maybe you can get 3 parcels out of it. Each buildable acre may be worth $15k. Then sell/rent the house. That’s what I did.
Investor · Atlanta GA, USA · Member since 2018 · 118 posts · 90 votes
5y
@Ben Callis I wouldn’t count on that area for Airbnb. As some have noted, it will be harder to find good team members that far out. Sites like AirDNA are good for getting an idea of the market, and currently Loris doesn’t have enough properties to even bring up results there. If you want a successful short term rental, it has to be in an area with consistent tourism which the Myrtle Beach area is good for, but I don’t think too many people are going to want to stay a 25 minute drive from the beach.