All Forum Posts by: Alexander Knowles

You'll need to check with the building and HOA that you can choose your own management company or self-manage. If you sign an agreement with a management company, then no, you will most likely not be able to rent it out on days when the rental company does not have it rented.

There are some pros and cons to going with the internal/on-site management company. You typically get more bookings (go figure) but also pay a higher management fee.

Condos are a dime-a-dozen right now. Seems to be an oversupply of inventory on the market. Tread carefully wherever you buy as there are unforeseen HOA management risks in addition to the special assessments for delayed maintenance and building insurance skyrocketing.

Careful buying into new construction in Myrtle Beach. 9 out 10 of these developments are managed by an HOA that will not allow STR. You'll need to check the HOA bylaws, rule and regulations.

Hi @Esther Tama - Great price point, you'll be able to find something worthwhile out here. Contrary to Chris's thoughts, at that price range, you'll be able to find some new construction in the Longs, Socastee and Little River areas that make great LTR. Tenants like the feeling of a new home, you have a 1-year warranty on everything and you have a ton of negotiation power right now as these new builds are offering some insane incentives ($10K plus toward closing costs etc.). Expenses you'll want to account for include higher property tax for investment property and flood insurance (not necessary, but good peace of mind. Happy to discuss more if you'd like!

Myrtle Beach! 20M visitors per year, very landlord friendly, zoned correctly in areas for STRs (likelihood of this changing is very low), 73 degrees year-round. Sticking points to consider: the higher property tax rate for being an investment property and insurance costs (wind, hail and flood) are the two most significant expenses we are seeing right now depending on if you go SFH or the condo route.

Which part of NMB is it in? Assuming it is on the east side of 17?

Depending on your situation and what you're trying to gain out of it - try to hang onto it and build on it if you can stomach the guaranteed delays and extra expenses. If you have that opportunity to build something tailored to a short-term rental, you'd definitely do well once it is complete to either rent and manage yourself or even sell it to an STR investor. Would encourage you to invest in nicer finishings and workmanship as there are a lot of cheaply built/cheap flips homes popping up in that area commanding a big sales price.

Didn't see much for "CAPEX". Larger items such as HVACS, get worn out very quickly down here with them being so close to the ocean and the affects of salt water. Budget accordingly.

@Daniel Gilbert - Myrtle Beach is still a great market, but the market is changing quickly down here. What is tripping investors up right now is that the past ~3 years here have been incredible and now prices are to the point where many investors are questioning the longevity of the huge demand. Myrtle Beach is great fundamentally for a host of reasons including 20M+ visitors per year, a ton of long-term residential growth, and a wide range of properties to choose from (condos, condotels, SFH) but you need to make sure you are looking in the right condo complexes, right zoning and investing into the property itself to stand out from the crowd.

Look up William Covey Photography

Give Jason an email here https://anchorinsurancefs.com/

Otherwise, definitely take a look around some of the local FB groups where these questions pop up!

@Danielle McMurphy - a great place to invest (and live!). We are expecting over 20M visitors this year, with 90% of visitors driving here from larger destinations such as Atlanta, Charlotte, and the northeast. Myrtle Beach also saw the strongest recovery in hospitality and tourism post-COVID, beating out Virginia Beach and other destinations in Florida. There is a continuous stream of events that includes the Carolina Country Music Festival, numerous biker weeks, and collegiate and age-grade athletic events. 

I'll send you a message as well and happy to chat further!