All Forum Posts by: Michael Karpie

Hi Craig, in many cases you can certainly use VRBO or the management company of your choice. I just sold a couple of condos (I'm a Realtor) to an individual who is using Evolve, a very good management company that is reasonably priced. As for insurance, it would be best to contact a few insurance companies to get a good idea. We use LW Short for our rental properties.

My daughter and son in law just purchased a couple of condos here in the Myrtle Beach area and will be doing exactly that (They live in Phoenix). They will use them for vacation rentals and for their own enjoyment as well. They have a local person to clean them and use Evolve to manage the reservations.

If you would like some help finding a property I can help, I'm a Realtor in Myrtle Beach.

Hi Amy, we have an eight unit apartment building in Garden City (between Surfside Beach and Murrell's Inlet) and we have also owned a seven unit building in the heart of Myrtle Beach. I am a Realtor specializing in multi family properties and would be happy to share our experiences with you and make some good recommendations.

I am not permitted to leave my phone number or email address here but you can get that info at:

Michael Karpie

Beach & Forest Realty

Myrtle Beach

Everything Joe Curry says is absolutely correct! Well, except one thing...HOA dues here in Myrtle Beach, SC can exceed $900/month! But that's not too common.

I think the most important point Joe makes is the zoning. Here in Myrtle Beach short-term (Vacation) rentals are generally allowed along the oceanfront and a few blocks in. But they are also often allowed in golf course communities as well. Otherwise you are limited to 6 month or longer leases.

One other consideration, if you are out of town and offering short-term rentals be sure to hire a good management company that has an established clientele and offers reasonable rates. Shop around, because the rates do vary.

A good agent will focus on your needs and deliver. Does the agent you are using have investment properties of her own? Perhaps you should consider somebody that has knowledge of the market AND experience in investing and property management. A lot of people put on a realtor's hat to sell or list but have no clue about CAP rates or Gross Rent Multipliers or other valuation methods. Also, many are not motivated enough to go preview a property or creative enough to see a property's potential. A good agent that knows how to work will have the numbers ready for you before they even present the property. A good agent will earn that 6%.

Myrtle Beach is very Canadian-friendly and there are good vacation properties available. The average daytime temperature in the winter is the mid-fifties. There's approximately 120 golf courses in the area and 60 miles of beach. I've been a realtor on the Grand Strand for about 11 years so if there's any way I can help let me know.

Review: I thoroughly enjoyed my experience during the VIP opening of The Brass Tap. The staff were helpful and courteous and the entertainment was great! Keep up the good work Dave, you have a good formula!

Michael Karpie
Beach & Forest Realty

My focus is on long-term rental as far as my own investments go. I like the consistency. However, being a realtor I stay up-to-date on vacation rentals so I can service my clients as efficiently as possible.

My personal favorite type of rental property is townhouses. They offer relatively consistent rent but their equity gain is based on the housing market. We could sell it to a potential homeowner at a price significantly higher than we paid for it thereby giving us a good exit strategy. On the other hand we have an 8-unit apartment building which yields good cash flow, but if we were to sell it we would be hard-pressed to get much more than we paid for it. That's not always the case, apartments gain value based on ROI, rather than home values, so if we can increase the rent enough with expenses remaining where they are we can sell it at a higher price. With this particular property we would have to make some significant (and costly) improvements and hope the owners of the neighboring properties do the same.

The dual property option is very popular here in Myrtle Beach. Black out off-season weeks for personal use. The busiest week by far is the Fourth of July. The whole Grand Strand becomes a battlefield of municipalities and locals vying for the most spectacular fireworks displays on the beach! But that's when you can charge the highest rates and make the most money. The rest of July and August are the best money-making weeks. 

Off-season doesn't necessarily mean the dead of winter. We have very mild weather in spring, beginning March. Today (February 24th) it is 70 degrees. In the fall the mild weather often extends into December!

So the "Dual-Use" option can work really well here.

A couple other issues to watch, HOA fees and Management fees. HOA fees can vary quite a bit and can be a pretty good deal depending on what you get for the money. Management fees also vary considerably. Shop around.

Hi Kyle, good luck!