All Forum Posts by: Michael Weigum

Hey @Cody Wageman,

That's so exciting! That is how I started my real estate investing journey. I used a HELOC on my primary house to purchase my first Oceanfront STR condo. I'm happy to chat with you about the journey. Shoot me a message!

1. I personally own 2 beachfront condos and have done STR with them for the last 2 years. They have performed very well. HOA fees are high, but they include everything(cable, internet, electric, etc. It's the only bill I pay. I like that simplicity.

2. Best way is to ask an agent like me who specializes in the market you are looking at and who owns STR's as well.

3. Invest in an area that has way more people traveling to it than housing and is STR friendly (Myrtle Beach)!

Good Luck!

Myrtle Beach!

@William Beyer

Congrats! I like Cherry Grove and North Myrtle Beach a lot. I have 2 units in South Myrtle Beach. I'm local, so I know the area. Message me if you want to talk about numbers and strategy. Good Luck!

@Tim Melin

I have been doing this for the last 2 years with my camper. We list it on airbnb, vrbo, rvshare, outdoorsy, and rvsey.

Customer must book campsite first, then we deliver and set up the camper, then we pick it up when they checkout. You have to make sure that the campsites allow this. Some do not. Some do. We make sure they book a site with full hookups to make sure everything is as easy as possible. Having traveled a lot in our camper, I know how it works, but most people don't and it's not the same as a house.

That being said, a lot of people like the idea because they want to try it before they buy one. Also make sure your RV insurance allows for it to be rented. My old policy didn't allow it, so I switched to a company that did. You want to make sure you are covered if something gets broken.

I think it's a great way to make some extra money. Much better than leaving it in storage while you aren't using it. I'm happy to chat more if you have questions.

Depends on your market, depends on the time of year you buy, and depends on your property type.

Personally, I purchased one of my condos in Myrtle Beach in January. I closed end of January, had it listed on Airbnb 3 days after closing, got it booked the whole month of February. Didn't make my first mortgage payment til March. Cashflow positive right out of the gate. 

I agree you should have some money set aside to cover the mortgage, but if you know the market and the best time of year, you can budget that in and have a winning strategy.

We all have different risk tolerances. Trust your gut. 

@Trent Reeve

Great question. I agree with most have said here. I've had this conversation with investors in Myrtle Beach quite a bit lately, do you wait for the prices to come down a little more and risk the interest rates going up, or do you buy now and lock in your rate but maybe pay a little more on the purchase price? It's all personal preference.

Five months ago prices were climbing and we had to put offers in right after it hit the MLS and there were multiples most times. Now, we have a lot of inventory and as @Myrtle Mike Thompson said, average days on the market has gone up and pricing has pulled back. Much more room to negotiate with sellers and get a good deal. I'm focusing on units in the resorts that have done the best revenue this year for our company and help our investors find the right deal. If the strategy is to buy and cashflow for 3 to 5 years and move on, buying now versus in December isn't really that important. My personal units did very well last year in the off season. So well I had a hard time getting in to do the upgrades I wanted. Good problem to have I guess. 

Hi @Anthony R.

My two cents, go with the king! When I am personally looking for a place, a king wins over a queen bed everytime, especially if the nightly rate is similar. We put King beds in our 1 bedroom condos here in Myrtle Beach and they have performed very well. It helps us stand out. A lot of the competition has queen beds or 2 full size beds in the master, so we stand out with a king bed and a smart tv in the bedroom.

Hope that helps. Where is your ski condo?

I know some investors here that have installed a verizon hotspot in their condos. Would that be an option for you?

Hi @Nerlande Joseph

When I started my investing journey I looked up and down the east coast trying to find a beach town to invest in. We settled in Myrtle Beach and it has been a great investment for us. I currently own 2 beach front condos that cash flow very well. I have a good team for property management. I'd be happy to answer any other question you have.