All Forum Posts by: Michael Weigum

Congrats @Chris Noles

Welcome to the Myrtle Beach STR market! It's shaping up to be a good summer for rentals!

South Carolina, Myrtle Beach area, Horry County specifically. Horry County was the second fastest growing county in the U.S.A last year. More people moving in, high housing demand and lack of inventory are causing a lot of appreciation. Plus, as we like to say, we live at the Beach!

Hi @Philip Mullinax

I own 2 oceanfront condo's in Myrtle Beach. They have been great investments for me. I'm happy to answer any questions you have and share my experience.

Hi @Kyle Wise

I personally think condos can be a good option for STR. I have 2 in Myrtle beach and they have cashflowed very well. You have to look at all the numbers and know the right buildings to invest in. You definitely do not want to use onsite management. They have a 60/40 split here, and that means you don't make money. I purchased my condos in a building that doesn't have a resort manager onsite. I manage my properties myself and that helps with the cash flow. At first I was a little cautious about the high HOA fee, but when you see what it includes, it makes sense. My HOA includes all the electric, water, cable, internet etc so I just have one bill I pay every month and it is predictable. I bought my properties right after they had an assessment, so I got the benefit of an upgraded building without having to pay the assessment. The biggest sticking factor is the financing on a condotel. Most large banks don't finance them. However, there are other options out there and you can get financing if you know the right people. Condo's typically don't appreciate as well as houses, however, my condo's have doubled in value this last year. Appreciation is a bonus for me with my investments. If it cashflows and appreciates, that is a win win.

Get with an agent who specializes in the area and knows the ins and outs. Give it a try! Having a condo and a SFH would be great, then you can start putting together your own data to see which one performs better. At the end of the day, having an ocean front condo that you and your guests can see and smell the ocean is not a bad option. Good luck!

Myrtle Beach, South Carolina! Not only are people moving here, but over 14 million people visit here annually. Good investment opportunities are here!

Hi @Gbenga Okusanya

Welcome to Bigger Pockets! As others have said, Myrtle Beach is a great place to invest. Around 14 million people come here yearly to have fun in the sun. Makes for good rental opportunities. I own two properties here and they have been good for cashflow and appreciation. Check it out!

Hey @Scott Stahr

Everyone here has mentioned a lot of good things. A couple other things that come to mind would be this. 1. Put yourself in the shoes of the potential guest. What would be most important to you. 2. Sell the experience. Since you are not on the lake, make sure you have a guide book that shows all the things that you are close to and activities that are close. Personally when my family and I travel, we are willing to be 5 minutes away to get a little cheaper nightly rate because we use that extra money on different activities in the area. 

My wife also takes the time to make the experience personal and focuses on the little details for the guests. If they are celebrating an anniversary or a birthday, maybe leave something like a bottle of wine or a gift card to help celebrate the occasion. A lot of our reviews when we first got started said it was the little details that made the guest experience great.

Good luck!

Hi @Eric Kelly

I'm looking to do the same thing. I own 2 oceanfront units in Myrtle Beach. They are considered condotels. I am working with a lender that will do the cash out refi. Message me and we can talk more about it. Thanks.

Hello @Arias Flory

My wife and I thought of doing the same thing. We lived in our RV for 9 months as we traveled around the country. We found some great deals at RV parks for 3 month stays and such. We go on the list for the yearly spot and when it became available, we were upfront with the people at the site and told them we planned to rent it out and they said No. Make sure you check with the campground to see if you can do that first. 

We do rent our RV on Airbnb, Outdoorsy, and RVshare. We deliver it to the site that the customer books and set it up for them. It's been a good addition to our passive income. I wish you luck! Just make sure you have experience with the RV before you rent it. There are a lot of little details about an RV that are different than a normal house and if people don't know, it can cause expensive repairs. Let me know if you have any questions I can answer.

@Nick Taylor

Welcome to BP! I too am very obsessed with real estate and STR. When I wanted to get started, I used a HELOC on my house to buy my first oceanfront condo. It has been doing great on Airbnb and VRBO. There are quite a few ways to work deals. Creative financing and no doc loans. You just have to make sure the numbers work. I'd be happy to chat about what worked for me and answer any questions you have. You're on the right track. Keep learning and ask a lot of questions. If you want it bad enough, there is a way to make it happen! Good Luck.