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Best investment property in Myrtle Beach

Have you been toying with the idea of purchasing a rental property in Myrtle Beach, SC, but you are not sure if it is a good investment? Or maybe you currently own a rental property in the area and are looking for different ways to increase your income on a monthly basis. We see these scenarios quite frequently.

A question we get asked all the time here at Jerry Pinkas Real Estate Experts is, “Can you really make money with a second property or a condo on the beach?” And our answer is, simply put, absolutely YES! In today’s blog post we are going to be talking about different strategies and ways you can make money on these properties, or increase your revenue if you are currently renting the unit place out. We hope these tips and tricks help point you in the right direction with your rental property and allow you to start increasing your cash flow!  

How to increase your rental income

What are the perks of having a rental property?

As you can imagine, owning a rental property in Myrtle Beach, SC has many perks and advantages. The first one we want to talk about is what motivates most people and pushes them to make the investment. That’s right, we are talking about money. It is no secret that Myrtle Beach, SC is a great and very popular destination for many vacationers throughout the year. The stunning and glistening beaches of the Grand Strand attracts people from across the nation. Because of this, and if you are smart with marketing your unit, you should have no problem securing renters day after day, week after week and month after month. This leads to great rental income that goes right into your pocket.

And if you live out of state and are purchasing a rental property in Myrtle Beach, SC, it is like having other people pay for you to have a second home on the beach. The best part about having a rental property is that you get to set when you want the unit to be rented. And if you wake up one day and decide you want to take the family on a vacation to the beach, and you have had enough rental income to cover the costs of the place for that month, it is like your personal piece of paradise for free. Does it really get better than that? We think not. 

How can I maximize my rental income each month?

It is important to understand that there are multiple ways to make money with these rental units, and a lot of people are using these properties to create multiple streams of income for themselves and their families Now you may be asking yourself if it is possible to run a rental unit and still keep your nine to five. And we are happy to say that, yes, you can absolutely do both! So don’t go quitting your day job because it is very feasible for you to keep working and be generating additional money through your rental property in sunny Myrtle Beach, SC. 

We want you to expand your mind and think about this with us for a second, as there are multiple ways to acquire bookings and make the rental world work for you. And one of those ways is to put your unit on a rental program or website where the company rents it out by the night, by the week or by the month for you. And while this is great because it takes a lot of the work off your hands, you are also going to find yourself sharing a large part of your profits with that company. But lucky for you, we have others options!

There is another formula that can give you a greater return on your investment, and that is the Airbnb or VRBO (Vacation Rental By Owner) formula. With these options, while you are involved in the process a bit more as you are responsible for listing your property on these sites, it can be worth it for you monetarily in the end as you collect one hundred percent of the rental income that is generated. This will help with your bottom line and help put money directly into your pocket.

Myrtle Beach investment opportunities

Why are these sites a good idea for me to utilize?

Something to really think about when it comes to rental properties and sites such as Airbnb and VRBO is our location. As we touched on earlier, we are in an area where people vacation and are looking to rent all the time. We have cleaning people, we have plumbers and services like these readily available. When you are renting by the night, week or month, you are getting direct income that allows you to hire on people to do the dirty work for you in terms of cleaning and repairing the unit. We have many clients who are doing this as a second income and they are banking money month after month. They are coordinating all this on their phone via text, email, sending reservations back and forth, answering questions, etc. We even have clients that are doing this at work at their day job, and some that do it at nights or on the weekends. But just by coordinating everything yourself, you get one hundred percent of the money, which is a great way to generate income and greater returns on your investment.

Buying a condo in Myrtle Beach is it a good investment 2017?

How can I set my unit apart from other rentals in the area?

You may be asking yourself how you can acquire renters when there are other competing units, possibly in your same building, that are also listed on these sites. An aspect you may want to consider is something as simple as TV’s. What if all the units in your building had a 32-inch TV, but your unit had a 60-inch, flat screen TV. Would it cost you THAT much more money? Probably not. But would it set you apart and make your listing stand out from the other units? Definitely. With not that much of an investment, you can make a greater return. If someone is already set on staying in your area or condo building, they may be more inclined to pick the listing with the bigger TV or the better amenities. What we are trying to say here is that all the little things add up, so if you are able to make small improvements to your unit it could end up meaning more bookings, and therefore more profit. And again, all that money goes to your bottom line.

Buying a vacation home in Myrtle Beach SC

What should I do if I am interested in purchasing a rental property in the Myrtle Beach, SC area?

Hopefully, by now we were able to convey all the different ways in which your rental property can be successful and bring in money month over month. If you or someone you know is interested in purchasing a rental property in the Myrtle Beach, SC area, give our experienced team here at Jerry Pinkas Real Estate Experts a call today! And while you can search the internet endlessly for tips and tricks on how to not only find the perfect rental unit but also on how to bring in more money on your rental property, nothing beats sitting down with a professional. You need to be here so we can show you exactly how to maximize your rental income.

We are here to help. This is what we do, we do it every day and we are good at it. We have helped numerous individuals, couples, families and even retirees lock down their perfect rental property, and we know we can do the same for you. Why have ordinary when you can have the best? Give us a call today, we look forward to working with you soon!

 

You have questions, we have answers. Give us a call at 843-839-9870.  

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SEARCH MYRTLE BEACH RENTAL PROPERTIES HERE

 

Best Realtor in Myrtle Beach


Why pick average, when you can have an expert?

Give us a call 843-839-9870

The Differences Between a One-Bedroom and a Studio Condo

by Jerry Pinkas

Difference between a studio and one bedroom condo

A question we get asked all the time here at Jerry Pinkas Real Estate Experts is what the difference is between a one-bedroom suite and a studio/efficiency condo on the beach. Whether you are a first time home buyer, scouting for a second home or just looking to purchase a rental property, you may have found yourself asking the same thing.  And you may think that the internet is the best place to go to decipher the difference, but in reality that just may make things more confusing for you. We have a lot of people that come to us after looking at these types of listing online and end up not only having a difficult time understanding the differences but are also a lot more confused than when they started their initial search on the web. So, as you may have guessed, in today’s blog post we are going to show you and outline the differences between a one-bedroom condo and an efficiency suite to help you better understand what option will best fit your needs.

Are studio apartments cheaper than one bedroom

What will I find in a one-bedroom suite?

The one-bedroom suite is the first item on our list to talk to you about today. In many one-bedroom suites, you will find a space comprised of a living room with enough space for a sofa and television unit, as well as a dining area where you can put a table to comfortably sit all your family and guests. You will also have a separate area for a kitchen, and in many units, you will find a galley style kitchen, that will have a stove and microwave. It is important for us to note here that some units come with a dishwasher and some come without. If that is a non-negotiable item for your desired unit, be sure to talk to an agent here at Jerry Pinkas Real Estate Experts and let them know so they narrow down their search to meet those specific criteria. You will also find closet space in the one-bedroom units, as well as potentially another closet that can either be used for additional clothing or as storage space.

The bedrooms in these units can obviously vary in size, but can typically fit two full or queen mattresses or a king size bed. There is also a standard bathroom that can either be attached to the bedroom or be a stand alone.  It is important for us to note here as well that the main difference between the one-bedroom and the efficiency suite is that the one-bedroom will have a door that separates the bedroom from the rest of the living and dining spaces, thus giving more of a ‘suite’ feel. Additionally, a benefit to a one-bedroom suite is that many times there will be space for a wall bed, which when not in use will not take up any extra room, but also allows for an additional bed if needed to accommodate additional guests.

What will I find in an efficiency suite?

While an efficiency suite shares similar qualities to a one-bedroom suite, there are subtle differences between the two that can end up making a big difference for you and what you end up wanting to purchase. And while many people tend to consider an efficiency condo to be a little too small for them, it can end up being the perfect option for someone looking for that specific layout, design, and price. When you think of an efficiency condo you may tend to think of a space the size of a hotel room or a studio apartment, instead of the more traditional one-bedroom concept where you have designated areas and doors separating certain rooms. When you walk into an efficiency suite, you will usually find one big room that contains a living area, dining area, kitchen, and bedroom, as well as a separate bathroom with its own door for privacy. These efficiency suites are ideal for people who like the openness of the space and are able to use the space effectively. Do you want to know the best part about the efficiency suites? You can buy a unit on the beach for under $100,000! And when you are that close to some of the country’s most beautiful beaches, does it really matter how your unit is designed or laid out? We tend to not think so either. 

One Bedroom Condos Myrtle Beach SC

What are the perks of both a one-bedroom and an efficiency suite option?

There are many perks to both a one-bedroom and an efficiency suite, it really just depends on your needs and what you are looking for in a unit. With a one-bedroom, the obvious perk is that the bedroom is separated with a door, which may not sound like a big deal, but it can be a deal breaker for some people. If you have kids and want a separate, private room from them, then a one-bedroom option may be more your speed. Or if you tend to have a lot of people over and just do not want them sitting on your bed, which is right next to the couch and kitchen, then the one-bedroom suite is probably what you are looking for. On the other hand, if you are single or do not mind having all the areas of your unit be in one space, then an efficiency suite may be perfect for you. Due to the potential for the space being smaller and holding fewer people, an efficiency suite can tend to be on the lower end of the spectrum in terms of price compared to a traditional one-bedroom.

Beachfront Studio Apartments

Now let’s say that you are purchasing a one-bedroom unit or an efficiency suite in Myrtle Beach, SC as a second home or rental property. That situation definitely has the potential to change things as the unit will not be your permanent residence. This will allow you to be more flexible in what unit you choose, the space you are looking for, the layout that is available and whether or not you want the breakdown and privacy of a one-bedroom unit. Obviously, if you are renting the unit out, you may be able to get more rental income with a one-bedroom as the space, again, has the potential to accommodate and sleep more people. On the other hand, some people like the simplicity and openness of an efficiency suite and will be more likely to search those criteria.

Studio Room Design

What should I do if I am interested in buying a one-bedroom suite or an efficiency condo in Myrtle Beach, SC?

If you have your eyes set on a one-bedroom suite or an efficiency condo in the Myrtle Beach, SC area, give our experienced team here at Jerry Pinkas Real Estate Experts a call today! As you can see from our above post, there are subtle differences in the two options, but you want to be sure to find a unit that fits your specific needs, all while avoiding pitfalls that can prove to be costly. Allow our team to sit down with you, understand what you are looking for in a unit and show you potential options that align with your wants and needs. We have helped many individuals, couples, families, and retirees find their perfect one-bedroom suite and/or efficiency condo in the Myrtle Beach, SC area, and we are confident we can do the same for you. This is what we do, we do it every day and we are good at it. Give us a call today!

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Best Realtor in Myrtle Beach


Why pick average, when you can have an expert?

Give us a call 843-839-9870

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