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!
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 other 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.
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.
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 the same building, that is also listed on these sites. An aspect you may want to consider is something as simple as TV. What if all the units in your building had a 32-inch TV, but your unit had a 72-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.
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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