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I'm looking for some advice on rentals in the MB/Pawleys area.. Specifically for the Golf/Tourist/Short Term renters. I have one rental property which I keep rented out long term, so I'm familiar with that side of things.. My question though I guess, is renting to the short term vacationers. I don't play golf, and don't know anything about the "golf vacations," so assuming one had a rental in the area - say a condo, would there be enough people visiting to keep it rented out? Is there demand for rentals like that?
I have been pre-approved for the loan and am serious, just trying to gather a little more info before I pull the trigger.. Thanks in advance!
I own a couple of SFH that I rent out long term. I've looked at condos and between the HOA dues, taxes, costs of cleaning the condo after every rental, risk of damage (golfers are known to have a few drinks and get wild and crazy), times when it would be empty, and you'd probably need a property manager (because short termers are more needy that long termers), I just don't see how one could make money on short term rentals. But, that's just my take. Hopefully there are others on this forum that could provide some real-life experience with golfer rentals.
I have a unit in Barefoot and I self manage renting thru VRBO. You don’t have to just target golfers which are more popular in spring and fall, but you can also get the summer vacationers where most rent for a 7 day minimum, where you will have your highest rates as well. I’ve never gotten a quote to see what golf packages would net me but I can’t imagine it’s more than I net now. Even if you have to use a property manager I would think it would be more lucrative for you.
I have a unit in Barefoot and I self manage renting thru VRBO. You don’t have to just target golfers which are more popular in spring and fall, but you can also get the summer vacationers where most rent for a 7 day minimum, where you will have your highest rates as well. I’ve never gotten a quote to see what golf packages would net me but I can’t imagine it’s more than I net now. Even if you have to use a property manager I would think it would be more lucrative for you.
Thanks!
You are absolutely correct.. For some reason I had "golfers" in mind when I was thinking of short term rentals, and I completely forgot our gorgeous beaches and the people who might want to visit them... That's my bad lol.
So then let me clarify..
Do these units stay rented out enough year round to be lucrative? Winter is coming up, do people rent short term throughout the winter months?
You are absolutely correct.. For some reason I had "golfers" in mind when I was thinking of short term rentals, and I completely forgot our gorgeous beaches and the people who might want to visit them... That's my bad lol.
So then let me clarify..
Do these units stay rented out enough year round to be lucrative? Winter is coming up, do people rent short term throughout the winter months?
Thanks for your help.. I really appreciate it!
I don't know about other areas, but I do know that in Garden City, there are a lot of ocean front and ocean view condos that are rented out for months at a time by snow birds. Lots of people from Canada and northeast parts of the US come down to spend the winter. Many of these units are rented out every year by the same people - so pretty consistent income. Whether or not that is very lucrative for the owners, I don't know. The rates are much lower during the winter months.
I don't know about other areas, but I do know that in Garden City, there are a lot of ocean front and ocean view condos that are rented out for months at a time by snow birds. Lots of people from Canada and northeast parts of the US come down to spend the winter. Many of these units are rented out every year by the same people - so pretty consistent income. Whether or not that is very lucrative for the owners, I don't know. The rates are much lower during the winter months.
Ok that's fair - and answered my question. As long as it doesn't sit empty for any length of time. Thanks.
My family owns multiple units at The Caravelle, Ocean Creek, and Beach Cove that are on the hotel rental program. It is a high split, 50/50 but they handle everything, marketing, electric, upkeep, housekeeping etc.
We don't get called in the middle of the night when something breaks.
Also, they stay rented out Spring Golf, biker weeks, Summer season, fall golf, and fall and spring convention weeks. Christmas and New Years also get rented.
My experience has been the tougher months to rent out are November and December. I have had good luck with Jan-Mar with mostly renters from Canada who want to escape the Canadian winters. Usually longer term rentals. And after 4 yrs, have many people who are now repeating visits. So price accordingly and you can get colder weather rentals too. I would never do a 50/50 split and like to have more control over my unit. That is leaving a lot of money out of your pocket. But understand it’s some people’s preference. Most property managers are not a 50/50. Good luck!
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