Air BNB income at the beach

[rp]

TPRICES post about looking for a place with beach and water prompted me for this post.

Just for info....a client has a condo at Hilton Head, not on the beach or anything, that they have been renting to long term tenants which were usually college kids for the summer. Barely positive cash flow with the taxes and crap they had to do. HOA, tenants,
etc.

They turned it over to Air BnB and more than doubled their income with short term stays throughout the year.

It is easier to advertise and the fees are higher.

At the same time, it is more expensive to get a spot at the beach. No wonder all the local governments want a piece of the income pie.

And also on TPRICE's post, I paid about $250 per week for a slip at Edisto Marina. Pre covid. Haven't been there since. Seems we always went in August and it was too hot to fish. Or for me to catch fish.

[joeydpga]

Folly is starting to limit the number of short term rentals. If you buy a place that's been a rental before you won't be able to rent it. Loophole is if they seller has the house in a company name then you can transfer the ability to rent.

[tprice]

Folly is starting to limit the number of short term rentals. If you buy a place that's been a rental before you won't be able to rent it. Loophole is if they seller has the house in a company name then you can transfer the ability to rent.

Yep, YANKEE transplants that have taken up residency at IOP trying to do same.

One of big reasons we decided time to cash out

On our house, Mom handled rentals for years but turned over to us after Dad died. Sis got fed up with dealing with it. Mike Carroll (Carroll Realty ) handled it last 5-6 yrs. HUGE difference and we actually made profits but dumped back into house. We both hated to sell since Mike was doing a great job but the November vote on STR spooked us and figured it was time

Sold it for double what I ever thought we would and it will be demolished this summer. CRAZY and outside the emotional part of selling we are good . In fact our Son/DIL and 2 grandsons there this week and will be the LAST Price’s are 3806 Cameron Blvd. Loving pics but have to admit some tears have come out thinking about Mom and Dad

In fact one thing that started me looking, hell had no idea what IOP houses were renting for till we sold

[lil 2 sleepy]

It is a double-edged sword. I have owned two houses at Edisto since 2014 and definitely benefited from the steep increase in home values when I sold the first one. The downside to AirBNB is that it definitely drives up the cost of home value to where normal SC residents can't afford them. People recognize the value of Air BnB and VRBO and factor that STR income into their buying decisions. My old house has appreciated 350% since I bought it in 2014 and it has sold 3 times now. I do not even know who owns in now and it is next door.

If I was buying into Edisto today, I don't know if I could or would. It's just gotten outrageous.