Wdb, Both Buyer and Seller in Hilton Head, SC

Any idea on what a million dollar home on the marsh would rent for as a long term rental on Hilton Head?

Asked by Wdb, Hilton Head, SC Sun Sep 14, 2008

New home with marsh views, 4BR, 4BA, community pool access., off plantation. We are trying to determine long term rental rates. Any suggestions?

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It's tough to say ~ it depends where it's at. I know of some million dollar homes in Belfair or Colleton River Plantation or Sea Pines that would rent for $4000-$5000 per month. Maybe if it's not in a gated community, depending on the present market, it could go for $3000-$4000. I might be able to get more specific if you let me know where it is ~ Spanish Wells area?
0 votes Thank Flag Link Sun Sep 14, 2008
In my opinion long term rentals are not in overs supply as the short term ones are. I myself have come across several people in the past couple of months looking to rent and their options are very small to say the least. I would say without seeing the property as that could change things, you could get $2800-$3000 month long term, and tenant pays all expenses. Good luck
0 votes Thank Flag Link Sun Jun 7, 2009
Experts?

go on vrbo.com and look at rents for HH. you can also look at the calendars to get a good idea on your expected occupancy level for different rents. Also, check craigs list for current rental listings and then call the land lords and ask them about the house and their occupancy for different months. Finally, list the house for rent and see what kind of interest you get before you purchase the house. Before you buy a million dollar house, you should be spending some time and money to determine if your business plan makes financial sense. There are plenty of vacation properties around the world that yield positive cash flow after expenses. I would not purchase an investment property above the trend lines established prior to 2002, ie price, price/rent, etc. In my experience, you make money when you buy the house, get a great price. Do your own research!
0 votes Thank Flag Link Mon Apr 13, 2009
Sam is right it depends on where it is. Even with marsh view location dictates the price in rentals as well as sales. If you are looking to just rent it, I would be more than happy to give you some names and emails/phone numbers of a couple of Long Term property management companies or if you would like to let me know where it is located I may be able to help you better. I used to be a long and short term property manager on the island years ago.
0 votes Thank Flag Link Sun Sep 14, 2008
Wdb,
Everyone is under the impression that they can cover their expenses by renting their property. Good rule of thumb...if you can cover everything but your mortgage, you are doing good. If you can make a little extra, you are doing great. The Hilton Head Island market is flooded with rentals, re-sales and foreclosures. Property owners who have rented for years are having to lower their expectations a little, but Hilton Head Island rentals will always be a good long term (10 year) investment. Please don't think you can buy something today and flip it 2-5 years from now. Also Belfair and Colleton River Plantation are not on the Island, they are just off the island. Sea Pines, the very first successful Hilton Head Island development by Fraiser/Reed and team is on the island. There are other developments off the island by a few miles that we feel are excellent investment/secondary residential developments with strong rental potential. Would enjoy telling you about them.
The Schaffer Realty Group
Marian Schaffer (Please email terry@marianschaffer.com)
877-886-8388
0 votes Thank Flag Link Sun Sep 14, 2008
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