Hi guys! I've been doing SFR's and small multi's (2-4 units) in Alabama, Michigan, Indiana, and Ohio, and am now looking into South Carolina.
On cursory glance, it looks like deals are tough to come by in Greenville. Columbia, SC seems to have some opportunities on a quick MLS search. I don't know about the rest of SC (Florence). Myrtle Beach and Charleston seem to be already missed opportunities and too late to strike.
As an out of state investor, anyone have any insights in terms of finding success in South Carolina, in terms of realtors, areas, strategies, property management, etc?
Thanks in advance!
Hey @Shiv Jey . Your assessment is correct. Charleston is by far the most difficult market in the state to invest at the moment. Greenville and Myrtle Beach are both comparable, but I don't think they're quite as hyped as Charleston is. Columbia, Florence and other slightly smaller areas are much more fruitful at the moment, but they're catching up quickly. A lot of investors in the larger markets have been doing more volume in the smaller areas and they're a little crowded right now. If you're looking to invest out of state, I still hear the mid-west is probably the best, but I haven't looked at out-of-state stats much lately.
@Troy Gandee as a first time real estate investor I too have been recently looking into south Carolina. Are there any unforeseen costs that an out-of-state investor should look out for?
@Isaac Cabrera the biggest one I would say are property taxes. They are around 3 times more for an investment property than an owner occupied property. I have a 255k duplex in South Carolina that has taxes around $700/month.
Make sure you check with the County of the property before you buy anything to verify how much they will be.
@Isaac Cabrera @Will Gaston is correct about taxes. Although, even at the higher rate for commercial properties, SC is still relatively low compared to most states. You could also end up requiring flood insurance, which is additional, if what you want is in a flood zone. In the immediate Charleston area, flood zones are common, but they're less common the further you go away from the coast.
Make sure you read up on the stories of investors who got flooded during the last hurricane even though they weren't in flood zones.
@Jeffrey Long @ Will Gaston @ Troy Gandee thank you all this is great information!
@Troy Gandee is a trustworthy source of information and broker in Charleston, SC
@Will Gaston - You've got to be kidding. I knew they were more, but I didn't realize that drastic. How can one cash flow?