Rental Property Investor · Saint Matthews, SC · Member since 2018 · 8 posts · 3 votes
I'm new to the BP neighborhood. I'm 35 with a wife and 2 children. I own a small trucking company and I'm interested in buy and hold real Estate for passive income and early retirement And I was wondering if anyone has bought in South Carolina? How is the market and are there any good places that anyone could recommend to start looking?
@James Spence Ha ha, you'll find lots of investors here who have bought rental property in SC! I have a few and as Jacob said, it is getting expensive for the prime areas but you can still make it work on the outer edges of the Charleston area. Are you thinking to renovate a property or looking to just buy turnkey?
Welcome to BP! I just moved to South Carolina and from what I have heard there is good places depending on what type of property your looking for. Charleston area is very expensive but the outskirts like North Charleston, and Goose creek still have good deals. I have not done any yet as I have just moved but this is what others have told me.
@James Spence Ha ha, you'll find lots of investors here who have bought rental property in SC! I have a few and as Jacob said, it is getting expensive for the prime areas but you can still make it work on the outer edges of the Charleston area. Are you thinking to renovate a property or looking to just buy turnkey?
@John Semanchuk I'm probably leaning more to the rehab side. But would not rule out the turn key. I guess it just depends on the deal and which is the better decision.
If you’re in St Matthews, you’re still a bit of a distance from the Charleston area. I highly recommend getting to know your immediate area and do your first deal there if at all possible. Especially if it’s a rehab.
Tookie has a point. You're a lot closer to Columbia and I think some investors on this forum have been finding deals up that way. Especially since I self manage, I like to keep all of my properties close to where I live on James Island.
Yea @James Spence, i'd stick with Colombia, SC since you're a lot closer. There are tons of opportunities up there. I'm sure Orangeburg as well. You just have to become a marketer to find them. Or pay a premium by purchasing off the MLS. Another way is to shop around for local wholesalers in those areas and get on their buying lists, but you have to be quick and know your criteria!
@Parker Stiles Thank you for the advice. Yeah I was looking at multi family property in Columbia last night. I grew up in Orangeburg and there are plenty of single family homes. But I got to do the analysis on taxes for that. Everyone I've talked to said that since Orangeburg county has so many schools and not hardly any industry, the taxes will eat you up. I live in Calhoun county and taxes are alot cheaper here, but not much inventory.
I need to figure out my search criteria this week. What rent to value ratios have you been finding in the areas around Charleston? What other benchmarks are you setting when you search for properties?
What areas? There are hot areas in South Carolina. Greenville is hot. Fort Mill, Rock Hill are blowing up from Charlotte growth. I'm not sure about the coastal areas.
As far as for me, right now I'm going to start around Columbia close to me. Then I want to branch out when I get a little more comfortable and skilled.