Rental Property Investor · Charleston, SC · Member since 2019 · 38 posts · 21 votes
Good Morning,
I too desire to move somewhere warm within 5 years, luckily I think this will happen in less than 5 months if all goes well with my SO's job transfer. Is there anyone here that knows the market in Charleston and what the type of real estate investing is going well? I work remote and I keep my salary so I am able to afford nicer things there but not sure buying what I would price wise in DC would be something people would rent in Charleston. Any links for information where I can do my own research is appreciated.
@Parker Stiles I'm an agent and investor in Charleston. It is is a good place to invest for appreciation, we were just named one of the top 10 markets for 2020 by Realtor.com. I've lived here 6 years and the growth has been incredible since I arrived. Homes here work well for house hacks and airbnb rentals. West Ashley and James Island are my favorite parts of town. There are some areas where homes will cash flow well too, like areas in North Charleston and Ladson/Summerville. i I hope this helps, reach out anytime.
What's up Jacob. My company wholesales about 50 properties a year in the Charleston, SC market. I can say it's a very desirable location, with ~35 or so people moving there per day. I don't live there, but always enjoy my visits, and I've been able to make some great connections with locals over the past few years, that seem to love living there full time. North Charleston is going to be your cheaper option where the dollar goes further, and it will get more costly as you get closer to the coast. I'd recommend looking in Mount Pleasant and/or James Island. Possibly West Ashely as well. Good luck.
Awesome! Thank you for the information. I have one friend who just moved there and mentioned the same you did. I’m glad to know about 30 per day there. I have read a few articles more and more people are moving there. It made me wonder if I try to buy downtown condos before they disappear and are less expensive. This will be my first home so I will have to live there for a year before anything.
I would look downtown and see if you could find a house that has a carriage house or separate space for STR income. You should reach out to Chris MacEachern at the Beach Company. He's helped me find a few good investments down here and knows the intricacies of downtown investing. There are a ton of good options on JI or West Ashley. Mt Pleasant is great (where I live) but definitely pricey. You'll have a better chance renting your place later if it's downtown IMO.
Charleston is a great place, and a very competitive market. If you can afford down town, it's a great place. You just have to be aware of the flooding during heavy rains. I would recommend something elevated. I recommend Ian Smith of the Topher Kauffman Group. He's a great agent for an investor, and the group is the #2 group in the area. FYI, the #1 group never returned my calls. @Parker Stiles is a great wholesaler. There are others including @Russ Scheider and TurnPro as well that provide great wholesale deals.
@Parker Stiles I'm an agent and investor in Charleston. It is is a good place to invest for appreciation, we were just named one of the top 10 markets for 2020 by Realtor.com. I've lived here 6 years and the growth has been incredible since I arrived. Homes here work well for house hacks and airbnb rentals. West Ashley and James Island are my favorite parts of town. There are some areas where homes will cash flow well too, like areas in North Charleston and Ladson/Summerville. i I hope this helps, reach out anytime.
Thank you everyone lots of helpful responses. I can afford downtown and Mt Pleasant, I’ll look into carriage houses to see if I could swing that money wise. I’m hearing a lot of the same areas, so that makes it easy for me to focus on researching properties and break the numbers down. I will use all these resources you all provided and those of you that chimed in. If I do end up moving down there I’d love to work without all and help do any errands for free to learn and as a payment for your help. This forum has provided more help than I thought I would get. Happy New Year!
@Jacob Humiston my next investor meeting is on 2/7 at 60 Bull Cafe in downtown at 7:30am. Hopefully you can make it and get some good local connections.