Multi family units in charleston? Is it possible right now w my criteria?

3 Replies

I am moving to charleston in 1.5 months and I also posted a question about the mobile home market. I have to say that multi unit properties interested me also.

How much would I need down?

Is it as "affordable" as SFH?

Is this a good way to start investing?

Thank you for all your help everyone!

I could probably come up with 5-10k cash, but I have great credit.

Hey @Ryan Kolodzej ! I'd encourage you to check out the BiggerPockets blog. There are tons and tons of articles that answer your questions here.

Planning ahead is great, but you really need to gain some familiarity with a market/area before jumping in. IMO, with your budget and experience level, I wouldn't suggest you start with MF. Generally that's a strategy people work up to after they've gained some experience and built up some capital or financing relationships.

Regarding mobiles, you can probably make some money with them and the cost of entry is in line with your current budget. Research "lonnie deal." Bear in mind, if you go this route and hold some MHs for rentals, you will likely earn every penny you make dealing with nuisance landlording issues. But that's just the kind of experience you'll need before venturing into MF. Good luck, Charleston is a great city, just don't expect the beach and water to look like Clearwater of St. Pete Beach!

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