Real Estate Agent · Indialantic, FL · Member since 2014 · 182 posts · 80 votes
Hi BP!
My son has just begun his 2-year journey training as a Navy Nuke in Goose Creek SC. I am considering buying a place we can rent out either on AirBnB or to other Navy families visiting their students when we are not visiting. I'd like to keep the purchase around $150,000.00 for a condo or single-family home but would raise the budget for a good cash flowing multi-family.
1. Where would you recommend buying to get the best cash flow that is STR friendly? By the beach, Goose Creek, North Charleston or other?
2. Who is a local Real Estate agent that knows the ins and outs of STR in the area?
3. Are there any local taxes or laws that I should be aware of with STR?
4. Who are some good wholesalers in the area that might have a property available?
@John Underwood Thanks for the input! Yes, we'd definitely want to be able to rent it post-graduation for the maximum profit. I was thinking close to the base might be good for visiting Navy families & perhaps my son and some roommates could rent it during power school, but I guess close to the beach would be good for all families. It looks like Charelston itself is way too expensive for us but the beach area might be in reach.
The weapons Station is not a large base so the demand close to the base wouldn't be enough I don't think.
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
6y
I am retired Navy and was stationed at the Weapons Station, so I am very familiar with the area.
Do you want something primarily convenience for your use? Then get a place in North Charleston that is very close to the Weapons Station.
Do you want a place to maximize STR income but be a 15 to 20 minute drive? Then focus on Charleston, Mount Pleasant, Sullivan's Island or Isle of Palms.
Check the local STR laws. I have heard Charleston has tightened up the STR requirements. North Charleston is a separate city and may have friendlier laws towards vacation rentals.
Keep in mind that after his 2 year school you may want to keep something that is making you money. That would be a place closer to Charleston or the beach.
Real Estate Agent · Indialantic, FL · Member since 2014 · 182 posts · 80 votes
6y
@John Underwood Thanks for the input! Yes, we'd definitely want to be able to rent it post-graduation for the maximum profit. I was thinking close to the base might be good for visiting Navy families & perhaps my son and some roommates could rent it during power school, but I guess close to the beach would be good for all families. It looks like Charelston itself is way too expensive for us but the beach area might be in reach.
@John Underwood Thanks for the input! Yes, we'd definitely want to be able to rent it post-graduation for the maximum profit. I was thinking close to the base might be good for visiting Navy families & perhaps my son and some roommates could rent it during power school, but I guess close to the beach would be good for all families. It looks like Charelston itself is way too expensive for us but the beach area might be in reach.
The weapons Station is not a large base so the demand close to the base wouldn't be enough I don't think.
Charleston, SC · Member since 2018 · 182 posts · 73 votes
6y
Wendy,
I have a short term rental in Charleston. The laws are pretty tight in Charleston, there are only certain areas where you are allowed to have a STR and you have to go through a permitting process to be allowed to operate. In addition to an accommodations tax that you have to pay, you also have to be an owner occupant. So if you are purchasing for your son or with the hopes of operating a STR after he's gone, you wouldn't be allowed to do it in Charleston. In North Charleston Air bnb's are actually illegal but they have not enforced the laws yet which would make me nervous as when they finally start to crack down and enforce, you may be out of luck there. I would think that goose creek you'd be able to find a place within your budget but I wouldn't expect high STR demand. Mt. Pleasant is pricey and also has strict STR laws. I think your best bet would be to buy a place in N. Charleston that fits the budget and you can use as a STR until the laws change. At that point you could turn it into a corporate rental. Talk to @Dan Rivers or @Troy Gandee at Maven Realty. I know troy has a short term rental currently in North Charleston and they both know their stuff and could help you out.
Real Estate Agent · Indialantic, FL · Member since 2014 · 182 posts · 80 votes
6y
@Jacob D Adamczak Thank you so much for your helpful reply. It was exactly the information I was looking for. I'm leaning away from this route since I'm assuming they'll crack down on STR in N. Charleston sooner rather than later since it's already illegal. The idea of Corporate rentals is interesting, but I need to be able to use it on certain weekends until my son graduates, and I would not be able to do so using that strategy.