Canadian Looking at South Carolina Multifamily

Member since 2023 · 1 post · 2 votes

Hi all, I'm from Toronto and been doing research into South Carolina's Multifamily market, specifically Greenville, Charleston, Columbia.

I come from a decade of experience in sales, with a client base and network grounded in entrepeneurs, and executive/partners on Bay St (Canada's Wall St). Recently decided to jump off the deep end and start my journey in Syndication.

I'd appreciate some insight from some local investors. From what I can tell, Charleston is considered a Growth market, Columbia an Income Market, and Greenville appears to be a hybrid (this is what I'm looking for).

I've also done some high level analysis of Nashville TN, Tampa FL, and the state of Georgia. SC seems to be the most intriguing to me so far.

Looking forward to connecting with you all.

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Will GastonPro Member

Rental Property Investor · Columbia, SC · Member since 2010 · 1k+ posts · 2k+ votes

@Andrew McArthur I've been investing in Columbia, South Carolina since 2005. I'd say the biggest landmine to watch out for is our property taxes. They are brutal in all of South Carolina, but specifically in Columbia.

A $1,000,000 investment property would be paying over $28,000 year just in property taxes.

#1 tip I'd give if you're buying existing (or building) is to call the assessor and ask specifically what the new assessment will be after improvements.

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Charles Carillo
Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
2y
@Andrew McArthur
We have partners who are foreign investors. DM me and I will send you contacts for; attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.
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Will GastonPro Member
Rental Property Investor · Columbia, SC · Member since 2010 · 1k+ posts · 2k+ votes
2y
@Andrew McArthur I've been investing in Columbia, South Carolina since 2005. I'd say the biggest landmine to watch out for is our property taxes. They are brutal in all of South Carolina, but specifically in Columbia.
A $1,000,000 investment property would be paying over $28,000 year just in property taxes.
#1 tip I'd give if you're buying existing (or building) is to call the assessor and ask specifically what the new assessment will be after improvements.
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Hai Loc
Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
2y
Quote from @Andrew McArthur:

Hi all, I'm from Toronto and been doing research into South Carolina's Multifamily market, specifically Greenville, Charleston, Columbia.
I come from a decade of experience in sales, with a client base and network grounded in entrepeneurs, and executive/partners on Bay St (Canada's Wall St). Recently decided to jump off the deep end and start my journey in Syndication.
I'd appreciate some insight from some local investors. From what I can tell, Charleston is considered a Growth market, Columbia an Income Market, and Greenville appears to be a hybrid (this is what I'm looking for).
I've also done some high level analysis of Nashville TN, Tampa FL, and the state of Georgia. SC seems to be the most intriguing to me so far.
Looking forward to connecting with you all.

very odd a canuck would look in South Carolina
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Colin McMahon
Lender · Miami · Member since 2022 · 99 posts · 18 votes
2y
Hey Andrew!
Many of the Canadian clients I work with gravitate towards North Carolina, Texas, with Florida and Arizona being their top choices so I'd looking into those states a bit more which it seems you've already started to do. Are you looking at turn-key investment or do you plan to purchase and rehab? Specialty is in foreign national financing so I'd be happy to provide insight and run some numbers for you once you've narrowed down your options. If you will be financing this purchase, I recommend starting with a prequalification as they will really help you focus on what markets will serve your budget best. I'll send you a DM to connect!
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Owen MitchellPro Member
New to Real Estate · Jacksonville, NC · Member since 2019 · 91 posts · 21 votes
1y
Quote from @Will Gaston:

@Andrew McArthur I've been investing in Columbia, South Carolina since 2005. I'd say the biggest landmine to watch out for is our property taxes. They are brutal in all of South Carolina, but specifically in Columbia.
A $1,000,000 investment property would be paying over $28,000 year just in property taxes.
#1 tip I'd give if you're buying existing (or building) is to call the assessor and ask specifically what the new assessment will be after improvements.

That's a good nugget of advice I didn't realize tax would be so much. I think of doing a new build in James Island and STR it
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