TH buy and hold in Summerville DD2?

Question

Looking to invest in the Summerville area. I am a new investor from out of state just like so many others. I am somewhat familiar with the Charleston area though. Anyone with TH's in their portfolio. How do I go about finding off market homes in that district? Do you recommend developing relationships with property managers in the area? Any insight would be appreciated.

Account Closed · Answer

Yes, we have a bunch of houses and flips in the Greenville, SC area.

Account Closed · Answer

My first question would be...do you have any experience at all is r.e. investing?  If not, I really would say to be very, very cautious making your first investment out of state.   Even navigating the complexities of property managers could be a deal killer for you.   Any chance of finding a partner or mentor or other available avenue if you can't buy in your own market??  Just some quick thoughts.  Happy to discuss or help in any way should you have further questions!

Account Closed · Answer

Congratulations on the growth and "luck" along the way. Do you own investments in SC?

Account Closed · Answer

You are definitely right. I wouldn't go out-of-state until I did my due diligence and had reliable pros lined up. There is always the potential to get burned and that needs to be factored in.

What are your experiences with investing beyond Arizona?

Account Closed · Answer

I am a newbie! I have had some opportunity to discover the area and I personally like it, but more importantly large business and military is currently in the area and growing. I spoke with a realtor who told me very few good homes go unrented for long in the DD2 feeder.

Our area is pretty pricey and has low inventory. So until I could find something off market it could be awhile.

I have just started my own journey in PM recently and getting my real estate license. So, I am open to learning as much as possible in my own market and along Coastal Carolina.

If you have any areas that would be worth exploring I would certainly love to hear from you.

Account Closed · Answer

We have actively invested - both buy and hold and flips in 4 different states.   We have had very good "luck", but my partner and I have been in the biz for 20 years and have a background in developing biz out of state...so, that was a huge help.  Additionally, we have been incredibly fortunate to have found the partners that we did in each state.   With that said...we have certainly written some big checks to pay for some expensive lessons along the way :)

Account Closed · Answer

By the way....make sure to check out the BP podcasts (free) and other BP materials/books regarding out of state investing and/or getting started with investing. @Brandon Turner has several great books that are available and very well written.  I would consider these two steps an absolutes must.

Account Closed · Answer

Looks like you have good info on the area - a great start.  My concerns for you are not the area itself, but the potential challenges with property managers (and associated rip offs), agents that just want to sell you something without giving you the "real" story, challenging tenants, repairs & maintenance, etc.  NOT at all trying to discourage you, but want you to truly understand some of the pitfalls that can get you in real trouble on your first investments....especially, if you don't have deep pockets.

TH buy and hold in Summerville DD2?

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