I currently have 200k I'd like to invest in South Carolina. I'm looking for rental properties that would require some minor improvements (cabinets, paint, etc) for BRRRR. I currently live in CA but found South Carolina has an enticing rent to price ratio. I would be a first time property buyer. Would love to connect with agents and/or general advice people can advise for me. I would be open to any other rental properties in the country as well.
P.S. - Do most rental properties in the area have hurricane insurance? Are there any yearly updates required for the roof due to hurricanes?
Charlotte, NC · Member since 2017 · 69 posts · 29 votes
6y
Make sure you research & understand the SC property taxes when owning rental properties living out of state, still can work, but they are higher than owner occupant taxes.
Real Estate Agent · Rock Hill, SC · Member since 2015 · 189 posts · 53 votes
6y
Hey Satinder Singh,
i am a SC agent that works just south of Charlotte NC. There are alot of opportunities out here for that type of deal. I actually have a client who is looking for a similar deal. I would love to connect further. Send me a DM and let's talk further about opportunities.
Charlotte, NC · Member since 2017 · 69 posts · 29 votes
6y
Make sure you research & understand the SC property taxes when owning rental properties living out of state, still can work, but they are higher than owner occupant taxes.
Flipper/Rehabber · Piedmont, SC · Member since 2018 · 119 posts · 50 votes
6y
@Satinder Singh what parts of South Carolina are you looking in? I normally work in the upstate of sc but let me know if there is anything I can help you with. Good luck.
@John Hovanec Thanks John. I am looking mostly in Charleston area. However, I am not attached to any region in particular, as long as it is a good deal in an easy to rent area I would be interested. Are there any cities in your domain that fits what I am looking for?
Flipper/Rehabber · Piedmont, SC · Member since 2018 · 119 posts · 50 votes
6y
@Satinder Singh we have a lot of areas in the upstate that are good areas for buy and hold. Just depends on what rate of return you want. Charleston is a great area. We visit there often.
@John Hovanec I would be happy to get 12% ROI, not sure how realistic this is in current market. That's why I am open to distressed properties, or anything that can increase in value with some work.
Charlotte, NC · Member since 2017 · 69 posts · 29 votes
6y
You should also look into NC for rentals. Return is good in Charlotte suburbs. PM me if you want some examples..tax in NC is not issue like S.C., they are same regardless.
Realtor · Charlotte, NC · Member since 2017 · 357 posts · 292 votes
6y
@Satinder Singh I like the strategy. I think the part of SC you want to invest in depends on what return you want and what strategy you want. ie long term rentals or airbnb. Charleston has a ton of Airbnbs which would give you a higher cash flow. Especially if you want higher cash flow to get started and then acquire some long term ones to even out risk. I'm not sure what the zoning restrictions are or if there even are any. Something to chat about with an agent there if that's something you're interested in.
With the coast, I'm sure they would require some sort of hurricane insurance. That coastline can get hit pretty hard during the hurricane season.
As far as long term rentals go, there are a lot of good spots. Have you looked into Columbia?
I personally work in the Charlotte area, including the outskirts in SC but not anywhere near the coast so I won't be much help personally. I could connect you with someone if you'd like though