Starting to invest in Columbia, SC
Hi all,
My business partner and I have identified Columbia, SC as our next rental market. We are OOS investors.We'd like to begin purchasing SFH properties there at a pace of 1-2 every 3ish months. I'd love everyone's opinions on the following.
Areas we're looking at:
Five Points, West Columbia, Lexington, Downtown, Irmo, Shandon, Rosewood, Olympia, Ballentine, Earlewood, Forrest Acres, Millwood, Blythewood, Chapin, Quail Valley, Spring Valley, Elmwood, Arsenal Hill, Broad, Bush River
Areas we're avoiding:
North Main, Two Notch, Friarsgate, North Columbia
1st question: Are there any areas we aren't looking at OR are there any areas we should be avoiding that we aren't?
2nd question: We understand tax implications at a high level but are still struggling with how to estimate investment property tax over regular property tax. Are there some resources you all recommend?
3rd question: We're looking to connect with other local 1) real estate agents and 2) property managers. If you are either of those, please reach out so we can chat! We already have a few high quality
Our ideal house is between 75,000 and 125,000. We're willing to pay a premium for recently renovated homes or homes in good shape. Brick homes in particular.
Thanks everyone!
Most Popular Reply
Hi David,
I too am a OOS investor; however, I am from Columbia and my entire family lives there. I have 4 properties there. I think all of those areas are solid plays. I was just in Columbia, and I was shocked at how much the culture has changed since I left in 2001. This is the main difference:
People are moving in, and graduates from USC don't want to leave. It is truly growing in ways that most locals can't comprehend because Columbia has always been a "stable market" meaning no appreciation but high cashflow. I believe this represents an opportunity because a lot of local investors are scared to invest because of the fear of a market plummet. 2008 effected the Columbia market horribly.
Columbia can be street by street, so it is very important that you have a trusted Agent or PM on the ground to tell you if a street is a "warzone" because you do not want to invest on those streets unless you are willing to manage it yourself. Some PM won't touch it. If its a SFH and more than 200 k, it likely is in a good neighborhood, but always double check.
I hope this was helpful.
Best of luck to you and your partner.