Purchasing a single family rental near Charleston, SC.
I am thinking about purchasing a single family (3 bedroom, 900 - 1500 square feet) home to lease within 30 minutes of Charleston, SC. Where would be a good area to look? I vacation there but am not so familiar with the surrounding area. Thanks!
How much are you willing to invest? What $ rent are you looking for? What is your target ROI? Charleston is a very diverse market. Houses sell for $50 per sq ft and over $500 per sq ft within the same metro area. Your desired parameters will determine the best options.
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- Maven Realty
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#2 All Forums Contributor
- Real Estate Broker
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@Russ Scheider russ you may want to share Park circle area with him.. I think that area has some major upside in the future with decent cash flow.. and you could find him a wholesale deal he could BRRR.. which would be the best of all worlds.
Thanks Russ! Not interested in the bottom of the available price range. Something that represents a step or two up from that and will positive cash flow with a 20% down payment and fits the above criteria. (And give me a rental to check on when I make trips to that area) Is there a zip code/ area that stands out as one I should watch?
@Jay Hinrichs I agree, but it depends on budget and other expectations. I am excited about several neighborhoods that appear to be "the next Park Circle"
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- Maven Realty
Chad Seay are you looking for turnkey or something to fix up? I just bought a 3/1 that's 950 sf for $38k and will put $30k into it and it'll rent for 1050. If your willing to do the work, u can find deals like this. If you want turnkey, you can still find one for 100k that'll rent for 1100 pretty easily. Not great returns but still better than I estimate the stock market soon over the next several years.
Thanks Kevin! Not being in the area, turn key would be better. What area are you speaking of?
I have properties in moncks corner, summerville and North Charleston however I think you can find turnkey or almost turnkey deals with 10-15% cash on cash returns all over this area including those above and Ladson, hanahan, goose creek, ridgeville (more difficult in the higher end parts of town like mount pleasant, james island, etc). I haven't had much luck in the beachfront towns as they are a little out of my budget anyway.
Thanks again Kevin. I will start watching those areas.
What neighborhoods do you think appear to be the "next" Park Circle Russ?
@Russ Scheider What neighborhoods do you think appear to be the "next" Park Circle Russ?
Hi Chad did you ever find a property here in Chas? @Kevin, I’ve been wanting to get in to my first RE investment but only have about 20K to start off with. I am a FT physician and often moonlight at urgent care on weekends but am willing to make it work for a good opportunity! I’m hoping to make at least $500/mth passive income. Contact me through BP and would love to discuss more!
@Chad Seay did you find a property. I am also looking in to Summerville, Moncks Corner. How did it work out. Thanks
I did not. Have been investing in Richmond, VA where I live. But am still open to the Charleston area. For now, I have been sticking to what I know :)
@Chad Seay you are in good hands with @Kevin Douglas or @Russ Scheider they are active investors and agents in the Charleston area with great reputations
Thanks Danny! I have been sticking to Richmond, VA as I know it well. Would still like to pick up one in Charleston if the numbers worked.
@Chad Seay
Happy to talk to you about PM services if you are looking for that on a Charleston rental. I've had an investment property in town for five years, and just sold in order to free up capital to start a PM firm. Have assembled a great team, and manage properties in the same successful manner that I managed my own rentals. Flat fee / no nickel and diming / top notch service for both owners and tenants.
Thanks Joel! I'll keep that in mind.