Looking for my 1st local play in Charleston! Agent & Info Request

9 Replies | Charleston, South Carolina

I'm preparing for my first local buy here, now that I've lived here for 2 years.  I am looking for a 4 or higher multi-family off the pennisula, or possibly a solid foreclosure in james island / west ashley for a short term rental.

More than anything I need an agen t with with way more experience locally than I have.  Fixxer upper in Folly for the vacation crowd?!  2 4 units in North Charleston? Something else?!

I'm open to it all, and would love additional opinion

Thanks,

Ryan

Congrats on the movement to get started. I’m an appraiser not a Realtor, but can probably give you a couple names if nobody else jumps on. I’m a bit busy this weekend but will try to stay on top of the the thread. Your focus seems pretty spread out, are looking for Realtor leadership in finding the type of property, or just open to any type and want a realtor to bring you what they know best?

@John Semanchuk was a great realtor for us when we moved to Chas. He’s very knowledgeable on James Island and West Ashley! I highly recommend him! 

@Tony Kohnle Hey Tony, you're right, I'm not focused on one specific investment type. I'm going to need help in finding the right deal,  and someone with local knowledge of the market and neighborhoods. 

@Sarah Pursell Thank you for the recommendation! I remember John replying to my initial thread when we moved here from Miami and were looking for neighborhood advice for a rental to live in on James Island.  Just reached out

Thanks everyone, I'm sure I'll have many more questions. I've never researched a topic so long, to still feel like I have so much to learn. 

In the time since I first joined biggerpockets,  we've launched a roofing company that's being franchised nationally, a toxicology lab, a scrubs company with Patch Adams' foundation, and a handful of other ventures - but investing in real estate I feel like a permanent neophyte! It's kind of cool, and I appreciate the endless amount of content and learning to digest

@Ryan Perrone I'd suggest you be careful with STRs around here for now. City of Charleston is starting to regulate them more and more. There are other parts of the Charleston area that are more friendly to STRs than City of Charleston, but they'll also be more regulated soon.

The commercial multifamily inventory is really difficult here lately. You can find solid deals on residential multifamily the further North you go from Metro Charleston, but they don't usually last long. 

And as far as REOs are concerned, there are not many foreclosures or short sales left around here at the moment. When the local market started really heating up, the banks dumped as many as possible. Most of them were actually selling close to retail prices. There are still ledgers of REOs, but they're not as easy to find as the used to be. 

Let me know if you need anything further! I'm on Edisto now for a family trip, but will be back to town next weekend. 

Hey Ryan. Good multi-family deals are fairly rare these days and they seem to come and go quickly. You will sometimes find a good deal on the MLS for a cosmetic fixer upper in West Ashley or James Island. You won't find a 1% deal that is a single family in a nice neighborhood, but you can buy, add your value, maybe hold for a little bit and sell (a live in flip would be a great idea). Finally if you go for a STR I would be sure to have one or two great exit strategies meaning you can rent it long term and at least break even, or you can sell for a small profit.

I personally would learn the North Charleston, Ladson, Summerville areas very well and wait for a 2-4 unit, and then jump on one when you're ready. You will likely have to wait a while to find the right deal for you. 

Hi Ryan. @Troy Gandee is definitely one of the best agents in the area and is a wealth of knowledge.

I'll second what everyone is saying about STR and locations. I had one in the west Ashley and recently switched to a long term tenant. The area is starting to strictly enforce the new laws.