Is Ladson, SC Good for Buy & Holds?

Question

Melissa Searing · Answer

@Lamont Aiken thanks so much for the info and the heads-up!!

Lamont A. · Answer

Mellissa,

Yes I had lots of repair and renovations to do, approx. $25K and most others will require renovations (In my opinion) but how much would depend on the condition of the property of course. I started rents at $700 and have ticked upwards. I noticed most of the ones in need of some TLC are charging much lower rents.

The one surprise I had was a busted cooper waterline that runs underneath (or within) the slab. Most of the properties were built that way, some owners have fixed or re-routed those lines but beware.. !!

Melissa Searing · Answer

@Sharee Mason Thanks so much for your post! I agree that I'd like to live near my rentals, but I wonder if only a few hours away in another state would be okay. I owned a rental in Florida when I lived in CA before the crash, and I didn't like being so far away. I managed a 30 unit building in LA, so I definitely feel comfortable managing rentals myself. But driving a few hours to deal with renting it as well as dealing with issues could be annoying! :)

@Lamont Aiken Thanks for your post! Did you do any renovations before renting out your duplex? Would you mind telling me how much rent you get for each side? And are there any known issues with the duplexes on that street?

And thanks @Mike Nicholson. I appreciate the well wishes! Are there areas in Ladson that you stay away from?

Mike Nicholson · Answer

@Melissa Searing Hello, Agree with all of the members above.  I am investor in the area and have worked with properties in Ladson and Goose Creek with a decent amount of success.  These areas are growing and rent quickly.  All the best to you.

Lamont A. · Answer

Hi Melissa

I currently own a plex on that same street. The members ( that mentioned it ) are right, you wont have any issue getting it or keeping it rented.  That area could really turn around if the current owners and potentially new owners like yourself bring in better tenants and maintain the properties good luck.

Sharee Mason · Answer

@Melissa Searing, I'm a Realtor and investor from Summerville currently purchasing an investment in Ladson.  It's a great rental area.  As long as the numbers work, I wouldn't bother investing in other states over here.  The taxes are higher here but at least it is local to you and you won't have to pay higher prices for having contractors work on things you can take care of yourself.  I've owned properties out-of-state before and always hated paying a contractor to have to go fix something that would take me ten minutes and pennies if I weren't so far away.Are you here in SC long term?  If not, then I suppose it could be just as beneficial to invest out-of-state right now.  If you're going to be a landlord from a distance, I highly recommend hiring property management to assist you.  My agency has an in-house property management team with a 24-hour maintenance crew, so if you're looking to go that route I'd love to introduce you to them.

Carlos Gutierrez · Answer

Hi,

I do not think Ladson is a bad area at all. It's pretty similar to Summerville, Goose Creek especially good because it's really close to Boeing and other big manufacturers.

You definitely won't have problem renting it out, your market rent is between $750-$850 for that area of plantation Ridge Subdivision, it also depends on how well you do the rehab.

The one advice I would give you, is be extremely through in picking a tenant. I go through about 5-6 applications before I usually pick a tenant for my rentals. That's saved me tons of money vs seeing some investors pick the first person that shows them the "Money" but you know this since you've managed a MF before.

Melissa Searing · Answer

@Carlos Gutierrez  thanks so much for your reply. I  am looking for affordability at the moment, hence Ladson over Mount Pleasant.  Duplexes in Mount Pleasant are triple the price as Ladson.

2% deals are pretty much not possible even in Ladson.  I'm fine with 1%, but have no interest in playing the appreciation game in Mount Pleasant. And I have no interest in managing properties in the "neck" or any dangerous areas, but I didn't think Ladson was that bad?

In your experience, do you feel like it is pretty easy to get tenants and decent rent for a renovated two bedroom duplex rented in Ladson?

Carlos Gutierrez · Answer

Hi Melissa,

I'm an investor/Realtor in the Charleston area and I know what area/property you are talking about.

I always tell my clients investors, two ways to look at these types of properties!

If you want high cash flow but low equity build over time and more tenant work/turnover then you buy these types of properties for example.

If you are hoping for more equity in the near future and low cash flow and less tenant work, then look at properties for example in MT Pleasant or west Ashley.

Not saying that they can't build equity, but they take a longer time to or unless you sell at a 2005-2007 time of the cycle.

Just my two cents. If you're interested I can help you locate solid investments .

Hope this helps. I've helped folks on BP find, analyze, buy and sell investments here in Charleston.