Summerville, SC- Any Long-term investors?

Question

Good Morning-- I've done research on SC properties and I like the growth in Summerville, SC. Close to Charleston but less expensive. Population growth ~4% YOY. I have some specific questions for an active long-term investor in this area. I found some properties and they cashflow but I am looking to talk with someone about their experience as an investor here before purchasing. Is anyone here interested in connecting?

Patrick Roberts · Answer

Make sure you're accounting for the property tax rate differential for investment properties in SC - if you're going off of primary residence tax rates for the property (4% ratio), then the investment property rate (6% ratio) will likely be about 3x that amount. Also, a ton of new construction in the Summerville area right now. Lastly, touch base with a few insurance agents. HOI in the Charleston area is likely to be much more expensive than in other states. If you're using standardized or rule-of-thumb metrics (for example, many out of state investors do this for expediency), you may find that tax and insurance expenses are much higher than anticipated.

I can put you in touch with an investor realtor in Summerville if you'd like. She's an investor with some LTRs in the area and lives and works in Summerville. She knows the Summerville/Monks Corner/Goose Creek area extremely well. I don't personally have any properties in Summerville, but I've run financing for a few investors in the last two months in the area and am happy to chat about what we're seeing.

Jacob D Adamczak · Answer

@Dan Rivers  is a good investor agent very familiar with the Summerville area. As Patrick mentioned, I would be careful to be competing with the new builds and stick to more affordable price points or places with a large yard or no HOA that will appeal to a different group of people than the new builds will.

Heather Schultz · Answer

Thank you, Patrick. I'll DM you.