All Forum Posts by: Troy Gandee

@Christopher Morgan If you're on Facebook, you should ask this question in the Charleston Area Real Estate Investor's Club. We all have good contractors, but a lot of investors don't like to freely share their crews' info. There are a lot of contractors and tradesmen in that Facebook group. They'll likely reach out to you if you post in there.

 @James Hamling Great point about affordable housing being a safe bet during these times. I agree with you. I've focused specifically on affordable housing for quite some time and they're usually very safe bets for collecting rents. Rents have been climbing significantly on my affordable doors, but I suspect they'll spike again if there is higher demand than supply. Sect 8 and other subsidy providers will have to increase vouchers to get secure doors for tenants if that space becomes more competitive.

Please join us Thursday, June 7th for the next REI Central event. Meet another 50-100 local investors for a quick discussion and about an hour of quality networking. One time ticket fee is $25, annual admission is $100. Food provided by Weeks & Irvine.

More information can be found at www.rei-central.com

Hi @Ceasar Ancheta. We have almost 40 agents who are all investors and agents. Feel free to shoot me a DM. I've sold a lot of properties in that area of the Peninsula.

@Tim Schmitz I would recommend you give him ample time to move when he does find something. Sect 8 is horribly backlogged. Simple tasks are taking weeks for them to complete. It'll take a while for them to process the new application and inspections on the unit. It's ridiculous how slowly they're operating right now. 

@Hilary Graves Shoot me a DM and I can send you a lender referral that we use for most of our clients. They should probably use an FHA, but there may be some additional grant options available for them if they qualify.

@Victor Medina There aren't many doing them at the moment. I know First Citizens was doing them, but I think they've stopped due to the rates. I would try the smaller banks like Beacon and Pinnacle.

@John Semanchuk North Charleston finally approved their STR regulations a couple of weeks ago. They still don't have any enforcement and aren't even sure yet on cost to permit, but it is finally fully approved. Their regulations are pretty light, though. I haven't seen the final bill, but most of it is to require a permit, limit bookings to 2 adults per bedroom and some parking restrictions. At one point, they had some multifamily restrictions, but I don't know if that made it through or not.

@Amelia Foronda It mostly depends on what resources you have available. If you have the capital, I would go multifamily. If you don't have a lot of cash, I would buy affordable single families in lower income areas that have long term prospects to gentrify. I bought a lot of single families in what were bad neighborhoods 3-6 years ago. Those neighborhoods have grown tremendously. They went from low income to near median prices in a couple of years time, so I was able to sell almost all of them for 2-3x what I bought them for. I rolled that into multifamily and effectively tripled my unit count in less than a year.

I think Charleston will continue to grow substantially. I think we'll fare well through inflation and moderate recession, as well. We'll continue to see lots of transplants despite inflationary prices. Inflation hurts a lot more in a HCOL city than here even though our prices have spike. I think we'll keep seeing a steady influx of high earners moving down from up North. I do think we need more industry in the tech field. We're a little heavy on manufacturing at the moment.