All Forum Posts by: Troy Gandee

@Stephen Brown Absolutely. If I can't personally do it, one of our agents can. All of our agents are investors.

@Jay Hinrichs Definitely. It's extremely expensive here for the South. Especially with wages still being relatively stagnant. It's really accelerated since Covid started. We're just being flooded with transplants from HCOL states who can work remote. Charleston definitely isn't what it used to be. It's still a great place to live, but much of the small town charm is quickly fading. The number of large apartments and condos under construction is pretty shocking for those who have been here for a while. We're busting at the seams. 

Thanks @Jay Hinrichs.

@Stephen Brown We do have a lot of STRs. However, the regulations in each municipality are very strict and distinct. City of Charleston spans a few different geographic areas and has different "zones" for each. Each zone has different restrictions on maximum number of nights per year. There are also different restrictions for North Charleston, Mt Pleasant, Hanahan, Summerville, etc. The beaches are the most STR friendly, but they're extremely expensive. In general, the inventory in our whole market is extremely low, so picking up an exceptional deal is very challenging right now.

@Sheeva R.Sadly, most of SC is about the same as Florida these days. There are very few opportunities in the Charleston Area that work. I've seen some interesting ones in the North Myrtle Area recently, but that's mostly it. I would recommend you look for the smallest beach communities you can find. They tend to have the lowest entry prices. Beach front property isn't likely to depreciate unless it's under water, so buying lower now should have a high yield in the future. I have a condo on Seabrook Island that does quite well, but the dues and management fees are massive. Always be mindful of high management costs with STRs. And there tend to be more unusual expenses with these types of properties like high flood insurance, higher homeowners, high regime/HOA dues if in a development, etc.

@Jose Bordes I usually use butcher block countertops for this reason. They're a bit cheaper than stone and the slab can be cut on site by your GC. You don't have to rely on the stone company to measure and cut off site. Some people prefer stone, but the butcher block is a good option is you're having a supply chain issue or need to turn the house in a hurry. I personally prefer it to stone in my house. 

Hi!

I'm a BIC and investor in Charleston, SC. We do a lot of investment sales. I also invest heavily. I grew up in WV, so I'm considered getting a license there if I decide to start purchasing in the Mountain State! My whole family is up there, so I would like to incorporate them into some investment properties. Who are my investor friendly agents and brokerages here? I have a couple of reciprocity questions and would need to find somewhere to hang a license.

I've sold the majority of my single families and have jumped up to commercial multifamily. This is a great opportunity for people to cash out and upgrade. 

@Chandler Butler Definitely start networking at your REIAs. A lot of this stuff seems impossible until you meet others who are out there doing it. Pick a strategy and focus on it. It's easy to get distracted early on and want to try too many different niches. If you can afford it, get some coaching. That's the quickest way to get up to speed. Some coaches will even bring you deals or partner with you on deals.

@Karla Portillo We have a monthly meetup the 1st Thursday or each month downtown. Feel free to come by and meet some folks there who could help you. There are a handful of REIAs in the Charleston Area where you can meet accomplished investors face and face and get to know them.

@Chandler Butler We're located in Charleston, but you should check out Realty Resource Group in Columbia. Dustin and Tara Johns are both investors.