Struggling First-Time Homebuyer / Aspiring Investor

[Emily Peters]

Hello! I am fairly new to the BP community, and this is my first post. Currently reading Joshua Dorkin and Brandon Turner's How to Invest in Real Estate (and loving it!). 

I am in the Charleston, SC, area and have been in the market as a first-time homebuyer for a while now. I grew up in Charleston and currently stay with my parents, who rent one side of their duplex on the beach as a vacation rental. Their success with their short-term rental has inspired me to start my real estate investing journey; I'd like my first purchase/primary residence to be cash-flowing.

But I've had zero luck in the last nine months. Prices are outrageous and competition is crazy high. 

Does anyone have an outlook on the Charleston market for the rest of 2023? I know we're typically behind other regions when it comes to trends in the real estate arena, but I'm wondering if anyone is seeing the light at the end of the buyers' tunnel. 

And if anyone is having success in this area at this time, would you mind sharing any helpful tips? I know there has to be a way....

Thank you in advance!

[Jon Puente]

Hey Emily, 

DM me further if you have any questions, however I will give my 2 cents - 

Charleston will continue to be a hot market forever because of the location and tourist attraction.  Plus there is a lot of money in Charleston in general.

For your primary, just buy a single family residence with 3-5% down and get a roommate or two to pay you rent each month. They basically rent a room. Ideally you want friends (not random people). The other option is to purchase a 2-4 unit and house hack using an FHA loan. Basically putting 3.5% down and having tenants pay you rent. Those are the best ways to do this without a ton of hassle.

Great Question!