Buy and Hold Altus, OK Charleston SC area

Starting Out
10yFollow

Buy and Hold Altus, OK Charleston SC area

Spencer Ackers
Altus, OK · Member since 2016 · 10 posts · 1 vote

Hi my name is Spencer Ackers and this will be my first time posting although I have been using this website alot over the past week as I just recently found out about it. I am active duty Air Force and currently live at Altus Air Force Base. I am really interested in getting my first rental property under my belt. I close on my first actual home on April 4th at the base I will be going to in June in Charleston SC. I have listened to many podcasts, seen many forums and read as much as I possibly can everyday I get a chance. I am really really wanting to dive in already and get my first Buy and Hold under my belt and use the BRRRR method like brandon always talks about! If there is anyone in either the Altus, OK or the Charleston/Goose Creek/ Summerville SC area that is open to throwing some info or advice to this newbie please Feel free! My goal is to obtain 5 buy an holds by the end of 2016 and I'm going to do conventional financing. Thanks for all the awesome info everyone!

0Reply
25 views

14 Replies

Jump to latestLatest
  • Jay Dewberry
    Covington, GA · Member since 2014 · 295 posts · 93 votes
    10y

    Hi Spencer. Firstly welcome to Bigger Pockets and thank you for your dedication and service to our country. I'm back and forth from Atlanta to North Charleston often...and I'm familiar with that Base on Dorchester. Haven't had the pleasure of landing any deals up there though. But from what I've researched, and from other investors on here speak of its a pretty good market to be in. From past posts, I see investors in the Park Circle and certain places in Mt. Pleasant near Dunes. Check with Jay Hinrichs and Russ Scheider. From reading their posts, they're making moves. Perhaps you guys can link up on some deals. Of when I get back to town, perhaps we can hash out some strategies and JV on some deals as well. Either way, good luck.

    0Reply
  • Spencer Ackers
    OP
    Altus, OK · Member since 2016 · 10 posts · 1 vote
    10y

    Hi thanks so much for the info and help I would love to get to know you better and see what we can work on! I will get in contact with them right now as well, Id love to work with you as well! You can email me or call/text anytime! 

    0Reply
  • John Semanchuk
    Charleston, SC · Member since 2013 · 380 posts · 157 votes
    10y

    Hi spencer,

    Early welcome to the Charleston area!  You should find this quite a change from OK.

    5 buy/holds by the end of 2016 is pretty agressive.   Are you targeting low cost properties near the AFB here in Chas?

    0Reply
  • Spencer Ackers
    OP
    Altus, OK · Member since 2016 · 10 posts · 1 vote
    10y

    Hi John thanks so much! Yes Sir I figured it was pretty aggressive, I just purchased a home in Goose creek I close 4/4. Im looking for anything that will provide good cash flow ofcourse and appreciation would be great as well. The thing is Im not sure how to do all the financing on my first couple properties that's the part I fear the most is how to get started and how far it can go. 

    0Reply
  • John Semanchuk
    Charleston, SC · Member since 2013 · 380 posts · 157 votes
    10y

    I think the BRRRR method will require holding the property for at least 6 months before refinancing to free up cash for the next one. Unless you have another source for cash or some collateral to borrow against, you may have to slow your plan down some. More knowledgeable finance folks here might chime in.

    The Goose Creek area is a good area right now with the industries moving in there.   I don't think we've heard the last announcement either.   These things tend to go on momentum and with Boeing, Daimler, and Volvo lighting the kindling that area should be a good one for future growth.  

    0Reply
  • Spencer Ackers
    OP
    Altus, OK · Member since 2016 · 10 posts · 1 vote
    10y

    Yes sir your right, do you know a better way or another way I can do it do this?

    0Reply
  • Gary Ytreeide
    Residential Real Estate Broker · Rockport, TX · Member since 2009 · 13 posts · 4 votes
    10y

    5 properties is pretty ambitious, but if you can do it more power to you.  You will learn some valuable lessons on your first one, and that is just the beginning of your education.   

    0Reply
  • Spencer Ackers
    OP
    Altus, OK · Member since 2016 · 10 posts · 1 vote
    10y

    Hi Gary thanks for the reply! Yes sir It is really ambitious, Ill be happy even if I just get 1-2 so I can get my feet wet and continue to build my education.

    0Reply
  • Troy GandeeBusiness Member
    Real Estate Broker · Charleston, SC · Member since 2013 · 794 posts · 454 votes
    10y

    Hey @Spencer AckersI think you can pull it off. It just may take some sacrifice. There's a lot going on in that area with Boeing expanding. I actually have a couple of rentals further South on Dorchester. That area is a lower class neighborhood, but it's closer to town and should come around in time. My girlfriend and I are actually buying a new primary up Dorchester a little past the AFB around the beginning of April hopefully. My rentals are in my name and it's throwing some of my DTI off. I know the area quite well and I have a lot of hope for it. There are a lot of blue collar families through that stretch and they make for good tenants. You will also need to be diligent about screening your tenants since there are still many bad eggs. I'm a Realtor, also. I would be happy to help you farm the area.

    0Reply
  • Spencer Ackers
    OP
    Altus, OK · Member since 2016 · 10 posts · 1 vote
    10y

    Hey Troy thanks for the reply it means alot for all this help! So do you have rentals in the North Charleston area? I have heard from people that around that area is horrible drugs and gangs and violence and stuff so I got kind of scared to look in that area but hey your there right now and if you have properties there thats awesome. What can you tell me about that area is it worth investing in?

    0Reply
  • Troy GandeeBusiness Member
    Real Estate Broker · Charleston, SC · Member since 2013 · 794 posts · 454 votes
    10y

    It is definitely a struggle sometimes. My properties and tenants are great, but they're familiar with the area. The growth and change here is staggering, though. It won't be much longer until the scales start to tip. There are around 40 families moving here every day and we just don't have the space for everyone, so neighborhoods like that are going to start improving whether they like it or now. The extent to which they improve is still to be determined. I'm actually living in this area until we close our new property. I probably couldn't have comfortably lived in this neighborhood 5 years ago. We've had very minimal problems and our neighbors (with a couple of exceptions) are great. I lived downtown all throughout college in neighborhoods that other people ran away from, so I'm a little more forgiving than most. You just have to be conscientious. 

    0Reply
  • Spencer Ackers
    OP
    Altus, OK · Member since 2016 · 10 posts · 1 vote
    10y

    Thats awesome to hear man. Do you own all sfh's or some multi family? And if you dont mind, would it be alright to search for properties and if I spot something I can comtact you and see what you think about it and give some tips and advice? I would greatly appreciate that and would return the favor in any way possible!

    0Reply
  • Troy GandeeBusiness Member
    Real Estate Broker · Charleston, SC · Member since 2013 · 794 posts · 454 votes
    10y

    SFDs for now, but I plan on getting some multi-families after I refinance these. You can absolutely do that. I can set you up some searches if you'll PM me your email and some criteria.

    0Reply
  • Spencer Ackers
    OP
    Altus, OK · Member since 2016 · 10 posts · 1 vote
    10y

    Sounds great thanks alot I just sent you a message. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free