New Investor in Charleston, SC

[Joseph Ducharme]

I moved to Charleston last year and I’ve been living in a house that I own. I’ve been looking to purchase another property as a rental to hold onto long-term. I am currently under contract on a new construction condo about 25 minutes north of me, in Summerville. I look forward to being part of this community and leaning on the expertise of more seasoned investors. 

[Michael Smythe]

@Joseph Ducharme congrats!

Just be aware of the HOA fee future.

Developers typically set the HOA fees as low as possible to get buyers in.

Once they turn the HOA over to a Board made up of actual residents, it's not a question of if, only WHEN HOA fees will be raised to where they should be.

This will adversely affect your cashflow, so you should plan for it.