Looking for my 1st local play in Charleston! Agent & Info Request

[Ryan Perrone]

I'm preparing for my first local buy here, now that I've lived here for 2 years.  I am looking for a 4 or higher multi-family off the pennisula, or possibly a solid foreclosure in james island / west ashley for a short term rental.

More than anything I need an agen t with with way more experience locally than I have.  Fixxer upper in Folly for the vacation crowd?!  2 4 units in North Charleston? Something else?!

I'm open to it all, and would love additional opinion

Thanks,

Ryan

[Troy Gandee]

@Ryan Perrone I'd suggest you be careful with STRs around here for now. City of Charleston is starting to regulate them more and more. There are other parts of the Charleston area that are more friendly to STRs than City of Charleston, but they'll also be more regulated soon.

The commercial multifamily inventory is really difficult here lately. You can find solid deals on residential multifamily the further North you go from Metro Charleston, but they don't usually last long. 

And as far as REOs are concerned, there are not many foreclosures or short sales left around here at the moment. When the local market started really heating up, the banks dumped as many as possible. Most of them were actually selling close to retail prices. There are still ledgers of REOs, but they're not as easy to find as the used to be. 

Let me know if you need anything further! I'm on Edisto now for a family trip, but will be back to town next weekend.