New to Investing in the Charleston area

[Adam Putman]

Hey Everyone.  My name is Adam and I am looking to get into the Charleston, SC real estate investment community within the next year, and am very excited about it!  I wanted to go head and introduce myself.  A little about me...

I have lived in the Charleston area for about 5 years, and have been working in the food and bev industry ever since (currently as a manager).  I filed for chapter 7 bankruptcy about a year ago to get rid of some old credit card debt from when I was in school that was really hindering my ability to move forward.  I have spent the last year educating myself, rebuilding credit, and putting away money for a down payment.  

My goal...

As I understand it, there is a 2 year seasoning period after a chapter 7 discharge before you can apply for an FHA loan. Which means that I have another year of saving and learning, and I am looking to start putting together my team. It also seems that there is a severe lack of inventory in the Charleston area so waiting would seem to be to my advantage even without the constraints of my loan eligibility (or lack thereof). I am looking to get into a house hack at first. I would prefer a multi family, but not opposed to a single family and renting by room, possibly to other food and bev workers. That is essentially what I am doing now, I just don't own the house. Not too concerned about location at this time as I work from many different locations with my job. Anything from West Ashley to Mt. Pleasant to Summerville would be fine. At this time I am looking to get with a lender to make sure that as soon as my post bankruptcy seasoning has ended, I will be in a good position to get an FHA loan. I have reached out to a couple of banks (including my own) to try to get in contact with someone but have yet to hear back. Also, if anyone has any general advice for me at this point it would be more than welcome.

I am normally one to try to do things on my own, so I thought this would be a great opportunity to break that habit.  I am reaching out for both knowledge and accountability.  Thanks in advance for any help, and please let me know the best way that I could be of help to others!

-Adam

[Adam Putman]

@Troy Gandee thanks for the reference. I’ll reach out to Robert. I listen to your podcast and appreciate the insight. I’ll be sure to reach out when I get ready to look for properties.