South Carolina Properties

[V.G Jason]

Investment Info:

Bought two properties in Beaufort, SC, and one in Charleston, SC. Goal is to get 10-14 properties in the Carolinas. Some highly speculative, some I believe where population will transition. Some that are going to be safer.

11th Property(Beaufort, SC)
List Price: $311,000
Purchase Price: $292,000
Financing: Cash

3br/2ba, 1700 sq ft house. Leasing back to owners @ $2050/mo for 15 months effective 04/01/2023, with their option to extend 07/01/2024 for another 12 months @$2125 provided no missed payments and other violations listed in the agreement. I believe Beaufort has potential STR destination capabilities down the line. This is a relatively renovated house(all capex stuff replaced in 2019). Location is 5/10

12th Property(Beaufort, SC)
List Price: $389,999
Purchase Price: $367,000
Financing: Cash

4br/2.5ba, 2100 sqft house in a pretty damn good location. This one has legit STR potential but sticking to LTR. Can rent out for ~$2300 according to PM. Location is 7.5/10 going to update HVAC & Water then rent out as both are over 12 years old. Roof was updated in 2014. Just enough to not be in a high flood risk zone, but sort of at that borderline. Consider it one of the more riskier houses I'll try out.

13th Property(North Charleston, SC)
List Price: $485,000
Purchase Price: $475,000
Financing: 55% leveraged with DSCR(@7.75%)

Duplex in North Charleston. Little old and outdated. The seller was an absolute nightmare to work with. Doesn't need any cosmetic repairs but HVAC/Water Heater are both 7 years old, Roof is 11 years old. Currently rented at $3k/month total. $1550 & $1450, got rent rolls same two sets of tenants since April 2019 and July 2021. No missed payments, or issues thus far. Will keep them at gradual increases. Wanted to swing a real primo property on the island but chickened out with the flood factor risk. 

In the next week or so I'll make a trip to North Carolina and take a look at some of those areas a little closer. 

[Brandon Greenplate]

Hey V.G - You are very smart to be focusing on the Carolinas due to the serious wealth migration that is upon us. I'm a realtor/investor/str specialist in Hilton Head and too have properties in both Beaufort & Charleston, as well as several STR's on HHI.

Both plays are great - Beaufort due to the low acquisition prices & immense appreciation potential. Have you looked into executive leases for your charleston duplex? Might be something worth looking into. I would be happy to also get you up to speed on the opportunities on Hilton Head, as the STR demand rental potential is huge.

Keep it up!