All Forum Posts by: Brandon Bartley

Hey @Emily Peters, I also live and invest in the Charleston area and I don't see things cooling significantly for buyers in the next 12 months. 

But I agree with Jon that house hacking is the best way to get started. The property I bought when I moved to Charleston was a duplex in Park Circle that I house hacked with a 3.5% down FHA loan. At the time, I didn't really feel like I was getting a "deal" on it and the market was still very competitive. For 2 years the income from the other side covered the majority of my mortgage, and after we moved out we turned our unit into an Airbnb and it has been performing extremely well. It has also appreciated significantly and allowed me to pull a HELOC on the property to use for other opportunities. It has put me in a great position in just a few years, and at the time I felt like I was overpaying for it and almost didn't buy it which seems crazy to me now.

In the Charleston market today, it's rare that your first deal will be a homerun in Year 1. But if you hold onto the property, its year 3,4,5, and beyond is where you will see the benefits. I would just make sure it cashflows as a pure long term rental (non owner occupied) so then you have options after you buy it. There are still some solid house hacking options in Charleston, and with some great owner occupied loans you can get into these properties for fairly low money out of pocket. 

If you have any other questions about anything feel free to message me, happy to help!

@Account Closed Before you purchased the motel, how were you finding your data on ADR and occupancy rates? And how did that compare with what you experienced after you purchased and were operating? I've been looking into the Adirondacks but find that data is a bit harder to nail down than other areas.

@Jason Polykoff I have a couple of contractors that I can put you in contact with here in the Charleston area that might be able to help. Contractors are starting to get busier now as we move closer to summer, but most can fit you in within a few weeks, especially if its a contractor that works frequently with investors. Feel free to pm me, and happy to help in any way that I can

@Jay Jules We flip in the Charleston area. If you have anything within an hour of Charleston we would be interested. I'll send you a pm

@Tomas ValladaresMy comment about being "insulated" just meant that if you are in a quality property that is considered "affordable" for your area, you're less likely to see a significant decrease in value compared to higher priced homes (not saying you won't ever see a decrease, just that it is more stable in a downturn compared to higher priced homes). We've seen a significant shift in the market here in Charleston, but overall there is more demand for houses under the $300k price point than higher priced homes, and those homes under $300k are selling faster. There will always be a demand for quality affordable housing so I think starting with something in this price range (along with all the other benefits described above) is a great play

@James Altschuler Hey James, I'm happy to help out in identifying and analyzing deals around the Charleston area. I have done BRRRs, flips, and have 2 STRs here in the Charleston area, so if there is anything I can help with please feel free to reach out

@Peter Lysiak Are you looking to hold this as a rental? Just wondering if a DSCR loan might work for it and might be more lenient with the square footage requirement. If DSCR could work, I could recommend a couple of lenders here in South Carolina that are good to work with and could also check with them on the sq footage requirement for you

@Tomas Valladares Just reading through this thread, and I couldn't agree more with the responses. Its a difficult market with the increase in prices over the last 2+ years, coupled with the increase in rates over the last year. As others have said, it may not be a homerun deal but house hacking is a great stepping stone in real estate, with multiple benefits.

Also, I'm not completely familiar with the DFW market, but at or under $300k seems like a great price point to be at for a metro like yours, as you'll still have acquired a property at an "affordable" price point (at or below the median sales price) which will be a bit more insulated if we see rates increase.

@Jacob D Adamczak My fault! Saw the Charleston tag and posted too quickly. Thanks for the heads up!

It depends on if you are looking to invest in STRs in the City of Charleston or other surrounding areas (North Charleston, Goose Creek, Ladson, Summerville, etc). City of Charleston is pretty restrictive with their regulations unless you are an owner occupant, which has led to many investors operating STRs in the areas I mentioned above. The beach communities (Folly Beach, Isle of Palms, etc) and downtown CHS are more expensive price points for STRs