All Forum Posts by: Charlsi Kelley

Hi Sidney! Our team has helped several clients get into house hacking here in Charleston. It's such a great city - I even have some friends that lived in nyc and say the food scene here is better...so if you're into food at all I'd put CHS at the top of your list!!  Feel free to shoot me a private message and I can share a bit more about the Charleston market and house hack opportunities here.

What a slam dunk!!!! I love that neighborhood for buy and hold. Great work!!!! 

Good morning! I have a handful of resources- I have never personally built anything from the ground up but I can connect you with some folks that may be able to or would at least point you in the right direction! Such a brilliant plan!! 
Shoot me a DM with your contact info and I can share some contacts! 
-Charlsi 

@Will Gissendanner

Congrats on taking the first step. A couple thoughts:

1. Tax rate- 6% for non owner occupied in SC- use the tax estimator tool from the SC auditor site to confirm your taxes

2. Since you have the cash you could be aggressive with your offer and hopefully lock it up below asking price. Have your agent run comps and make the offer strong with quick close and *reasonably* reduced contingencies. (In the current market the most difficult thing can be simply getting the deal so the above should help)

3. Once you close and get property stabilized and rented, recycle that cash by putting a mortgage on it. Rates are expected to rise as early as March so do this soon- find a lender familiar with investing and start building that relationship. They can help you fugure out the amount of mortgage that still allows you to feel good about your cash flow.

4. start looking for your next deal!

@Gavin Mathes you are in the right place to learn. While yes it's true you don't necessarily need the cash if you provide the right value and have a good partnership agreement with someone who can fund the project- the fact that you have some hands on experience will help too. However, in my opinion (completely my opinion here!) 2022-2023 will likely see some shifts in the market and a slight cooling off/correction as interest rates are expected to rise. Inventory is still lagging far behind demand so it shouldn't be a huge "crash" by any means, but A lot of the folks on here who started with nothing had the benefit of a strong tailwind with a crazy up and up market over the past decade. Make sure you run your numbers conservatively and are confident in the ARV. You could also consider getting your RE license and save some % on commissions- that is a nice (albeit small) buffer.

@Brad F. Hey Brad!! Congratulations on making the big move- how do you like Charleston so far!? This is such a great town…I don’t think I could live anywhere else!!

I am in Summerville fairly frequently for work- I’d be happy to grab coffee and connect one day! Feel free to reach out anytime!

There is also an awesome meetup downtown at Palmetto Brewery…it’s the first Thursday of each month. Definitely try and make it to a few of those if you can!

-Charlsi

Way to go Katie! I love seeing people just jump in...obviously after doing their homework! The best part of your story is "outcome: will find out" I love that attitude! I still feel the same way on mine sometimes even though I know the market and have run the numbers 6 thousand times! It's also great to see some other female investors here supporting each other! @Sarah Kozlik is amazing <3 

I would say my top choices would be ones not included on your list- 

1. North Charleston (inside 526 preferably) 

2. Summerville area 

I live in James Island and absolutely love the location (10 minutes to the beach and 10 minutes to downtown). Schools have a great reputation in the area. There is a decent mix of higher end homes along with older houses in need of some love. If you'd want to do some rehab and feel confident about a return, James Island has the 3 Ls of real estate (location, location, location).

@Wesley I. This is how I’m doing ours right now! Seems scary, but I know the market and comps keep getting better and better for the area! Also when I look back at the stupid crap I bought with credit cards in my 20s (cringe!) I somehow feel more responsible doing it for something that will pay off this time! Smart debt better than no debt???

@Shelby LeBlanc how is your relationship with the contractor? Or your realtor? Maybe they would be willing to partner with you and take a % of your profits in exchange for either doing the rest of the work for free or taking the listing. The realtor side may be a little tricky depending on the ethics but as long as everything is disclosed and above board with your local guidelines it might work out?? Maybe reach out to your local investor group/meet up group and see if anyone wants to parter as well?? Good luck!!