All Forum Posts by: Emily Peters

Hi Emily - Sounds like you are taking the right steps to start investing. I am not too far away in Charlotte and am looking at a property in Charleston right now. I will actually be down there next week, so let me know if you'd like to connect. I'd love to help and/or point you in the right direction!

@Emily Peters as already said, there is no market cool-off in the Charleston, SC, area in the near future. But hard work will pay off; if you are delicate just an hour a day looking for a possible property, you will eventually have success. If the right property comes your way, be prepared to have financing, including pre-underwriting ready. Get familiar with the SC agreement to buy and sell Form 310, asked all questions you have now, and ask your realtor to have the contract already pre-written so you can make an offer in minutes. 

@Emily Peters I agree with what these other folks have said. I would also suggest chatting with @Brandon Bartley if you'd like help with the process. Brandon is one of our best agents and takes really good care of agents. He also watches the market to try to stay up to date with what's happening.

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!

Hey Emily, 

DM me further if you have any questions, however I will give my 2 cents - 

Charleston will continue to be a hot market forever because of the location and tourist attraction.  Plus there is a lot of money in Charleston in general.

For your primary, just buy a single family residence with 3-5% down and get a roommate or two to pay you rent each month. They basically rent a room. Ideally you want friends (not random people). The other option is to purchase a 2-4 unit and house hack using an FHA loan. Basically putting 3.5% down and having tenants pay you rent. Those are the best ways to do this without a ton of hassle.

Great Question!