All Forum Posts by: Bruce Day

All part of the learning process.  Although using personal contacts to help may save money, and I mean "may" save money, there a many down sides as you have experienced.  Finding a solid team of go-to professionals will make the rehab process go much better.   Time is money especially when holding an empty property.

Anything below $100k is probably going to qualify as a rougher neighborhood but North Charleston is very diverse so that is a generalization 

Just be aware that different areas of Charleston area have a wide range of STR rules. Make sure you understand them before making a decision. The City of Charleston is very strict and limiting.

Thanks.  My father in law had a house that was for sale on Woodlawn Ave.  Nice block.  Prices were still depressed even though house had great curb appeal.    Ended up selling it owner financed to his renter.  He got a great deal.  

Interested in how robust the market is in Beckley with WVU now in town.  Has that helped the market within the 2 mile radius of the University?

Need to be concerned more about the feeder streams to the Ashley in Summerville such as the Sawbranch where neigborhoods back up to it.  Ashborough East is one and also Arbor Oaks.  Most of Ashborough that backs up to Ashley River is high ground except the part down by Lake Ashborough.

Contact Andi Mainor - works with real estate investors in Columbia.  She sold my duplex in Columbia. She knows how to market to and for investors.

Bruce

Networking is critical.  Look into Tri County Investors that meets every Tues morning 9:30AM at Denny's near Tanger Outlets.

You need to stay outside of the City of Charleston since they have strict short term rental rules that’s require owner to occupy. Suggest one of the island communities such as Folly, IOP or Sullivan’s but check the local regs where ever you go. 

The City of Charleston will not allow AirBnB rentals to anyone who is not an owner/occupant and even with this the ordinance is very restrictive (ex., 4 adult max).  The City includes James Island.  Other areas in Charleston County such as Mt. Pleasant have different rules (no owner/occupants which violates their multi-family ordinance).  You will have more luck at Isle of Palms or maybe Folly Beach but do not buy without looking over ordinances for each area.