All Forum Posts by: Steven N.

Congrats on the deal @nikhil I just closed on my first property on a SFR in Greenfield. Let me know if you are interested in connecting

I think the expense figures are too low - why only 3% for property management? Vacancy should be 5% at a minimum since its a multifamily and capex and repairs and maintanence are very low. 

Hello,

I have found what I believe is a great investment opportunity in Goose Creek SC and I'm looking for a partner to go 50/50 on the deal as I am currently in contract on another property nearby. This is a Homepath property which means it requires just 10% down with no PMI and there is a possibility to get renovation costs included in the mortgage. The home is listed for less than $60,000 and can rent for $900-$975 based on comparables in the area. Based on my numbers I have projected solid cash-on-cash returns (includes vacancy, property management, taxes, repair budget, etc. Please send me a private message if you think you may be interested and we can discuss further or potentially team up on other deals. Thank you!

Steve

Welcome, Michael. I am also new to the Charleston area as I just moved here last Friday and live in West Ashley. I'm looking to buy rentals in the North Charleston / Goose Creek/ Summerville areas as these look like really good rental areas. As for North Charleston I have been looking at some properties located near west of the air force base but I also remember looking at a few nice houses near the northwoods mall area. Anyway feel free to reach out anytime, while I'm not an expert I think we can still help each other out. 

Steve

Hi Patrick,

Congrats on the move and welcome! I am in an extremely similar situation to you as I also recently moved to Charleston as well (West Ashley), and I also escaped an insane cost of living area (NY), also new to the area and real estate though I've read every book there is, and I also have a job I love that I don't plan on quitting (I work from home and make a good salary, but still have some free time for other ventures) ... I like your strategy to purchase a multi-family and live in one unit and rent the other out. I can't take that route personally, but it always made sense to me. Anyway, feel free to reach out to me anytime if you want to talk real estate or potentially partner on a property! 

Steve N. 

Hi Russ, Thanks for reaching out! I'll let you know and I'll keep in touch!

Steve

Thanks for the info., very useful. I am assuming HOA covers most of your maintanance costs and with 20% down the cash-on-cash would be pretty good, not to mention appreciation upside on that type of property.

Hi Elizabeth, 

Thank you! Can I ask you what the taxes are for investors - example, a $80k townhome? Do the townhomes provide decent cash-on-cash returns? Thanks again

Steve

Hi everyone, 

I'm new to BiggerPockets and to the Charleston area (moving in two weeks!). I'll be looking to complete my first deal (looking for single-family or Townhouse rental) and I'm looking to connect with locals for discussion and possible guidance. I have a few questions for those in the Charleston area:

- Parts of North Charleston and Summerville look to be good rental areas based on what I've read online and by the numbers, does anyone own rentals there? Where are good rental areas for income, and what areas should I stay away from? 

- Does anyone own Townhome rentals with low HOAs? I've found a few online that look like they could cash flow pretty good and could rent easy.

- Has anyone used Homepath to purchase an investment property? What are the down payment requirements? I've read somewhere that it is only 10%, is this true?

- Does anyone have a recommendation for a good property manager? 

It is very much appreciated