George, Other/Just Looking in 29466

Starting to consider the idea of purchasing a rental property in Mt. Pleasant (duplex, condo, single family). Any experienced realtors who actually?

Asked by George, 29466 Fri Oct 15, 2010

own rental properties themselves? Anyone with real experience or places an emphasis on rentals for their business?

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Answers

7
George,
In order to focus your search it would be useful to know your needs a little better:

1) What is your investment objective? (cash flow, ROI, capital gain)?
2) What is your investment horizon? (1-3, 5-10, 10+ years)?
3) Are you purchasing your investment with cash? Or do you need a loan? (many condo developments are "black listed" by lenders
4) Do you plan to sell another property and use a 1031 exchange to buy the new property? Or is this your first property investment?
5) Are you planning on managing it yourself, or will you hire a property management company?
Happy New Year!

Alan Donald, Broker Associate, MBA, REALTOR, e-PRO
The Alan Donald Real Estate Team
Keller Williams Realty
0 votes Thank Flag Link Mon Dec 26, 2011
Thanks everyone for your input. I appreciate it.
0 votes Thank Flag Link Mon Oct 18, 2010
My wife and I own a couple rental properties, and I work almost exclusively in Mount Pleasant. I don't really put an emphasis on owning rental for my business, but I sometimes get spin-off business from them. What kinds of questions do you have? I've worked with many investors, and would be happy to answer any questions you may have. Feel free to call or email!
Michael
0 votes Thank Flag Link Fri Oct 15, 2010
Dear George,

Thank you for giving me the opportunity to respond to your question about rentals in Mount Pleasant!

While I do not own any rental property at this time, I have owned it in the past and I have represented many investors who have purchased in Mount Pleasant. As you likely know, with the many new industries that have moved into the Charleston area, including Boeing, a large number of employees are renting for a period while they decide where to make their more permanent home. That activity in addition to the many homeowners who have given up their homes and moved into rentals has pushed rental rates up. According to a local property manager, rental rates on homes in Mount Pleasant that are in good condition are approximately $.85 - $.90 per square foot. As you know, this is an average since the rate can fluctuate with higher end homes.

I hope that is helpful to you! I am a lifetime resident and former Mayor of the Town of Mount Pleasant so I am very familiar with the community. I would love the opportunity to chat with you about the market here. If you have a few minutes, please visit my website http://www.woodsflowers.com where you can search all available homes and get additional information about the Charleston area.

Best regards,

Cheryll

Cheryll Woods-Flowers
843-442-2219
cflowers@woodsflowers.com
Web Reference: http://www.woodsflowers.com
0 votes Thank Flag Link Fri Oct 15, 2010
I place alot of rental clients and they eventually buy something. Lots of condos and townhouses available for good prices. Give me a call if I can help!

Bill Anderson
Anderson Family Properties
843-697-4586
andersonfamilyproperties.com
0 votes Thank Flag Link Fri Oct 15, 2010
Without a doubt....Mount Pleasant has is over share of Condos available for sale. There are many Short Sales and Foreclosures to choose from. Current Market Analysis is there are more renters than buyers. Sounds like a slam dunk!

I do not own rental property, nor manage it. My observations have been the Monthly Regime Fees ($200-500) seem to be the area less evaluated when determining the true investment value.

Feel free to browse my website and see what is available. I would be happy to investigate and preview some for you.

I wish you well in your investment!
0 votes Thank Flag Link Fri Oct 15, 2010
Yes, I have owned rental property in Mt. Pleasant for the past 16 years. Various properties. I like to work with clients who are looking to purchase investment properties and want to learn how to be a landlord for a while before selling for a profit. I have lived in Mt. Pleasant since 1991 and can give you advice on where to look, how to know if it's a deal, how to screen tenants and how to manage the property without it being a headache. Please contact me if you'd like more information.
0 votes Thank Flag Link Fri Oct 15, 2010
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