We do this with MANY out of state investors/owners - primarily from the Northeast where my business partner and I are both from. I own both a Real Estate sales team and a property management company in Mount Pleasant - all services under one roof.
Our sales website is http://www.charlestonrealteam.com and our property management company - Palmetto State Property Management - website is http://www.palmettost.com.
Call me and tell me your ideal location/price/type of property and I can make some recommendations.
Charleston Real Team Keller-Williams Realty
Palmetto State Property Management
As previously noted, a home in Mt. Pleasant will rent best on a 6 month or year cycle. The only properties that produce viable weekly rentals are those on the islands. Isle of Palms is closest to Mt. Pleasant. Actually, on the island it is very difficult to generate good rental income from homes that are more than 4 blocks from the beach. I would council an owner of property on the island more than 4 blocks from the ocean to give serious consideration to long term rather than short term rental. The other factor is the variance in management fees. A long term rental management fee ranges from 7 to 10%. Short term management fees range from 15 to 20% plus other fees such as weekly housekeeping which can add another 8%. Often times the long term gross is not as high, but the net income is better due to lower fees.
Currently the supply of long term homes is pretty high. Lots of owners that can't sell turn towards rental. So you would be competing with them. If you want to take a closer look at this idea, I'd suggest you analyse rental supply and demand of the types of homes you are interested in. Our MLS lists rental homes (not all but a large percentage) which would be a good place to start that comparison.
Be glad to chat and kick some ideas around, just let me know!
From an INVESTMENT point of view, it is still hard to find a property that would cash flow from day one with only 10% down. You can do this in other areas of Charleston like Summerville, Goose Creek and North Charleston.
Deciding where to buy depends mostly on your personal objectives (short and long-term). Your REALTOR should be able to provide all the information and the advice you need to make a sound decision.
Charleston Pier Partners - Carolina One Real Estate
We help many people achieve just what you are looking to do. Looking forward to hearing from you.
Contact me anytime,
Carolina One Real Estate