Gene, Other/Just Looking in Mount Pleasant, SC

What are the chances of getting a house rented on either a yearly or weekly basis in Mt Pleasant?

Asked by Gene, Mount Pleasant, SC Sun Feb 22, 2009

That is if I owned a house in Mt Pleasant and wanted to rent it until I come down permanently in 2 years?

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Gene,

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.

Take care,

Jim Grady
Charleston Real Team Keller-Williams Realty
Palmetto State Property Management
(843) 460-4939
0 votes Thank Flag Link Mon Feb 23, 2009
Probably better to just wait and rent now since prices are headed down.
0 votes Thank Flag Link Sun Mar 15, 2009
Gene
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!
Chris
chris@IOPrealestate.com
843-327-8986
0 votes Thank Flag Link Mon Feb 23, 2009
Normally rentals in Mt Pleasant work either on a 6-month or annual basis. Most renters here are either transferees who may want to experience the area before they buy, or waiting for a home to sell elsewhere before they can buy. The rental market has softened a little due to increased supply from owners that were not able to sell at the prices they had in mind. But Mt Pleasant is a great area and its schools highly sought after by families with young kids.

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.
0 votes Thank Flag Link Mon Feb 23, 2009
Hey Gene - There a lot of factors including how long you can wait to rent something. Some rentals are taking 2-4 months to get filled due to the increasing number of rentals on the market. Also will depened on your rent price, I keep my rental about a $100 below everyone else so it stays full all the time. Do not forgot that buying as an investor is a lot more difficult today than it used to be, you will need at least 20% down to get a loan. However, there is a lot of inventory on the market so there is room for bargaining on my homes. If I can be of any assistance or if you would like a list of homes in a certain price range, please let me know. Thanks and have a great week.

Randall Sandin
843-209-9667
rsandin@carolinaone.com
Charleston Pier Partners - Carolina One Real Estate
0 votes Thank Flag Link Mon Feb 23, 2009
very good, i am more than happy to help, just email Rich@RichardLSlater.com details of your property and we'll get it done. or, of course feel free to call 843.997.0600

We help many people achieve just what you are looking to do. Looking forward to hearing from you.

Rich
0 votes Thank Flag Link Sun Feb 22, 2009
Now is the time to buy so I understand your interest in buying and then renting til you come to the area full time. Many homes down here are rental. Mount Pleasant would work better as a yearly rental but I'd be happy to help you find that perfect place and talk to you about some options to find a renter short or long term.

Contact me anytime,

Laura Sargent
Carolina One Real Estate
843-509-2375
lsargent@carolinaone.com
Web Reference: http://www.laurasargent.com
0 votes Thank Flag Link Sun Feb 22, 2009
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