Real Estate Investment Property Buying Checklist for Charleston SC

Real Estate Investment Property Buying ChecklistThere are many benefits to buying investment property in Charleston, but it should not be done lightly. Do your due diligence and make sure you carefully think through your investment.

That’s why we’ve created this “Investment Property In Charleston Buying Checklist” to help you.

Use this checklist as a resource if you’re buying real estate in Charleston, or throughout South Carolina.

Investment Property In Charleston Buying Checklist

(For all investment properties in the Charleston, SC area.)

1. Market

What is the market you’re looking at? Look at the state, the zip code 29464, and the city. Can you buy properties affordably in those areas? What is the economy like in those areas? (For example, if you’re buying rental property, are there a lot of renters?)

2. Property

Next, consider the property. What kind of property are you looking for? How will the numbers work out (i.e. can you acquire the property affordably and get a good return?) What problems tend to exist in the 29464 zipcode area. (For example, some zipcodes might be more prone to flooding; others might have unsteady ground that leads to cracked foundations… this might not stop you from buying the investment property but you should at least be aware of what the conditions are often like.) Get a general idea of your answers at first and then refine your answers once you start looking at actual properties.

3. Opportunity/Return

Think about what you hope to get out of the property. Is there a specific cash flow number you’re looking for? What’s the frequency of payment you need? What about appreciation? As with everything else in investing, there’s sometimes some give-and-take between what you need to give and what you can get for a return, but this is a starting point for you.

4. Expenses

Think about what your expenses will be. For most investors, you might be looking at taxes (including property tax, school tax, etc). And, depending on how the deal is structured, there will probably be income tax. You may also have other expenses, like HOA fees, insurance, or property management fees.

5. Contingencies

Every savvy investor plans for contingencies before they acquire a property. For example, they think about what would happen if they need to sell, or what would happen if they need to find a new property management company. Yes, you can spend all day thinking of contingencies but just stick with some of the main ones and prepare for them. This will give you peace of mind that you can deal with anything unexpected that may come your way.

6. Protection

Last, think about how you’ll protect yourself. For example, you’ll probably want a combination of a house inspection, insurance, and a corporate structure, but there might be other things, too, so make sure you talk to an attorney.

Summary

It can feel overwhelming buying an investment property but it doesn’t have to be. Use this helpful checklist to guide you through each of these 6 points and you’ll have a strong command of the situation to help you before, during, and after the acquisition.

Need help buying an investment property or want to see what investment properties are available?

We’re here to help you. Click here now to fill out the form and we’ll gladly spend time talking you through our process and showing you what deals we have available right now.

Steve Banis

About Steve Banis

When I originally began investing in Real Estate, I wasn’t a real estate agent. And I still do not list houses as an agent! No, I’m not proposing that I list your home, or have you sign some kind of agency agreement. My involvement with you and your property is for our own investment portfolio.…. not the score-sheet of a Broker. My background includes that of being an executive for several Fortune 500 companies since 1968, an owner of real estate since 1975, a businessman in Boston, MA and Charleston, SC. I am a VETERAN of THE UNITED STATES ARMY, beginning my Service career January 1964, in Columbia, SC on Tank Hill at Ft. Jackson. I have been up and down the ladder in my business as well as my personal life - therefore I am well qualified to understand the various situations and challenges of the homeowners we meet. We can help provide solutions to various real estate challenges and situations. My passion is to assist in the sale and purchase of real estate. The rest of this report tells you how our company, CASH HOMEBUYERS of SOUTH CAROLINA, LLC., will assist you by purchasing your home.

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