They call it Passive Income. Whether you own a home yet or not, you can own a rental, investment property and let the tenant pay your mortgage! Many people are now buying inexpensive homes or condos for the sole purpose of renting them out. For some people and properties it's all about the tenant's rental amount paying the mortgage amount and sometimes with a little left over as profit.
Charleston's rental market is expensive compared to other areas. It's usually less expensive to pay a mortgage than to pay a rental amount. Also, for a rental, you need the first month's rent, a security deposit and sometimes the last month's rent. That can add up and could possibly be the amount you would need for a down payment on a house! There are loans that require as little as 3.5% down. On a $150,000 condo or house that would be a total of $5250. There is also a USDA loan that doesn't even require a downpayment!!!
If you already own a starter home, you might want to consider renting your current home, collecting rent to pay your current mortgage and buying a new step up place to call home!
I'd love to speak with you about options for getting into the Charleston Real Estate Market. You gotta be in it to move up and keep investing. Call me today and I'll show you properties to purchase for rental income.