Who would not want a vacation home in the Low Country near historic downtown Charleston? Somewhere near the beaches of Kiawah Island or Folly Beach or Isle of Palms or in one of our desirable suburbs like Summerville (the fastest growing town in South Carolina per the 2012 winter issue of AZALEA Magazine). Home prices have declined from the inflated values, interest rates are amazingly low and Conde Nast ranked Charleston as the #1 destination city in America. For the consumers with deep pockets, the historic Low Country is a major attraction where some communities can support a seasonal vacation home market.
Yet, most investors consider Income Producing Real Estate that can help pay the mortgage, taxes, insurance and upkeep. The need for quality, affordable housing is increasing to support the growing need of renters unique to our local market.
Consider the new demographics in the pool of local renters:
1 - traditional renters who will always be renters
2 - job relocation due to our new business development (Boeing, MUSC Biomedical Research, Wind Turbine Drivetrain Testing) who want to learn the area before purchasing
3 - families affected by their need to short sell their home
4 - families displaced by foreclosures
Add to the mix all the recent college graduates and professional grad school graduates who receive with their diplomas a notice of $50,000 to $200,000 in college tuition debt who historically became 1st time home buyers in past economic times.
All of these individuals need a place to call home but may be unable to qualify for a mortgage under their present circumstances. Thus, your opportunity to consider rental income property is NOW!
The Post & Courier (Business Review section, Monday, 12/26/11) confirmed our mastery group's opinion that new apartment complex development is on the rise. Coupled with the 2012 planned release of bank owned properties, rental income investors will have a healthy supply of single family detached homes to purchase at a reduced price with low interest rates. With a few thousand dollars to fix up some of these properties, they make excellent rental homes to meet the new and projected rental demand in our local real estate market.
Here's the warning: DO YOUR HOMEWORK. This is not the time to "flip". Hire a Realtor® that truly knows the market for the areas you have targeted. Seasoned Realtors® will be able to supply more specific local data not typically found through Internet searches. Partner with knowledgeable professionals to calculate your best choices for positive cash flow rental investment property. HAPPY HUNTING.
Yet, most investors consider Income Producing Real Estate that can help pay the mortgage, taxes, insurance and upkeep. The need for quality, affordable housing is increasing to support the growing need of renters unique to our local market.
Consider the new demographics in the pool of local renters:
1 - traditional renters who will always be renters
2 - job relocation due to our new business development (Boeing, MUSC Biomedical Research, Wind Turbine Drivetrain Testing) who want to learn the area before purchasing
3 - families affected by their need to short sell their home
4 - families displaced by foreclosures
Add to the mix all the recent college graduates and professional grad school graduates who receive with their diplomas a notice of $50,000 to $200,000 in college tuition debt who historically became 1st time home buyers in past economic times.
All of these individuals need a place to call home but may be unable to qualify for a mortgage under their present circumstances. Thus, your opportunity to consider rental income property is NOW!
The Post & Courier (Business Review section, Monday, 12/26/11) confirmed our mastery group's opinion that new apartment complex development is on the rise. Coupled with the 2012 planned release of bank owned properties, rental income investors will have a healthy supply of single family detached homes to purchase at a reduced price with low interest rates. With a few thousand dollars to fix up some of these properties, they make excellent rental homes to meet the new and projected rental demand in our local real estate market.
Here's the warning: DO YOUR HOMEWORK. This is not the time to "flip". Hire a Realtor® that truly knows the market for the areas you have targeted. Seasoned Realtors® will be able to supply more specific local data not typically found through Internet searches. Partner with knowledgeable professionals to calculate your best choices for positive cash flow rental investment property. HAPPY HUNTING.
Mariann Kasen
Realtor®
AgentOwned Realty
843.224.1980
mariannkasen@gmail.com
Realtor®
AgentOwned Realty
843.224.1980
mariannkasen@gmail.com
www.bestlowcountryrealestate.com
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