North Carolina And South Carolina Types Of Investment Properties

If your set on investing in property in the Carolinas as a form of income, a few suggestions…

I like residential income properties because everyone needs to live somewhere.

A duplex is nice because you can rent out one side and live in the other. However, it has drawbacks because you’ll be forced to share the yard, and live near your tenant.

A single family home has drawbacks because if you lose one tenant, it’s totally empty and you’re losing money.

Multi-family units are great because it’s rare that it will be completely empty, although the more people you rent to, the more issues you’ll have to deal with.

I also like to find the worse house in an up and coming area. You can fix it up and resell it for a profit, or keep it to rent out. Or you can always keep in and live in it yourself when you're ready.

You can also buy raw land without any building on it.Raw land is great because there’s no building to maintain and watch depreciate. You can subdivide the land and sell off pieces to cover some of your original investment.

Another option growing in popularity these days is to rent the land to someone who wants to build a building on it. At the end of the lease, the building is yours!

If the land is suitable for farming…you can also lease it. It's a great way to contribute to the community, provide jobs and still maintain the integrity of the land.

Great places to invest in North Carolina and South Carolina can be found along the I-85 corridor. The cost of living is still very affordable. Real estate prices have remained more stable along I-8 due to the rapid growth it has experienced.

Land is available along I-85 at affordable prices. Small towns along the route who have been waiting for development are seeing the benefits of living near the Interstate, with new jobs being created in everything from industry to tourism.

Definitely worth taking a look at.  As I-85 continues to move north from Atlanta towards Charlotte, NC, with Spartanburg, SC and Greenville, SC in between there are plenty of great towns to choose from.

Along the corridor you have excellent access to the mountains of North Carolina, the beaches of South Carolina, and great cities, including Atlanta, Charlotte, NC, Columbia, SC, and Asheville, NC.

Combine accessibility with a wide choice of colleges, and good public schools and you have an area that will continue to be in high demand.

For more information, read “Explosive Growth in the Booming I-85 Corridor”.

Finding an undervalued home to buy as an investment is a great way to ensure a good return on your money.  As I said previously, I like to buy the worse house in an up-and-coming area. The old saying is you make your profit when you buy a property, not when you sell it!

One way to find “good deals” is to look for foreclosures.  Go speak to the owner and try to make a deal before the lender forecloses, or wait until the lender has taken back the property and make an offer. Banks don’t like to own other people’s property.

It is not uncommon in North Carolina and South Carolina to find people who live out-of-town, but have been left a property by a deceased relative.   Usually they don't want to move and are more interested in liquidating as quickly as possible.  This often leads to the cost of the property being less than the market value.  Attorneys are good sources of these situations.

Another way to find an inexpensive home is to search builders’ websites and look for their “spec” homes.  If you're not familiar with the term, spec homes are homes the builders have built without an immediate buyer, and if there is a lack of demand, they are looking for aggressive ways to sell.  Especially at this time with the decline of the housing market.  Sometimes builders will overestimate demand and be eager to unload these homes at lower prices.

Another great place to find good deals are to look for fairly new developments that are just about sold out.   Big builders will discount prices on the last couple of homes, so they can move on to their next development. And you may also find a great deal on the home they used as their sales office.

Hopefully these tips will assist you in finding your investment property in the Carolinas.

I think the most critical thing in investing in property is to make sure you leave room for the unexpected.  There is always a twist and a turn we didn't expect.

If real estate is right for you, it can be a great opportunity.

North Carolina and South Carolina offer many towns to find great properties.

Investing in real estate involves lots of patience and research, but your efforts will really pay off.

Good Luck!

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About Bob Bencivenga

Bob Bencivenga

Bob Bencivenga is a professional site locator and location analyst for major corporations. Bob researches the growth of NC and SC to find the Best Places to Retire or Relocate that are still affordable.

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