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Well I am finally seeing it happen in real time...in the community I live.
I am active in Homeowner's Association in my Myrtle Beach, SC community.
We are Lakeside and just 5 minutes from the Beach with the new roads.
I saw a list of the homes owned by people from CA and WA and it is
growing. Apparently there is a network of over 2000 people dealing with
select realtors who find fast growing and escalating value areas in new
communities here and elsewhere.
The out of staters are buying homes here and renting them for $1050 per
month which covers mortgage and practically all expenses with some left
over for repair. In speaking to one from WA, he can not afford to retire
where he lives plus he believes the escalation in value here will give him
a better profit than the stock market. Apparently, his particular effort
was started by a group of stock investment club women who are also doing
this.
It is having a negative affect on our Family community since many renters
are college students...away from supervision...FWIW. But that is being
gradually dealt with.
I am thinking about doing a few properties myself. There is no let up in
demand here.
Just FYI.
Sincerely,
John
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