Which location is better?

Question

I live currently in Connecticut but I want to move down south to either florida or south Carolina. I am wondering which markets has more opportuntities for new investors?

Russ Scheider · Answer

2 of my Charleston investor friends run secondary operations in Florida.  FAR more deals in Florida, but our margins are a bit better in SC.  Not a very scientific study of the market, but that is the info I have

Jim Claunch · Answer

Account Closed

I am in Panama City, Florisa. The market here is strong as it is the growth area since much of south Florida did its growing earlier. We call the area in the Florida panhandle LA (Lower Alabama) .  We have active investor clubs here and in Destin to the west of us. We get the beach traffic from Atlanta and Birmimgham . The beach here is sugar white and our Chamber of Commerce bills us "The world's most beautiful beaches." The cost of living here is WAY less than south Florida. We love it.

Jason Hatfield · Answer

WOW!  Tough call.  I know both CT and SC so I'll give you my 2 cents.

CT: such a diverse state.  I grew up outside of Boston and moved to Enfield CT in 2007 to enroll in the night and weekend program at UCONN.  I worked full time just across the border in Springfield MA until I graduated in 2010, lived in Rockville, CT for a year and then relocated to Baltimore for my company. If I had boots on the ground I would be buying EVERYTHING I could in Enfield.  Springfield MA schools are the definition of terrible so anyone with a family that works in Springfield try's to live north or south of the city. Enfield is the next town to the south and with MGM opening an $800 Million Casino in Springfield, people are flooding there for jobs.  Also, my Wife is from Torrongton and some of my best friends are in Manchester.

Greenville SC:  I don't know this market as well but I have a SFR there.  It was my Father In-Laws primary residence and we took it over when he passed away.  We spent two weeks there cleaning out the property and getting it ready to rent.  I was impressed with the city as a whole, the job growth, and other factors.  I plan to start building a portfolio of BRRR properties there within 18 months.

Honestly, if I had $2,000,000 to invest today in buy and holds I would probably split it 50/50 between both markets.  I dont think you can go wrong either way as long as you do a lot of due diligence.

Feel free to message me if you want to discuss further.

Best of luck

Live Long and "Prosper" (meaning make a crazy amount of money :)

Ashley Jackson · Answer

Account Closed, i am a new investor in columbia, sc.  I haven't done my first deal yet, but I am making a lot of good connections.  The market seems to be doing pretty good. You might want to send colleague requests to several sc investors who have done deals to get their takes on the market...that might help.

Account Closed · Answer

Great posts guy, so much information to take in for sure!!! In florida I was looking around the tampa market, in south Carolina I was looking around Charleston, Murrell Inlet, Myrtle beach. Any of those good markets to start in?

Account Closed · Answer

Thanks for all the input guys!

Russ Scheider · Answer

As a full-time professional investor in Charleston I can say to @Leslee Cook "The struggle is real!"  You assessed the 2015-2016 Charleston market quite well.  We are making our living in the dark corners (niches) of the market right now.

Leslee Cook · Answer

My husband and I are also in CT and beginner flippers.  The market for flipping I think is better in CT due to the lack of NEW homes.  We are looking to move to Charleston and have made several trips down there.  They are cheap labor and are putting up new houses by the 1,000's for not much more than a used home.  I really don't think we'd be able to make any money flipping in the Charleston area simply because the new homes are so reasonable and there are sooo darn many of them.  Granted the influx into SC is probably higher than the inventory, but you also have to be careful where you are investing due to the lack of zoning laws in areas outside PUDS.  Not many people (from New England) will want to move into a used house (as beautifully rehabbed as it may be on the side) to live next to a tin can with garbage strewn all over.  Know your area!!

Jeff Lezark · Answer

Having lived and worked in Florida for 30+ years I'm a little jaded. Florida would be my preference because of the obvious influx of Boomers from both the Northeast, Midwest, Canada and South America. Plus, according to this report, inventories are about to grow here dramatically

http://www.cbsnews.com/media/10-states-where-bank-...

Jeff Moore · Answer

I lived in Folly Beach (Charleston) and now live in PCB Florida. The prices in Folly Beach are ridiculous. To give you an example I rented a 2/2 house for $1300 a month that was about 5 blocks from the beach. That house sold for over $600K. I moved to Panama City Beach and bought a 2/1 3 blocks to the beach for $100K. My mortgage payment is around $600 a month with PITI. I could easily rent this house for $900 long term or about that much per week short term. I'm not too familiar with Tampa but I know the beaches are not that good down there. But the fishing is awesome. I'm an Agent in PCB if you need any more advice on this area.

Which location is better?

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