I'm in an up and coming area...what's the move?

Question

I've relocated to Lexington, SC from NJ, where I personally believe has the potential to be the next up and coming area.

Number 2 school districts in SC, weather is amazing, wages keeping up with inflation, way of life, tons to do, and 10 minutes from South Carolina University (among some of the top rated universities)

Trying to get ahead of the game, I'm in the process of getting my real estate license so I have access to what is avaliable because the housing shortage here is insane. There is a ton of land avaliable, just not a lot of places to stay. Also, they are very strict on the short term rental business (not that it completely cuts it out of the game, but they don't make it easy)

If you were here, with your real estate license, and thinking this could be the next big area people start seeking out what would your move be?

Jay Faulkenberry · Answer

Amelia, I grew up in Lexington but moved to Myrtle Beach recently. What part of Lexington do you live in? Lexington has been growing exponentially for the last 30 years and it is still growing because of what you mentioned: climate, shopping, attractions, and proximity to Columbia, not to mention Lake Murray.

Lexington traffic is very heavy daily and 10 minutes is usually not enough time to get to Columbia. I advise being careful in "advertising" that unless you are closer to West Columbia and the airport.

I lived in the Red Bank area and worked in downtown Columbia next to the USC campus. It took me 45 minutes or more to get to work and home during the rush hours even though I had three or 4 routes to choose from. Hwy 1 and Hwy 378 are parking lots many times. Now that they have widened I-20 (When it is finally finished) it should help.

One of the reasons I decided to move to Myrtle Beach was because the traffic is not as bad here as in Lexington - even in the summer with tourists. I know that may be hard to believe, but it was one of many reasons I moved here, I am a REALTOR®. Yes, that is subjective and many may not agree with me, but after 40 years of living in Lexington and visiting Myrtle Beach multiple times per year, that is my honest opinion.

Let me know if you would like my thoughts on the areas.

Michael Dumler · Answer

@Amelia Foronda given the market is 10 minutes away from USC, it sounds to me that student housing may be a viable option for you to explore. I'd start networking locally and connect with top players that are implementing student rentals in their business. New development could be a suitable avenue as well since you mentioned land is available. The two real estate categories are entirely different however and will require different skills and connections. I'd recommend looking into both but then firmly choosing one and sticking with it until you get business rolling. I hope this helps!

Bruce Woodruff · Answer

You don't need a RE license to invest and take advantage of this market. I would look for the worst are next to the best area and drive around a lot....see if some houses are being fixed up. Does it look like gentrification is on its' way? If so, buy a fixer of two and make them beautiful and wait for appreciation to roll over you.

If you can do this in an area close to downtown maybe, then you could consider STRs as well.....

Troy Gandee · Answer

@Amelia Foronda It mostly depends on what resources you have available. If you have the capital, I would go multifamily. If you don't have a lot of cash, I would buy affordable single families in lower income areas that have long term prospects to gentrify. I bought a lot of single families in what were bad neighborhoods 3-6 years ago. Those neighborhoods have grown tremendously. They went from low income to near median prices in a couple of years time, so I was able to sell almost all of them for 2-3x what I bought them for. I rolled that into multifamily and effectively tripled my unit count in less than a year.

Eliott Elias · Answer

Buy everything

Colton Hahn · Answer

First off congrats on potentially finding a diamond in the rough!

What I would do is look for a duplex or triplex that is positioned in a good area. Get some cash flow and if the market does happen to do what you expect then the value of it will sky rocket too.

Good luck!

Amelia Foronda · Answer

@Jay Faulkenberry

We’ve been here for a year and a half. We are in downtown Lexington right next to 20. I have seen the heavy traffic closer to the Lake or off of Sunset but maybe where I am in particular is much faster to get to USC. So I can totally understand where your coming from. Since we’ve been here many locals have mentioned the growth just in the past year. I have many people from upstate interested in this location and I can see why. Locals have told me how bad the traffic is compared to what it once was, but coming from NJ I’ll take this traffic all day. I’m interested in the Riverbluff area particularly, locals are trying to find ways to get that way too and with the land over that way I just see a lot of movement and potential and thinking of the moves I can make. But I really do appreciate your feedback because yes maybe it’s 10-15 mins for me to Columbia, but someone only 4 miles from me could have a totally different experience. I’m going to stay in touch though because I’m sure you have a lot of great insight to Lexington and I’m just seeing it for what’s it’s been for the short time I’ve been here. Thank you again

Conner Olsen · Answer

@Amelia Foronda I'm having success with furnished 30+ day rentals. Also if you are close to a university maybe targeting students or young professionals.

I'm in an up and coming area...what's the move?

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