It seems that everyone is waiting for the infamous “Real Estate Crisis” to end before they jump into an investment. But land is plentiful and there are all kinds of investment opportunities waiting. It’s evident that the banks are a little skeptical about lending money but there are other avenues to explore when looking for cheap land for sale in South Carolina.
Residential developers in South Carolina are working to unload inventory so that they can move into other projects. While financial institutions are not lending there are other opportunities for owner financing, land contracts, installment sales contracts and lease with an option to purchase contracts available with a low down payment. Eventually, the real estate market should ease up on lending restrictions and construction loans and other types of conventional loans may be available.
Recreational tracts, acreage and farms for sale in South Carolina have similar circumstances. However, there are other opportunities for investment property financing with larger tracts. I have found that a residential home on acreage is easier to finance as a primary residence because there are loans available for this specific type of property. Believe it or not, in some areas there is 100% financing for rural properties. It’s also much easier to get creative with a larger property because partnerships can form and split when joining or subdividing real estate. In some cases, the landowner will owner-finance their property to collect interest on his/her money while you benefit in having a low risk private loan.
These are just a few ideas and ways to invest in land. Columbia’s real estate market is actually pretty stable... and for me, there is no better place to live. Within a 2 hours of drive time you can explore beach destinations like Charleston, Hilton Head, or Myrtle Beach or you can drive the opposite direction and visit the Appalachian Mountains, Charlotte, or Atlanta. Don’t pass up an opportunity because you are waiting for everyone else to lead the way to prosperity. There is no better time to buy land in SC.