HOUSINGNEWS REPORT
FEATURED ARTICLE
STATES WITH MOST OUT-OF-STATE SFR OWNERS
Because of the financing, because of the availability of technology and the information, it allows us to connect to local boots on the ground, evaluate them and their performance, and evaluate markets because of the data.”
Florida 365,959
North Carolina 202,431
Tennessee 185,116
Arizona 162,069
Georgia 159,899
Texas 139,358
California 117,139
Michigan 116,137
Pennsylvania 113,070
New Jersey 108,919
Adam Whitmire Director of Acquisitions and CTO, The Whitmire Group
Third generation real estate developer Adam Whitmire realizes this is not his father’s housing market. “Because of the financing, because of the availability of technology and the information, it allows us to connect to local boots on the ground, evaluate them and their performance, and evaluate markets because of the data,” said Whitmire, director of acquisitions and CTO at The Whitmire Group , an Atlanta- based company that aggregates and sells turnkey single family rentals mostly in Alabama to investors from across the country and overseas. Whitmire said the single family rental industry was transformed by institutional investors in the wake of the Great Recession, and the innovations birthed during that transformation are now
or baby boomer homeowners flush with home equity wealth — in high- priced markets are looking beyond their backyards for real estate investing opportunities. And they’re increasingly finding the data, technology and online platforms enabling them to actually buy outside their local markets, according to Gary Beasley, CEO and founder of Roofstock , an online marketplace for single family rentals. Many of the buyers are coming from politically blue states and investing in politically red states. “A lot of demand is people in the Bay Area and New York City looking to buy in the Southeast,” said Beasley, former co-CEO at Starwood Waypoint Homes, which earlier this year merged with
trickling down to individual mom-and- pop investors.
One California Rental for 27 in Alabama “We can sell a package of 10 to 15 homes to an individual investor whose 401(k) didn’t do very well during the recession,” said Whitmire, providing as an example a California woman who sold the one rental property she owned in California and used the proceeds to purchase 27 rental homes in Alabama through Whitmire’s company using a 1031 exchange — which allows an investor to defer taxes on capital gains when trading investment property.
“She’s making a very significant cash flow,” he said.
Passive investors — think young professionals with well-paying day jobs
ATTOM Data Solutions • P2
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