Southern Impression Homes alongside the sister company, SunCoast Property Management, provides ongoing staff support and revenue to the overall operations. This allows us to fund and manage investments with lower payroll and overhead than other builders and private equity funds. It also provides our team with the ability to directly participate in management of the rental properties once they are built to deliver the best possible returns for its landlord clients.
Approximately 80% of Southern Impression Homes are sold prior to construction to landlords looking to expand their rental portfolios. Buyers of these properties secure their purchase contracts with a 10% binder deposit. This is much different than retail home sales.
It's in the Numbers
We are always looking for new markets that meet the metrics and demographics for us to build and lease a home at an attractive rental yield. When we pick an area to build in, we ask questions like, “what is the median income per household there?” If the median income for a household isn’t three times the annual rent we want to lease a home for, it’s won’t work. People living in an area must have the income to support the rent that we intend to achieve. We also look at crime statistics. Even if the rent numbers work, people don’t want to live in high crime areas, so we avoid those.