Posted by adam on April 24, 2006 at 19:14:16:
i would stay away. it seems like thats what your leaning towards anyways. numbers will help in your decision, if you can make 20k, send your husband over there! trust your gut! otherwise i would say NEXT!
First Potential Deal! Need advice! - Posted by Rebecca
Posted by Rebecca on April 24, 2006 at 16:26:15:
Hello Everyone!
After making the decision to better our financial situation, my husband and I are looking around for deals. We think we found one… its a house on the not so nice side of town.
My problem is that I was mugged twice before, and it truly impacted my comfort levels in areas that are not good. I surely don’t want to allow this to make me miss a great deal, but at the same time I am worried! Has anyone had any bad experiences working on houses on the bad sides of town? Please advise!
Re: First Potential Deal! Need advice! - Posted by Tony Newbie
Posted by Tony Newbie on April 25, 2006 at 12:51:57:
Dont go by yourself, have 2 other people with you. My wife and I invest in Baltimore city and never do we go alone. Lots of good properties for revilitizing neighborhoods.
Re: First Potential Deal! Need advice! - Posted by Elizabeth NJ
Posted by Elizabeth NJ on April 25, 2006 at 10:19:30:
Rebecca,
As an active investor & a woman, I feel the need to respond to your query – I see the other responses thus far are from men.
I too have been mugged more than once (in Manhattan & in Brooklyn). I know it may sound condescending, but you have to move past that event or it will cripple you, and I’m not just talking about real estate.
I can walk around in the “worst” neighborhoods here in NJ and no one bothers me. I talk to people I meet on the street in those neighborhoods and have never had a problem. [I’m 5’1", not tall by any stretch of the imagination.]
First, how you carry yourself – your body language – speaks volumes. If your body language says you anticipate being jumped, I can guarantee you will be jumped. If you carry yourself with an air of confidence and assertiveness, you will be surprised at the reception you will get.
Now, about the areas you’re talking about. Just remember this one thing – people are already living there, so your potential buyer is already in that neighborhood.
Evaluate the property & the potential deal on its merits as you would one in any other neighborhood. Common sense would dictate that you not go into any area by yourself after dark. I prefer to go on weekends when people are outside washing cars, shopping, etc. so I can chat up the people I meet.
Good luck.
Re: First Potential Deal! Need advice! - Posted by Berno
Posted by Berno on April 25, 2006 at 09:58:02:
If done a couple of fix-ups in the worst area of my small city. I’ve never had a problem with folks in the neighborhood and have become quite friendly with a few (these are the folks that are outside during the day, not the same as those who hang at night!). That being said, once you are looking to sell a fix-up it’s a LOT harder to do in a bad area. Most people know where the bad areas are and don’t want to live there. If you try to rent, you generally get people who are from that neighborhood and may not be the best renters. If you get someone in that is new to the area, they will quickly find out what it’s like and start looking for another place…that’s happening to me right now. Apparently having the SWAT team stage for a raid outside your bathroom window isn’t my renter’s idea of fun.
Re: First Potential Deal! Need advice! - Posted by Joe Kaiser
Posted by Joe Kaiser on April 24, 2006 at 21:01:54:
It’s a tough enough business as it is without having to deal with these
kinds of things. Stay away from anything remotely questionable. Those
deals will get you broke.
Joe
Re: First Potential Deal! Need advice! - Posted by Ken
Posted by Ken on April 24, 2006 at 18:03:43:
I buy houses all over and i do not have my wife come to the bad neighborhoods.They will also be much harder to sell or rent and more likely to be broken into and have supplies stolen.Iwould suggest if you are not comfortable in a given neighborhood do not buy property there. You will find deals in better areas if you look there
Re: First Potential Deal! Need advice! - Posted by Bob Eberle
Posted by Bob Eberle on April 26, 2006 at 21:44:50:
Someone once told me go early. Real gangstas sleep in.