Posted by Kristin on January 16, 1999 at 10:40:53:
laure,
Thanks for your post. It really gave me a boost. We just bought a package of 51 homes in a low-income area, and I’ve been nervous about it. The profit is definitely there, but I’ve never worked in this area before,and I was beginning to think I should have left it alone.
I’m keeping my fingers crossed that my experience is similar to yours. We plan to finish fixing these places up,and then help low income families purchase them, some with the help of the Houston Housing Authority.
It’s nice to know that someone else is out there with the same plans,and is already experiencing some success.
Thanks,
KRistin
I have 4 properties in a neighborhood. Now I feel like I’ve adopted this neighborhood. Every time a house comes up for sale, I feel like I should buy it… almost sad when I miss one… Can one small investor make a difference in a neighborhood? Can my rehabs improve a small area? I think so. Driving around a 5 block area I see siding going up, and over-grown trees coming down. Appears to be a little fever catching on. It’s exciting to watch my values go up as others are taking an interest. I am planning on starting to L/O these properties as opportunities present themselves. It’s a good feeling to offer nice homes for people to live in, and buy, to give them a chance to improve their lives when bank financing is out of the question. My risk is that a drug house will move into the area. But I will cross that bridge when I come to it. I am counting on Supreme Intervention ! LOL
Posted by Dan (NY) on January 18, 1999 at 15:12:14:
I feel that small investors can definitely make a difference, even more so than hundreds of thousands of government dollars.
Last year I bought a 4-unit home from HUD in a neighborhood that had seen better days. The first thing we did was paint the exterior. Neighbors began coming over to get quotes from my contractors. Even the police dropped by to say they were happy to see the house getting renovated.
Within two months three other homes on the block were repainted and I resold my investment for a decent profit! So you’re on the right track! Good Luck!
Posted by Tom Hutchinson on January 16, 1999 at 22:13:02:
I understand the feeling. I just closed last month on four properties in South Baltimore. It’s been a goal of mine to acquire a whole block and change the neighborhood. While this is a ‘block’ (end of group, interior, interior, end of group) it’s not as large as I’d like…but it will still be an improvement for an already transitional neighborhood.
I’d like to get a few more while the prices are low and benefit from my own improvements for the area. You definitely can make a difference in a small area as a ‘small’ investor.
Those who are intersted in such a program:
Realtors, sellers, buyers, lenders, closing agents and
builders (among others) will want to print out the
content of most of the pages at this site.
