Posted by brandoncbsre on March 22, 2008 at 20:01:33:
Simple…all you need is a double barrel shotgun and some string.
No really, there has to be easier money to be made within your area.
War zones - Posted by Andrew
Posted by Andrew on March 22, 2008 at 19:41:13:
There are a few duplexs on a specific street that are basically on what i would call a war zone. All the duplexes are for sale between 50k to 70k. If the area could be cleaned up of the break ins the homes should fetch about 120k. It seems like there are some people that just break in the windows and just mess around in the homes. (theres about 8 of them all for sale on that street) Not to mention that all the duplexs have boarded up windows while they are trying to sell. How do you clean up an area like this. The street is not really to thru traffic, so its most likely people breaking in that live in the neighborhood or visit their friends in that neighborhood.
So my question is, what can be done to clean up the area from the riff raff?
My Kind of Zone - Posted by Jimmy
Posted by Jimmy on March 23, 2008 at 06:16:30:
war zones are where I make money. there are some rules.
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you want to control the entire block, and not just 1 or 2 properties on that block. control is everything when it comes to rats, roaches and ghetto trash.
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having a crew memebr or manager live in one of the units during the rehab process is a great idea.
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get chummy with local law enforcement. let them know what you are up to. a few extra drive-bys at night can help. also, they may let you know whiah tenants need to be run off.
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Expect vandalism and retailiation when you chase off the trash. I always carry extra insurance for this purpose. On any vacant properties where you know you need to do work, carry builder’s risk. it will cover vandalism and theft.
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you have to have a backbone as stiff as iron to take on jobs like this. you have to be willing to throw worthless people under the bus (and the will be masquerading as single moms on welfare…). you know what your neighborhood can look like and be like when you finished. keep that objectiev in mind at all times. be firm, even ruthless. That formula has done very well for me.
Re: War zones - Posted by Ken
Posted by Ken on March 23, 2008 at 05:40:06:
Forget about cleaning up the whole area.By your own admission it must be the neighbors breaking in,you can’t buy every house in the area,just not practical.You need to realize you are buying into a ghetto and plan on selling out of a ghetto.You must buy cheap because when you sell you will probably get less than you expect to get.Keep in mind the people willing to live there usually have spotty credit and employment history making it difficult to get someone qualified for a mortgage.If i wanted a house there i would make offers on each of those 8 houses at about half of asking price and see who wants to sell the worst,one of them is burned out of being a landlord in a ghetto