OfflineI have a question for the experienced investors... when it comes to doing fix and flips or fix and holds, what do you do if the property is in a bad neighborhood? I come across a TON of properties that are less than 30k (which is unheard of in the DFW, a 2/1 in a decent area is at least 80k) but I know the neighborhoods are the ones that I would be scared to walk around at night. Do you walk away from them? Do you do the minimal repairs and hope someone who grew up in the area and isnt afraid but wants a nice home will buy it? Do you DARE hold it as a rental?? As a Realtor I know that the rental rates are almost as high as the nicer areas of town, so if you arent scared it can be a HUGE money-maker... I dont know. By day its fine.. the night is a different story tho. I'd appreciate any and all feedback. Thanks!
Monica
Skeptic, turned hopeful, turned determined!
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I am not an "Experienced investor," but I work for a lot of people that are. They swear off certian neighborhoods, and then they say that they will buy in another neighborhood that I consider similar or even worse. I don't know what their rationale is, and I don't really care. I just find properties for them in the neighborhoods they want. Also, since I know they don't want properties in the neighborhoods they've sworn off, I see opportunity there.
I think a lot of time it has to do with resell, after market value, only. That is the only consideration of theirs. Crime is everywhere, and that has nothing to do with it. Heck, we had a dentist in the nicest neighborhood in town kill his wife here not so long ago, and in Texas a lot of people carry guns everywhere they go, especially us realtors, because we're out on the streets, in empty houses, etc. There's no telling what we'll walk up or in on daily. I've had some pretty scary experiences out there that rival those of my former careers in law enforcement, corrections and in the military which included a couple of years in combat.
Rick Allison, Realtor
Amarillo, Texas USA
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