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Buying a house in a depressed area?

ddrew

ddrew

Active member
Veteran
thingshappening said:
However, it's worth researching extensively to determine whether you can sell your crappy house when you're ready to move on. Being stuck on dumpy property that won't sell really stinks. You've essentially thrown away the money long-term the same as renting, while also paying property taxes year after year. And while it does technically assist your financial portfolio as a property, this isn't necessarily a good thing for a canna-businessman; IRS takes note of property ownership. Rental agreements, not so much.

For me, the biggest draw of the growing lifestyle is the ability to live on your own terms. Being able to rent for a year, make your money, pack up ship and move on to the next adventure is a beautiful thing.
Click to expand...

You don't have to sell it for the same you paid if you're looking to relocate fast.
You can dump your 30K value home for 10K fast if you need too.
After that you are now 10K ahead, and had two landlord hassle free years of growing, rather then spending 30K on rent(plus renter hassles), and having nothing to show for it at the end of the lease.

Worst case, I just sit on the house and rent it out, or move a broke ass family member into it(we all have them)
And go ahead and move on.
30K is not that much to me. I'm fine with sitting on it for several years till the market improves.
 
whodair

whodair

Active member
Veteran
Buying a house in a depressed area?

following homosexual buyers into a rough neighborhood has proven lucrative many times ... pretty houses too !!
 
C

Cheeb

What are some of the cheapest electric rates in the country?

I know you left coast folks are paying out the ass for electric. Whats the average?

Our weather blows but we are lucky to have rates at under .10 kwh.

I'd be interested in hearing what rates run in other states.
 
F

feral

If you can do it then do it. Best investment there is right now.
In 2000 I bought a townhouse for 138,500. We sunk an even 100K into rehab and sold a few later after the neighborhood got cleaned up for 415K. You'll build your credit, no landlord to worry about, etc.
Use that to get what you want. Now I have a top floor condo in DC with sky views of the Capitol, Monument, National Airport etc. Cost 247k and it's PAID OFF!!!!.
 
jack Haze

jack Haze

Member
I'm unsure if I'd want an entire house for only two lights.

I just bought a place for $3,600. Obviously it's not in an idealic neighborhood nor a castle by any means. It is 2600 square feet of my own, private domain. The area is bad but not bad enough that dogs or my own brand of home security can't deal with. It's structurally sound and doesn't need too many cosmetics to make it a decent place.

Once I move in, I won't see anything but the basement for about two years anyway. After two years I'll be ready to buy in Malibu...
 
jack Haze

jack Haze

Member
No, I'm not that brave yet! The city will likely face the same fate as Detroit though.

Funny thing is. A buddy has tried relentlessly to get me to move up there with him. I'd kill myself before living anywhere near Detroit.

If you keep an eye on Sheriff sales and are relentless, you can find good deals.

I don't know if you recall the situation where my buddy was going to ''give'' me a house going into foreclosure.

I went out there and all the rear windows were broken. The interior was absolutely trashed. They'd ripped out both the plumbing and wiring. I went to look at it and when I got to the basement, 4 squatters had already taken up residence.

I should've taken pics for maximum impact! My life expectancy there would be roughly 2.5 hours...On a good day.
 
zenoonez

zenoonez

Active member
Veteran
Got any links in specific or is it just a check to see how the local counties sell off their property?
 
jack Haze

jack Haze

Member
I just went to the county website and searched sheriff sales that auctioned off Treasury/foreclosures. I found this place and went to the auction. Ironically, nobody else bid.
 
Sam the Caveman

Sam the Caveman

Good'n Greasy
Veteran
I wouldn't mind having a cheap place in a bad part of town, as long as there was an attached garage I could drive into, park and shut the door. I wouldn't feel ok with my vehicle parked outside for anyone to do whatever they please with it.
 
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