Homeowner · PA · Member since 2009 · 2 posts · 0 votes
I’ve seen in posts and in books advice to newbie investors to find cheap properties in low income areas, but to stay away from properties “in a war zoneâ€. But these posts and books never quantify what the difference is between a lower income area and “a war zoneâ€. As a newbie myself, I want to be able to recognize the difference. Can you help me understand in a quantifiable way what the differences (and similarities) are between the areas? Does it just boil down to crime rates?
Real Estate Investor · North Carolina · Member since 2008 · 1k+ posts · 483 votes
17y
Neighborhoods can drift, either upward or downward.
I've got a couple properties in a border neighborhood that the police and city are targeting both for crime and code enfractions. Many houses are boarded up because the landlords won't meet standards, and soon they will be torn down on the landlord's dime. Looks bad now but once the riffraff are gone it will be a nice family neighborhood again.
You can play a part, too. Screen your tenants well and enforce your lease. I tell my tenants to report any problems in the neighborhood to me and I will pass it on to the cops. My tips have shut down two crack-houses (not counting the tenant I kicked out for selling crack).
What significantly contributes to the problem are SLUM LORDS. I've got one in this neighborhood, a really friendly guy, too! But I've dropped a dime on him and will do it again if needed.
One key to remember is that strong landlords can turn a neighborhood around.
Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
17y
ABSOLUTELY! You never know when some tenant you've evicted will blame you for their current life situation. Deadbeats and scumbags never blame themselves for being homeless; being arrested; or anything else bad that happens to them. Our socialist government has taught them that they are a VICTIM of the evil rich capitalists in this country (like landlords). A landlord is an easy person to blame for their circumstances and I've had deadbeats say as much in court (that I "made them homeless", etc).
The police investigate crimes - they don't prevent them! Rich - YOU are responsible for protecting yourself and your family. It's far better to have a gun and not need it than to need a gun and not have it.
Always remember, when seconds count, the police are only MINUTES away!
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
17y
More than landlords being blamed - deadbeats have this idea that somehow landlords are "rich" (especially ones that publish books about how rich they've become).
While we certainly have more equity and have more cash flow than a deadbeat (most of the time anyway) we're certainly going to be an enraging target if one of said deadbeats thinks you're a good score only to be disappointed.
Someone mentioned snakes. At least carry some pepper spray Rich. I carry my gun for varmints of the 2 legged and 4 legged variety. Going into a vacant REO, you never know which will be hanging out in there. A rabid dog can be just as dangerous as a deadbeat.
Investor · Milwaukee, WI · Member since 2009 · 89 posts · 44 votes
17y
Originally posted by Tim Wieneke:
More than landlords being blamed - deadbeats have this idea that somehow landlords are "rich" (especially ones that publish books about how rich they've become).
While we certainly have more equity and have more cash flow than a deadbeat (most of the time anyway) we're certainly going to be an enraging target if one of said deadbeats thinks you're a good score only to be disappointed.
Someone mentioned snakes. At least carry some pepper spray Rich. I carry my gun for varmints of the 2 legged and 4 legged variety. Going into a vacant REO, you never know which will be hanging out in there. A rabid dog can be just as dangerous as a deadbeat.
A friend of mine in Tennessee had some problem tenants. These tenants left four puit bulls in the basement without ANY food. Imagine returning to clean out your property a few days after and facing FOUR purposefully starved PIT BULLS.
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
17y
I'm heading to LA in about a month and just like last time I went there, it's on fire again. Fire, earthquake, mudslide.... Reminds me of some Colorado mountain communities and Gulf Coast hurricane zones too.
I wonder how many people who think they're in "nice" neighborhoods don't realize they're in mother nature's war zone and she's one bad mutha.
Real Estate Investor · Member since 2009 · 260 posts · 119 votes
17y
Originally posted by NC Mark:
I, for one, feel much better that there are so many law-abiding citizens out there carrying concealed guns.
With this bad economy the population of desperate criminals will only increase.
Me too, I only hope they are somewhat accurate :wink:
If most people carried, a punk would be far less likely to hold up a 7-11 if he knew the chance of someone behind him with a red dot on the back of his head was pretty good.
Real Estate Investor · OH · Member since 2008 · 1k+ posts · 86 votes
17y
We have one of the strangest CC laws that I have ever heard of. You don't have to qualify with the gun that you are carrying and you only have to reapply every 5 yrs. I do not have my CC permit yet, as long as I am in working, Ohio has an affirmative defense to carrying concealed, as long as you carry large sums of cash or work in high crime areas, you are considered a “prudent man going armedâ€.
I don't agree with our laws. As police officers, we are required to re-qualify every year and you must qualify with the exact weapon/ weapons that you are carrying on or off duty. One instructor that I spoke to qualifies all of his students with 22 cal six shooters. That is ridiculous. Anyone carrying a handgun should have to qualify with the weapon they are carrying.
Both my wife and I are going to go through the 12hr course. She is a nurse and she carries all the time, since she works 3rd shift. I’d rather have the permit, just to avoid the legal expense of being charged and then having to prove the affirmative defense.