I am currently under contract with an owner to purchase a property in an area with high crime (gang related). This contract is currently under attorney review. however I am considering backing out of the deal, not because there is something wrong with the property or the numbers, I fair for my safety. I have a FHA loan which would require me to live in the property for a least a year. Should I pull out the the deal or just stick through it?
What ever you feel comfortable with. But keep in mind people are people if you treat the respect and demand respect of your space you should have minimal problems.
We invest in high crime and high distressed areas of Atlanta, you will always have some issues, but it all depends on your comfort level.
I had the same loan you had on my first property, had no real issues and it was in a very high crime area. I witnessed 4 people shot in front on my house within 5 years but that is the way life is. I, personally, never had any issues.
Hope this helps
@Rasheed Chambers this is one of those times when you can take other people's advice but you've ultimately got to decide what's going to be best for you.
If I were in your shoes, I would recommend renting or saving up more money and moving somewhere you find more comfortable. Another alternative would be to look for a structured situation like a lease purchase in a nicer area.
Good luck to you!
Everyone has their own comfort level. Me personally, I would not buy in a known gang related area especially if I had to live there. My safety is not worth the potential money I could make on the deal. You can always make money in another way. I would just keep working and save up to buy in a better location.
Thanks for the input Theo & Marvin I think im over thinking it, I had a bit of time to think it through and I think I can find ways to make myself more comfortable. Again ghank for tge input it is much appreciated.
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