Buying rentals in semi warzones???
It's seem like a lot of people that I've talked to aren't really interested in purchasing rentals in rough neighborhoods. My question is why not?
I was just looking at property that was in good condition listed for $35k with a 71k ARV. It's will probably need about 5k to get in in rental shape. If I was to purchase this I would take out a hard money loan for 35k and put my own money 5k in it for repairs. After 12moths I would do a cash out refinance. The total rents for this property is $1200 a month, this is a duplex.
What do you guys think?