Live in C/D Neighborhood for a Hack House?

Question

I live in Northern Virginia and I can’t find many cash flowing deals in my area. However I was able to find a 2 bedroom 1.5 bath in what many would consider the “Ghetto” it is under 86k and rents for around 1.1k. It is in a prime location near downtown Fredericksburg, VA. I could rent out the other room for around 500 a month. Then in one year I plan to move onto another deal and rent out the entire townhouse. What do you all think about this; Would you live in an uncomfortable situation to make a deal work?

Levi T. · Answer

Near downtown you say.. That's Bragg Hill normally.. There is a few others tucked in other corners, like Olde Forge, but they are all about the same more or less. The place has improved a little, because Dough, Thomas, and myself have controlling interest in that those communities... don't expect anything amazing, turnover is very high, and bank foreclosures are common at those price point, so much so, we don't even buy them for that price. Bragg has been a long time promise turnaround ghetto, that never turned around in the 40 years I have been on this earth.. If you do buy it, and get sick of LL'ing, you got my contact.

PS. Don't let the Google commute times trick you, anything inside the DC beltway is 3 hours in the morning, and evening when rush hour kicks in, at minimum. You will live at work just to avoid it. I worked in Alexandria, and Dupont, did Amtrak, VRE, and car commuting.. It sucked. Stay in the beltway, or work somewhere else. I live in AZ now.

Account Closed · Answer

The experience will cost you more time and money than you expect, but you could learn a lot from being a slum landlord.

JD Martin · Answer

I would live in an uncomfortable situation but not a dangerous situation. These days I would do neither but I'm not just starting out either.

Mark Cruse · Answer

I would do it for a multi unit, not sharing rooms with people I don't know in a ghetto.

Eric Mayer · Answer

I definitely couldn’t do it with a roommate. Imagine the applicants you will get for a bedroom in the ghetto.

Live in C/D Neighborhood for a Hack House?

Live in C/D Neighborhood for a Hack House?

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