Diamond on the roughest side of town
Hi everyone, I'm a newborn in real estate but I have been doing a lot of reading in the forums, listening to webinars and reading books on real estate. I had plans of purchasing my first house closer to end of this year. I live in Detroit, MI and there a lot of great homes to buy but you have to be careful about the neighborhoods. I recently found a house that I am very interested in buying. It is a very decent home and it is already occupied so there is nothing to do but collect rent. However, it is in a notoriously bad neighborhood. If the present tenants were to move out, I think it'd be hard to find someone else to move in that neighborhood. I'm not sure if I should just live in the now and purchase my first home regardless of this flaw or if I should run like the wind. Would you purchase a diamond on the roughest side of town?