All Forum Posts by: Rod Smith

I have purchased an investment property and was wondering if anyone has ever bought something that you have 2nd thoughts on why you did? Unfortunately it is not in a very good area at all (really bad). Houses do not appraise very well at all due to lack of growth and low income. Was purchased at auction and due dilligence was very limited. As I type this it further resonates with me what I did..ugh. I think Sect 8 could be a possibility but also at what point to you just cut your loss and try to sell knowing you gonna take a hit? Any help/though are appreciated.

Thank you Lisa for your response! I believe I am going to pursue this route.

I recently purchased a property in not so pleasant part of town. Has anyone tried to get their property rental classified as Section 8 housing? If so, how did you go about getting it enlisted as such? What besides the obvious are the problems/issues going this route?

Thank you for your response! I too will have no mortgage as I paid cash for the house and will pay cash for rehab. My initial thoughts are to hold and rent it because it will cash flow. I guess we will have to be patient and see if appraisal goes up after rehab or not?

I recently bought a house at auction in a not so desirable part of town. I purchased the house cheap (25k) and it needs rehab (20+k). Homes in the area seem to be on the decline in value. There are a lot of homes for sale it seems in the 30k-50k range. I was planning on buying, repairing and renting, possibly using BRRR strategy but know I'm not sure what's best due to the area's lack of economic progression and low housing market values. Any suggestions or thoughts besides buy in a better neighborhood which I get now)?