A few months back I was working on a deal to aquire 4 buildings in New Haven, CT that fell through due a moron seller. Anyway to make a long story short the neighborhood wasn’t too bad at that point, low income but not very violent. Since then there has been a sharp increase in shootings and voilent crimes. It has gotten so bad lately that even the Gaurdian Angels have sent in people to run neighborhood watches, etc. There have probably been a dozen plus shootouts in the past few months including one last night that left 3 people hospitalized. The more I think about it the more I am glad I didn’t make that deal happen, I’m sure as the crime rate goes up the property values will suffer some. Just glad I don’t have to go down there to collect rent, I might need a full battalion as things escalate.
This might be the time to buy! :shocked
Mike
The price has to come down more to offset the cost of arming myself and buying a kevlar bodysuit.
What due dilligence did you do on the deal first?
Regarding the neighborhood? I did drive through it but I also knew the area somewhat already. It has gotten dramatically worse in the past few months.