Best way to find apartments?

General Real Estate Investing
1

Does anyone have any advice on how to find apartments that are dumpy or in a war zone area?

I am looking to purchase apartments that are not glamorous. The uglier the better.

Thank you,

John

2
  1. Tear yourself away from computer and drive to warzone, start shopping.
  2. Pick up phone, call every commercial broker and place order.
  3. Get out calculater and analyze orders.
  4. Get fitted for flak jacket.
3

Why do you want apartments in warzones? Tenants are what make or break you in rentals. What seminar did you go to that is telling you to buy in bad neighborhoods? :biggrin

4

I have never been to a seminar that said to do this, however I love to buy multi-family property in the not so pretty sections of town. It is a whole lot easier to get a great deal. Of course I have a lot of experience on turn-around properties because of it. :banghead

Richard Stephens

5

Buying properties in warzones is a suicide mission. Veterans with credit, money, and experience MIGHT be ok buying in warzone areas. Good deal or not, I would stay clear of warzones. I will take a nice clean property in a good neighborhood with good tenants, over a warzone property that has a possibility of having big positive cash flow. Rehabs are great, but warzones are for slumlords.

You guys won’t have to compete with me when buying in warzones.

6

That is why I like them :biggrin

7

There was a couple of times I thought I could buy in warzones. I would go out with a Realtor and look at some nice properties. There would be kids playing basketball in the street and people sitting on their porches. It would have been nice, except it was 10:00 a.m. on a Tuesday. What happened to School and work. Then I would drive through the neighborhood at night. I’d see that the entire neighborhood was alive (drugs, prostitutes on the corner, and some bad folks). My gut always said “Don’t buy here”. If only losers live in the neighborhood and noone works, how do you get rent?

Warzones are disappointing. There are some nice properties that would be great to own. It’s the people that suck, and like others have said “This is a people business”. But if you can get a system down that works, you might be able to make some good money.

8

Lower middle class is fine, forget warzone though…