In real estate, there is often flexibility. This can mean buying a home that you wouldn’t normally think of. This is especially true now. Dallas Fort worth The market because the supply has less than 3 months in stock.
I once told a colleague who was a former Marine deployed in Iraq and Afghanistan that he had a reservation for a house that he felt was more dangerous than the red belt with snipers. Well, I didn’t know how serious his comments were at the time, but I think that his remarks were true after this appointment.
Let’s paint mentally to explain how rough the area was.
I started arriving within 15 minutes of the property, so I quickly realized that I was in a tough area. Many of the commercial buildings were on board, some of which appeared to be abandoned and destroyed. Meanwhile, dilapidated houses lined the streets with wavy roofs, exterior paint strips, wooden windows, and backyard pitbulls.
This is not the type of area you want to get out of the car if you have a choice in the problem.
How to find this property
This particular lead was a referral from my website. She described a fairly typical situation in a probate scenario where there are several siblings who are not on good terms with each other on how to settle real estate.
Second, this house was once a busy drug house. You see, Typical..
This type of property was clearly far from what I would consider in the “wheelhouse”. From the beginning, I was thinking about wholesale exit strategies. Because of this probate property, one of his brothers lived in the property, but he really gave up himself as well as the property. One day, while he was high, his “friends” stole virtually everything from the house, from the fridge to the AC system. In addition, they even burned down some fixtures like copper wire and ceiling fans.
Despite the seller trying to warn me how much work the house needs and how rough the area is, I’m still not ready for what I see in the actual schedule bottom.
She described the house on the phone as a “black hole that absorbs light during the day.” She recommended bringing one or two of her flashlights. A closer look at the area revealed that it was in a very rough area of Dallas, even more war-torn than previously expected.
The seller was so worried about visiting the property that he contacted the Dallas Police Department to set up an escort for the day. In addition, her brother accompanied the appointment.
When I arrived at the property, as usual, I drove the comp and tried to get a rough idea of what the ARV was before stepping into the property.
As I was calculating repair costs in my head, all sorts of danger signs began to disappear. And I quickly realized that the numbers didn’t make sense for most buyers. To give you an idea, the tax valuation of the property was only about 37k.
The interior of the property has made a decision for me. It didn’t fit my purchasing criteria. Look at yourself:
Find a buyer
Fortunately for me, I have a few colleagues who buy such a very unique home. Keep in mind that not all investors operate with the same margins and do not have the same type of exit strategy. If the price is right, you can sell anything anywhere.
This particular property was sold to investors who made frequent purchases in the area. He bought these properties, did a little cleaning, did some very basic rehab (almost uninhabitable), and sold the house with the owner’s money. The seller then finishes repairing the house itself.
The morality of the story
Take care. Always send at least a text message or call your loved one to let them know where you are going.
In addition, I share a Google Docs calendar with my wife to let her know exactly where she is throughout the day in an emergency.
What is the roughest property you have considered investing in? What do you do to ensure your safety when you visit your home?
I want to hear your story — comment below!