Posted by ken on November 09, 2003 at 18:39:59:
You can make money in a bad area but you better have the stomack for it or do not buy there. You need to make a good deal while you have seller over the barrel,otherwise you will soon be the seller over the barrel.Hold out for no balloon, do not let his problem become yours.You do not need his house you just need a house try the other sellers in the area
Bad Location - Posted by Craig
Posted by Craig on November 09, 2003 at 18:27:34:
I am first time investor and I can purchase a property for nothing down. A small 3 bedroom, but is in a bad location. Broker states seller is movtivated and broker also owns property on that same street which she rents. Neighbors tell me person who lived there before stayed 20 years. Positive cash flow of $125.00 a month. Most renters in area are on HAP or Section 8 program. There is a second house on the property that needs work, but if fixed up can get another 300.00 a month. Not sure how much the property will go up in value in that area. Would have to pay seller a balloon payment in 5 years of approximately 27,000. Should I leave bad locations alone?