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Updated almost 11 years ago on . Most recent reply
Investing in run down neighborhoods (Los Angeles)
I own a property in a nicer part of LA that I property manage myself.
For my next deal, I'm considering a 12 unit in South Central LA and am currently in contract. The deal makes a lot of sense, financially. However, the area is VERY run down. The building has property management and I'd definitely keep them in place should I move forward.
Ideally, I'd like to drive the property once every couple weeks, but basically never deal with the tenants.
Not sure if this approach is realistic... just dealing with the property management for repairs and collecting rents.
Anyone else in a similar situation?
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@Michael Wolffs a few things I'd note about your post. First, there are nicely maintained buildings in run down areas. They tend to do better because they stand out as good places to live and tenants have fewer "good" options to move. However keeping your building nice in a challenged neighborhood takes a plan as noted by @Mitch Dowler and takes hands on attention. If you won't do this yourself, make sure your property manager is well above average.
Next, there is a saying among boat owners that the two best days of a boat owners life are the day he buys his boat and the day he sells his boat. Point being you must truly love the activity to gain pleasure from the expense. If you're simply placing money to earn a return, I'd suggest you find less risky and less hands on investment opportunities. Otherwise you may find yourself a very unhappy "boat owner..."
Best of luck!
-A