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Updated over 10 years ago,
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?