Investing in Houses that Cost less Than $15,000
I would like to hear from people that invest in the houses under $15,000 (not at the auctions) that are for sale everyday. All of the advice that I see on BP is about staying away from the roughest neighborhoods. I, myself, am a landlord in Pennsport, where I can apply all the rules of thumb about tenant screening to my applicants and I get a good pool of candidates to choose from every time I have tenant turnover. However, I see sales everyday on MLS in neighborhoods that would suggest investing will not be a good idea and there are plenty of sales for under $10K even. I would like know what is your exit strategy? If you're landlording, how much cashflow are you expecting every month when you purchase a cheap property? Lastly, if you're not from the neighborhood that you're investing in, how do the neighbors react to your projects?