The "close to Kendal Yards" properties...

[Jayson Cornwell]

Homes located in Felony Flats are starting to be listed as "close to Kendall Yards." If the Kendall Yards idea works out and the neighborhood starts actually becoming nice, here in the near future, would these homes be worth investing in?

I have read a lot of things that state "don't invest where you wouldn't live..." But there are houses in the area that pass the 50% rule with room to spare and could (if Kendall Yards succeeds) go way up in property value. 

Any advice for a new investor? 

[Landon Eskew]

I've looked at these areas as well and both of us being fresh RE investors here's my take - for the first couple flips/rentals I plan to do I want them to be easy "base hits" and I'm not looking to get a triple play or home run deals until I get my feet wet at least. Learn what contractors you trust and like to work with and create a network that you can rely on. Reading your profile it seems you've encountered this issue already before so make sure you find something with a low-to-you risk. Maybe you grew up near here or have family that does and you like the area then by all means go for it. I moved here a month ago from out of state and from every REI I've talked to they say avoid it like the plague. I'm curious to the idea of it though and I wouldn't be opposed to finding a place down there to work on, but the numbers would definitely have to work BEYOND WELL.

For the sake of being stereotypical, lets assume that the Felony Flats name exists for a reason.  Factor into your pricing the potential for theft of tools and construction materials even in a locked box or room, vandalism of all sorts, and also factor in that potential buyers or renters also understand these stereotypes and will demand lower rents from you for living in a "less desirable neighborhood."  Some contractors may flat refuse to work with you from prior bad experiences in the area or toss extra charges onto their bid to make it worth their time.  Remember the world we live in isn't always sunshine and rainbows.

Maybe you want to invest here because you don't have the capital to score a place on South Hill or up north in Fairwood and in that case I would recommend looking to more creative methods of financing.  You don't need to bear the purchase and construction costs all on your own - have some better financing help out with that.

Also, I found this post from your New Member Introduction and otherwise wouldn't have seen it.  Make sure to set your own keywords like others have and be sure to mention them in your posts so they pop up in peoples' inboxes.

Any other Spokane, Coeur d'Alene, or Post Falls BPers want to chime in on this?