Bank financing is around 6-7% annual interest. so property value must drop 30-40% in order to encourage people to stop paying mortgage!

The house is in way nicer shape than the foreclosures that I usually buy.I would encourage others to give it a try if you have the time and patience to wait it out.

Oh please Jon, let's not encourage newbies to be gurus, but I'm sure you're right, LOL.Kyle, I doubt 50k will get you in a dollar store, that doesn't touch the inventory.

When the census numbers came out and it shows that people are leaving the city and its' streets resemble urban prairies, not to mention that there's a roomer that HUD just came out with a new rule for it's Section 8 voucher recipients that make it impossible for them to rent a house where there is a vacant lot or boarded up vacant house on the 1 block stretch of the subject property.

great encouragement!!!

Giving any kind of lattitude will tell them you're a pushover.We've got dozens of articles on the BiggerPockets Blog about screening tenants and dealing with these situations that I encourage you to review ASAP.Good luck and keep us posted.

I can tell you that as a real estate broker, you're the type of investor I encourage my agents to avoid working with.

It would be VERY easy to "humanize" this issue and talking about throwing the poor out on the street (as it would be construed) generally would be hard to get any elected official to sign their name to... and certainly not a majority of politicians.Entitlements are sticky in this manner as the recipient becomes somewhat reliant upon the benefit (for example a 80 y/o who didn't save anything to rely on SS).

I encourage people to take position after city council allots the redevelopment money.

For every 100 mailers that are sent out - how many of these recipients will respond?