Buying a house in a depressed area?

fireburner23 · Jan 24, 2011

I've been considering buying a small house for a small grow operation (under 2KW) in a depressed area where house values are cheaper.

What are people's opinion of buying a house in a depressed area, where houses can go for 30k - 40k, vs a more affluent area, where houses can go for more than 90k?

ddrew · Jan 24, 2011

I've been looking at all kinds of 20-50K houses, some pretty nice ones too.
The trick seems to be finding one in a neighborhood where I won't be the only white guy.

fireburner23 · Jan 24, 2011

ddrew said:
I've been looking at all kinds of 20-50K houses, some pretty nice ones too.
The trick seems to be finding one in a neighborhood where I won't be the only white guy.

That seems to be my major concern, growing in neighborhood where I don't stand out, but some of these homes are real shitty. But how crappy do you go?

ddrew · Jan 24, 2011

I know.
Many have no appliances, some no furnace.
But there are some that I've seen that look pretty nice overall.

I'm looking at about 50K total home budget, 30-35K purchase, and 15-20K spent fixing it up.
I'm taking my time with the search, not planning on moving till summer, and not even then if the right property has not been found.
I figure it will happen, right house, right price, right neighborhood, just going to take some time.
I have a couple Realtors who have the specs of what I want that send me listings everyday.

hamstring · Jan 25, 2011

Great topic, I too am thinking haven’t looked into yet.

Why buy?? Can’t you rent these same houses with very little personal background info?? I have no idea it’s just been what I was thinking.

If you own aren’t you stuck with a house in a bad neighborhood. Most of these slumlords just want to see the green or that’s what I am hoping.

Also I think you would be surprised at how many different races live in these poor areas you wont stick out anymore than the next white dude.

TruthOrLie · Jan 25, 2011

buy so no one snoops in on your operation. duh

cyberwax · Jan 25, 2011

Consider where you are now, do you rent or own? If you rent, then buying a house in a depressed area is a good idea.

STFU · Jan 25, 2011

Wow median house price in my part of the bay is 850-900k. Im assuming this isn't a med state? Id love to know some depressed areas in Cali/Colorado.

supermanlives · Jan 25, 2011

for 90k you couldnt buy my garage LOL.if i did what your attempting i would try to fit in to the area i was moving in to. or you will end up regretting it

rick shaw · Jan 25, 2011

Why buy,just rent. Purchasing a house is a long term speculation. You don't have the money to get into a hot area to flip it. There are lots of rentals opening daily because of high unemployment.

litebuzz · Jan 25, 2011

the only places around my area with prices that low have insanely high taxes...go figure.

ddrew · Jan 25, 2011

I'm looking around in Michigan, lots of cheap stuff there.

fireburner23 · Jan 25, 2011

STFU said:
Wow median house price in my part of the bay is 850-900k. Im assuming this isn't a med state?

Id love to know some depressed areas in Cali/Colorado.

The Midwest part of the USA is plagued with a ton of depressed areas. Just look at Michigan in general.

fireburner23 · Jan 25, 2011

ddrew said:
I know.
Many have no appliances, some no furnace.
But there are some that I've seen that look pretty nice overall.

I'm looking at about 50K total home budget, 30-35K purchase, and 15-20K spent fixing it up.
I'm taking my time with the search, not planning on moving till summer, and not even then if the right property has not been found.
I figure it will happen, right house, right price, right neighborhood, just going to take some time.
I have a couple Realtors who have the specs of what I want that send me listings everyday.

What did you tell them you were looking for? If you don't mind answering.

michmedclones · Jan 25, 2011

Michigan has houses for $1000, yes they are in detroit but you can find a house that is OK for 5k no problem. Its not going to be pretty, but its going to be somewhere that no one is going to care what youre doing and no one is going to know. I am looking at 2500sq ft houses 3-4 baths full basement 2-3 car garage in move in condition for 30-50k and I will be in a house by summer no doubt. If you look you will find you just have to be open to some comprimise

STFU · Jan 25, 2011

Shit. Any depressed areas that are on the west coast? Hard for a cali guy to fathom moving to Michigan to buy a cheap house >.<

dachieftan · Jan 25, 2011

I think it all depends on the neighbors and the traffic that come through. If you have a through street in a "depressed" neighborhood, chances are that you will encounter more unsavory characters then you are comfortable with. Look for a house in a culdasack (don't know how to spell it) but basically there is a way in but no way out. Less traffic, the better for your situation. Also, look for elderly neighbors. Especially if they lived in that neighborhood for more than a decade. They typically stay home most of the day so they can tip you off about suspicous activity.

thingshappening · Jan 25, 2011

I own a home in Michigan. I prefer Colorado in terms of quality of life, but the property in the Midwest is so cheap that I was able to keep my home in Michigan.

I don't really have tips that aren't obvious. I guess the only localized tip I can think of is to know that they do use FLIR in Michigan, even in the medical climate. So if you're going indoor, have your script together. I laminate mine and hang it on the wall next to the garden.

rambo6372 · Jan 25, 2011

thingshappening said:
I own a home in Michigan. I prefer Colorado in terms of quality of life, but the property in the Midwest is so cheap that I was able to keep my home in Michigan.

I don't really have tips that aren't obvious. I guess the only localized tip I can think of is to know that they do use FLIR in Michigan, even in the medical climate. So if you're going indoor, have your script together. I laminate mine and hang it on the wall next to the garden.

WOW, what can leo do if they use flir and see all the lights in your home. How can I go about to know if my state uses flir?

teemu shalanie · Jan 25, 2011

Pro and Cons to growing in the ghetto
pro - people mind ther bizness
con - people might suss you out and jack u up
I personally would try to do a semighetto grow , maybe spend 70 instead of 40?

TS

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