Buying a house in a depressed area?

[B. Friendly]

pops is a realtor and big real estate investor, so are all his brothers.
I was a realtor for 5 years and own some real estate, mostly luxury water front lots...

anyways, if you are looking at a neighbourhood and wondering what to buy, this old saying has great significance. "always buy the worst house in the best neighbourhood, ie buy the house with the most potential and you can never go wrong. it should in theory gain a higher return than similare product...

but its the bottom of the market now, buy buy buy if you can...

always buy the most expensive home you can afford, because in the future the payments are always at a bargain. that said in a dif way get what you want now, even if it's at your max because in the next market it might be out of your range... and as well it will be the best bang for your buck... pay now, reap the high market later.

 

[fireburner23]

pops is a realtor and big real estate investor, so are all his brothers.
I was a realtor for 5 years and own some real estate, mostly luxury water front lots...

anyways, if you are looking at a neighbourhood and wondering what to buy, this old saying has great significance. "always buy the worst house in the best neighbourhood, ie buy the house with the most potential and you can never go wrong. it should in theory gain a higher return than similare product...

but its the bottom of the market now, buy buy buy if you can...

always buy the most expensive home you can afford, because in the future the payments are always at a bargain. that said in a dif way get what you want now, even if it's at your max because in the next market it might be out of your range... and as well it will be the best bang for your buck... pay now, reap the high market later.

For some of us, we don't have the money to go out and buy an expensive grow house on top of our own house payment or rental. While buying a nice house and expanding your grow is ideal. But I am just looking for a more secure way to grow and not have the problem of 'shitting where you eat' kind of thing.

I forgot to ask earlier. Does it matter how far do you live away from your grow house? Does it matter if it is 1,2,5,10,20,30 miles away?

 

[DeRail640]

I bought a house in a depressed neighborhood on a dead end street here in cali for 26K first upgrade was a 200A panel and new wiring I did it myself but I am a electrician. the house is over 90 years old and needs a lot of work but it is coming along cheap house and no payment just utilities and taxes I have not had any problems at all.
keep the lawn and yard neat and clean and you will not have any problems all my neighbors are nice

 

[STFU]

Only thing that matters is gas and time to travel there. Every minute in the car is time you could be making money (filling rez, cloning, pruning, harvesting)

 

[Dr. Buddington]

I forgot to ask earlier. Does it matter how far do you live away from your grow house? Does it matter if it is 1,2,5,10,20,30 miles away?

I wouldn't buy anything far apart just because of the amount of time you'd end up wasting driving back and forth. Think about it, 1 hour to commute a day is 7 hours in the car a week and over 15 DAYS driving per year! Now what if you have to run out and come back, get supplies, etc? Good luck man

 

[ddrew]

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

10K-40K 3 or more bedrooms, basement, one acre or more of property, pretty simple.
I've been sent a ton of great looking properties that fit those specs already.

I also have a Realtor looking under the same specs, minus the one acre, so I can see what's available in town/city

 

[fireburner23]

10K-40K 3 or more bedrooms, basement, one acre or more of property, pretty simple.
I've been sent a ton of great looking properties that fit those specs already.

I also have a Realtor looking under the same specs, minus the one acre, so I can see what's available in town/city

Do you have a real Realtor looking for you or are you just looking at the online sites?

 

[thingshappening]

WOW, what can leo do if they use flir and see all the lights in your home.

Raid your home, ruin your life.

How can I go about to know if my state uses flir?

American state?

It does.

 

[fireburner23]

Raid your home, ruin your life.
American state?

It does.

Here ya go, this should help

Here you go guys check this out, some very good security tips, they dont start talking about securtiy until 3 minutes 22 seconds on the first video.
Part 1
http://youtube.com/watch?v=xMQ5SZm8dkU

Part 2
http://youtube.com/watch?v=qUmB5g7U3Zk

Part3
http://youtube.com/watch?v=s6DQjTxkcZo

Some great security tips!!

 

[OsWiZzLe]

Newest home possible....better wiring...better neighbors....and better insulation in the home...

yeah in So Cal you can move to the Inland Empire and get huge houses for low 200,000's that are brand spanking new

 

[teemu shalanie]

I seen condo in florida for 30-40 k be cool to buy
one if it becomes a med state?....
TS

 

[yeah]

Why is everyone talking a depressed neighborhood. Get a rental blow it up for a year or two and bank the money. Then buy a house where you want to live. That way if you ever stop your little hobby you have a house where you want to live and your not trying to get rid of a POS. Plus buying a house for a 2k grow doesnt really make sense. Take a look at your costs and with a 2k how long will it be before you recoupe your 30-50k and operating costs.

 

[fireburner23]

Why is everyone talking a depressed neighborhood. Get a rental blow it up for a year or two and bank the money. Then buy a house where you want to live. That way if you ever stop your little hobby you have a house where you want to live and your not trying to get rid of a POS. Plus buying a house for a 2k grow doesnt really make sense. Take a look at your costs and with a 2k how long will it be before you recoupe your 30-50k and operating costs.

That is a good question isn't it?

It appears that the reason for buying a house is privacy.

While you have a great point with that...except buying a cheap house for 20-40k is most likely cheaper than getting a rental.

While that is my opinion, I guess it just depends on what you wanna do, and can you be sufficiently secure to minimize risk.

 

[ddrew]

Why is everyone talking a depressed neighborhood. Get a rental blow it up for a year or two and bank the money. Then buy a house where you want to live. That way if you ever stop your little hobby you have a house where you want to live and your not trying to get rid of a POS. Plus buying a house for a 2k grow doesnt really make sense. Take a look at your costs and with a 2k how long will it be before you recoupe your 30-50k and operating costs.

Think about it.
I rented a house for the last two years, at the end of the lease I had paid in 30K total for rent, and what do I have to show for it?
Nothing.
It would be nice to have a 30K fixer upper for the same $ I just threw away renting.

Plus as a home owner who owns outright, you answer to no one, no landlord, no mortgage company, no one.
Pay your utilities, and keep the place up to code, and you're straight.

 

[itzgrowtime]

Think about it.
I rented a house for the last two years, at the end of the lease I had paid in 30K total for rent, and what do I have to show for it?
Nothing.
It would be nice to have a 30K fixer upper for the same $ I just threw away renting.

Plus as a home owner who owns outright, you answer to no one, no landlord, no mortgage company, no one.
Pay your utilities, and keep the place up to code, and you're straight.

Im with you on this one... WOOT

 

[Dr.Dank]

Why is everyone talking a depressed neighborhood. Get a rental blow it up for a year or two and bank the money. Then buy a house where you want to live. That way if you ever stop your little hobby you have a house where you want to live and your not trying to get rid of a POS. Plus buying a house for a 2k grow doesnt really make sense. Take a look at your costs and with a 2k how long will it be before you recoupe your 30-50k and operating costs.

well said, Im renting right now I would like my own place so I don't have to deal with land lord being sketchy lol
But then again i love having the freedom of taking all my shit and going anywhere I'd like to
Freedom is key in Farming Ganj

 

[thingshappening]

Think about it.
I rented a house for the last two years, at the end of the lease I had paid in 30K total for rent, and what do I have to show for it?
Nothing.
It would be nice to have a 30K fixer upper for the same $ I just threw away renting.

Plus as a home owner who owns outright, you answer to no one, no landlord, no mortgage company, no one.
Pay your utilities, and keep the place up to code, and you're straight.

I'm with you in that I'd rather own, even in Colorado, simply because I can't deal with the thought of Joe Landlord coming and going essentially as he pleases (renters always seem to misinterpret landlord rights of entry in my opinion).

However, it's worth researching extensively to determine whether you can sell your crappy house when you're ready to move on. Being stuck on dumpy property that won't sell really stinks. You've essentially thrown away the money long-term the same as renting, while also paying property taxes year after year. And while it does technically assist your financial portfolio as a property, this isn't necessarily a good thing for a canna-businessman; IRS takes note of property ownership. Rental agreements, not so much.

For me, the biggest draw of the growing lifestyle is the ability to live on your own terms. Being able to rent for a year, make your money, pack up ship and move on to the next adventure is a beautiful thing.

 

[fireburner23]

I'm with you in that I'd rather own, even in Colorado, simply because I can't deal with the thought of Joe Landlord coming and going essentially as he pleases (renters always seem to misinterpret landlord rights of entry in my opinion).

However, it's worth researching extensively to determine whether you can sell your crappy house when you're ready to move on. Being stuck on dumpy property that won't sell really stinks. You've essentially thrown away the money long-term the same as renting, while also paying property taxes year after year. And while it does technically assist your financial portfolio as a property, this isn't necessarily a good thing for a canna-businessman; IRS takes note of property ownership. Rental agreements, not so much.

For me, the biggest draw of the growing lifestyle is the ability to live on your own terms. Being able to rent for a year, make your money, pack up ship and move on to the next adventure is a beautiful thing.

Having a house that you can't sell is a problem as well. That is why I think some of the other members said you should buy the worse house in the best neighborhood.

 

[Cheeb]

depressed homes in my area can range from 10000 - 25000. Decent livable homes in decent neighborhoods.

I dont see not being able to re-sale as a problem at all. Who really gives a shit if you cant sell your 15000 home after you've had your way with it. If you ran a few decent shows in it your profits outweigh your measly initial investment by a lot.

If its not time to sell - put it up for rent. Screen your tenents and continue to gain monthly income from it. You own it and property tax in such a area should run you but around 1000-1500 per year.

Re-sale and home value can only be a problem if your mortgaged or bought a home you couldn't afford in the 1st place.

Definitely better then renting - paying off someone else's homes while worrying about if they might want to check up on their home.

 

[David762]

Renting can be an issue ...

Renting can be an issue ...

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.

Renting can be an issue ... which is why I'm sort of stuck right now.

I was going to buy a mobile home (outright, with cash), but the mobile home park basically wanted contracted 24/7 access to your property by any agent they designated (including LEO), as well as rigid Fed USC code regarding "illegal drugs" rather than CA code. This was in Lake County, and apparently the contract is a county-wide standard. Threatened was immediate eviction -- okay, so where do I move my mobile home to as an alternative?

OTOH, renting a home in many places in CA is also problematic -- must be primary residence, owner-supplied "landscaping" snoop, credit check & criminal check & documented job stability, AND that pesky addendum regarding Fed USC code regarding "illegal drugs".
Even renting an apartment in many CA counties, that same addendum keeps popping up. No doubt, this was something that the repressive State LEO organizations have been pushing, with some encouragement from the DEA.
Sic semper tyrannis.

The few, the chosen, the powerful have adopted Fed legalisms to suppress the expressed will of the majority of voters to get their way. This isn't democracy -- it's fascism. If you have the financial wherewithal, your best option is to buy the housing you need, outright.