Real Estate Rap Sheets: How to Avoid Collecting Rent with a Shotgun

ROI Wealth Watch

Buying your first house can both be exciting and taxing. On the one hand, you get to finally invest your hard-earned money and apply what you’ve learned in real estate groups and classes, and on the other, you have to be critical in not just the quality of the property but also the neighborhood it resides. One wrong move can set you back for years, and a house of any size is never cheap.

In this episode, we teach you the secrets of buying properties in rather less than ideal communities. We explain the differences between an F and a transitional neighborhood and how to inspect them without actually being there. We also share some of our favorite tools on the web that will provide the necessary information regarding specific neighborhoods as well as make your property hunting much more efficient.

“The problems that go into making an F neighborhood also cause people to avoid living there, unless they have no choice.” – Tom Obenchain

In This Episode of ROI Wealth Watch:

• What it means to be stuck in an F neighborhood.
• What you should be looking for in a neighborhood you want to avoid and invest in.
• Why high vacancy rates are not always a bad sign.
• What to be careful of when buying in a transitional neighborhood.
• How foot traffic can indicate crime potential.
• The data and papers you need to properly analyze a property.

Wealth Watch Words of Wisdom:

1. Start by checking with the economic development council and main street USA to look where the tax credits and redevelopment dollars are going.
2. Get police incident reports when possible.
3. If you can't go to the local police department, use online resources to get some information.
4. Let the numbers speak. The numbers tell the story of what you are going to experience as an investor.
5. Don’t forget to trust your gut. Use the numbers and the other factors that you bring in to make the right decisions.

Resources Mentioned:

• Google Street View
• Trulia
• Next Door
• Family Watchdog
• Neighborhood Scout
• Onboard Navigator
• Best Places

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Help Others Buy Real Estate in the Right Markets at the Right Times!

Thanks for tuning into today’s episode of the ROI Wealth Watch podcast with Jared Garfield - your resource for learning to buy real estate in the right markets at the right times. If you enjoyed this episode, head over to iTunes to leave us a rating and review. Subscribe to the show so you never miss an episode, and visit our website to grab your free gifts!

And, if you’re looking for the best turnkey rental properties to invest and renovate to maximize your real estate portfolio, visit the Rich Life Real Estate website to view turnkey rental opportunities or speak with an investment advisor for more information.