OfflineIs buying REO in an area that hasn't gone through gentrification a good or bad idea? What about an area an area that's classified as Weed and Seed neighborhood?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
With any deal you may want to consider what your exit strategy might be with the property. Are you going to assign, hold, or flip a deal. Based on the deal and the location, you may want to consider these points. A deal should always cash flow itself. In some areas, people will buy up entire blocks hoping for a new mall, airport, enterprise zone, etc. The only thing is if the property is not generating cash you still have to pay expenses such as insurance and taxes. Thus, you would need to cash flow the property during this "holding" time. I hope this helps. Good luck with REI. Believe and Achieve!
- Joe
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