>>>http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360
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>>Most people wouldn't buy a house in a crime infested neighborhood for any amount of money. I wouldn't.
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>Well, if one wanted to become a slum-lord this would be a great way to get started. Get a few houses for a few hundred bucks, then move up to apartment buildings in these areas.
I figure the state would steal them back by forcing more property tax on you than you could pay. Also, you've obviously never owned any rental property. I had 12 units at one time (see my upcoming book - "How to lose 1 Million Dollars with Rental Property"). The renters think it's your job to carry them when they can't seem to scrape the money together. I mean, yeah, there's beer cans, whiskey bottles, crackpipes, etc all over the place, but they don't know nuttin bout that stuff... Best move I ever made was to divest myself of all but the one I have now. The last house I built and lived in, has been occupied by renters for the past six years, and the people are great renters. Sometimes, they have a problem paying on time, but they also fix stuff, so I've never charged them a late fee, a couple of times, I've actually given them a month's free rent when they were having hard times. I'd hate to have to do that with 12 units though. For eveyone who slams landlords, walk a mile in their shoes first.