Would you buy property to build a house near a ghetto?

[look 171]

Nicest house on the block? bad guys aren't dumb

[porsche4life]

Nicest house on the block? bad guys aren't dumb

With Porsches coming and going? Hell no.

[flyenby]

Location...Location...Location. You can change anything but that

[rusnak]

Originally Posted by group911@aol.co

Absolutely. I've always said to follow the gays to find the next up and coming area.
Building early in the edgy areas is the best way to maximize your investment potential and by being vocal in the neighborhood groups you can lead the area to a being a great place.

Posing as a hippie do-gooder community activist while really trying to look out for your dollar return?

Double, triple Hell No!

[BRPORSCHE]

This is a good tough one. Heights? Already priced out. Oak Forrest - just missed the boat. Eado - no grocery stores that are relatively close.

You watching the race on Sunday at a reasonable time? I'll bring the beer (water for me) and we can chat.

[group911@aol.co]

You betcha. It's worked for the last 30 years. Most bad neighborhoods are just short a few good people.

Originally Posted by rusnak

Posing as a hippie do-gooder community activist while really trying to look out for your dollar return?

Double, triple Hell No!

[rusnak]

Making money in real estate is about timing. You have to make hay while the sun shines. What you don't do is plow money into a property that is in decline. You look for property that has a longer than normal life cycle. Usually that means being near property that is not replaced in our life time, such as a regional hospital, a freeway, huge retail complex, entertainment, university, etc.

You are not going to make money investing in a ghetto.

[Scuba Steve]

It sounds like something I'd be up for, but we really don't like suburbia and traffic/chain everything followed by the inevitable flight to the new up and coming outer growth layer a few years later.

[slow&rusty]

David - How close to downtown would you like to live? How large a garage (3 car suffice for example?).

I was in the same conundrum when I bought my house in Jersey Village, but a big driver was a solid neighborhood, a price I could afford and the garage. It took me over a year to find the right place, but they are out there.

[David]

Originally Posted by slow&rusty

David - How close to downtown would you like to live? How large a garage (3 car suffice for example?).

I was in the same conundrum when I bought my house in Jersey Village, but a big driver was a solid neighborhood, a price I could afford and the garage. It took me over a year to find the right place, but they are out there.

I'd like to be close enough to see the downtown skyline. Ideally 4-6 car garage and about 2,500 sqft living space.

[David]

Originally Posted by BRPORSCHE

This is a good tough one. Heights? Already priced out. Oak Forrest - just missed the boat. Eado - no grocery stores that are relatively close.

You watching the race on Sunday at a reasonable time? I'll bring the beer (water for me) and we can chat.

Oak Forrest is reasonable price wise but farther out than I'd like. Heights... about $400k for 5,000 sqft lot . EaDo (east of downtown) still a little transitional but already about $250 or more for a 5,000 sqft lot.

I'd really like to pay cash for the lot so I don't have to deal with a lot loan which seems troublesome. Any tips on getting a lot loan would be greatly appreciated. My understanding is they're high interest and short period.

[craigster59]

There's a reason "Location, location, location" is the mantra of the real estate and business industries.

[rcooled]

Originally Posted by rusnak

you are not going to make money investing in a ghetto.

Originally Posted by beygon

how much time to you have, why waste it there.

↑↑↑ This ↑↑↑

[group911@aol.co]

Quote:
Originally Posted by rusnak View Post
you are not going to make money investing in a ghetto.
Quote:
Originally Posted by beygon View Post
how much time to you have, why waste it there.
↑↑↑ This ↑↑↑

Some people will never get it. Do your homework and go for it.

[ckelly78z]

Originally Posted by stomachmonkey

Personally if you don't really care about a suburban "neighborhood" vibe look for a dual use zoned property in a light industrial / commercial area and convert the space.

This ^^^^^ What's wrong with doing a reno on an industrial space that has a large garage area on the ground floor with a wide open loft style modern space up above. Usually, these spaces already have a service elevator installed, and might be surprisingly low prices because of recent lack of use.

[rcooled]

Originally Posted by group911@aol.co

Some people will never get it. Do your homework and go for it.

One needs to be extremely careful when considering a move like this. An area that's attracting gays & artists, and which might be on the path to 'gentrification', may not be where the OP wants to live. And even if this up & coming area happens to make the short list, how long will it take before it turns around? How long would he be willing to walk/drive thru dilapidated buildings, streets full of trash, graffiti, abandoned cars, etc. everytime he leaves his house?
Yes, there is potential for something good to happen here, but it takes an intimate knowledge of local RE trends, and most of all, time. Even assuming that he does pick the right area, does the OP have 10, 15 or even 20 years to wait for the transformation to fully take hold? Don't be so quick to tell him to just "go for it"...making the wrong move now could make for a truly miserable retirement.

[group911@aol.co]

Originally Posted by rcooled

One needs to be extremely careful when considering a move like this. An area that's attracting gays & artists, and which might be on the path to 'gentrification', may not be where the OP wants to live. And even if this up & coming area happens to make the short list, how long will it take before it turns around? How long would he be willing to walk/drive thru dilapidated buildings, streets full of trash, graffiti, abandoned cars, etc. everytime he leaves his house?
Yes, there is potential for something good to happen here, but it takes an intimate knowledge of local RE trends, and most of all, time. Even assuming that he does pick the right area, does the OP have 10, 15 or even 20 years to wait for the transformation to fully take hold? Don't be so quick to tell him to just "go for it"...making the wrong move now could make for a truly miserable retirement.

Hence the advice "do your homework". It's apparent from his posts that he is aware of the risks. Following the gays and artists generally points to transformation but nothing is guaranteed in life.
The above advice about a commercial building is also a good point. I'm just about to convert my shop to a living space for all the above reasons.

[Tobra]

No.

If it is anywhere near the Astrodome or on the North side near Gunspoint, I mean Greenspoint, mall, hell no.

[bivenator]

EaDo seems to be poised for growth with the expansion of the toy train. You mentioned that weren't amenities there (i.e. grocery stores) but that will probably change soon. I think your kids are out of the house so no consideration for schools are needed. I like the thought of industrial space to renovate and the east side may have that.
Good luck and look forward to seeing your choice.

[porsche4life]

I think someone mentioned the house you are wanting build being a hard sell. As a realtor I can say that's definitely the case. Any place that is built highly specialized like that is tough. It will take a long time to sell. If you are planning on staying it until you die though, guess it doesn't matter.