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Old 01-21-2017, 02:21 AM
 
343 posts, read 257,175 times
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I've lived in low income neighborhoods half of my adult life (I'm 60). I would never recommend owning a home in a low income neighborhood unless that area had a good chance of being re-gentrified. However, you can usually find a perfectly fine apartment if you really try, especially if it's a small privately owned building.. and even better if the owner lives in one of the units. You'll want off-street parking in a secure area (garage or razor wire enclosed carport). You'll also want bars on any windows accessible from the street. You'll likely find the other residents are living there for the same reason you are: to save money.
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Old 01-21-2017, 05:09 AM
 
Location: Bella Vista, Ark
69,357 posts, read 79,541,504 times
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I would never even think of it unless it was my only option. Our first home in the L.A. was pretty low income, it was all we could afford. That was back in the early 1960s. There was crime, most of the houses were allowed to run down as years went by and it wasn't the best enviornment for little kids. Those of us that had future dreams for our families, were able to save enough money to move out of the area did as soon as we could. In most cases within a few years. Saving money is one thing, overlooking the negatives isn't very bright. I certainly do not want to indicate people living in low income neighborhoods are all bad or criminals. they certainly are not. My husband came from a working class family: notice I said working. Many hard working low income people are wonderful, make good neighbors and take good care of their property, but the crime is going to be higher and the, if you have children the schools are inclined to produce fewer achievers.
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Old 01-21-2017, 05:34 AM
 
Location: Wartrace,TN
5,282 posts, read 8,236,347 times
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No I would not. I am not moving to "the ghetto" in order to save a couple of hundred dollars per month. I would not feel safe.

I had an old friend that thought this was a great idea back during the housing boom. I knew the guy since grade school. He had been working lower paying jobs most of his life and living in apartments. One day he just got fed up and decided to buy a low priced property in the city. The house was decent in every way BUT its location. When he bought it was the height of the housing boom and he over paid.

There has been a murder on his street and several others within a mile of his house. The area is a very high crime zone. I wouldn't even feel comfortable walking anywhere in the area.

To me it wouldn't be worth it.
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Old 01-21-2017, 06:02 AM
 
11,900 posts, read 14,378,792 times
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All good points. But here's another. If you are buying, you'll get more for your money. And if you buy in the right low-income neighborhood, you'll make out like a bandit. Of course, the problem is knowing which one.
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Old 01-21-2017, 11:25 AM
 
Location: Bella Vista, Ark
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Quote:
Originally Posted by pvande55 View Post
All good points. But here's another. If you are buying, you'll get more for your money. And if you buy in the right low-income neighborhood, you'll make out like a bandit. Of course, the problem is knowing which one.
You hit it: knowing the right neighborhood and what makes you think you will make out likea a bandit? Let's say you pay $150,00 to buy this great house in a fringe neighbood; you sell it 5 years later and it has appreciated 6% per year. A smaller home in a better area sells for $200,000 and it too appreciates 6% per year: now where is the best buy plus the fringe neighborhood isn't as apt to go up in value as fast as one in a more desirable neighborhood.
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Old 01-21-2017, 11:32 AM
 
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I've seen neighborhoods quadruple in a decade. Some bought because that was what they could afford. Over that time it became trendy. Higher increase off a smaller base.
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Old 01-23-2017, 12:46 PM
 
Location: Bella Vista, Ark
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Quote:
Originally Posted by pvande55 View Post
I've seen neighborhoods quadruple in a decade. Some bought because that was what they could afford. Over that time it became trendy. Higher increase off a smaller base.
Anyone can give examples of buying low and selling high, but it is the general rule. There are exceptions to all rules. Unless you are buying strictly as an investment, know what you are doing and do not plan to live on the property it would be a bad gamble, not to mention living in a questionable neighborhood to save a buck is fools thinking; i would rather be safe than sorry.
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Old 01-25-2017, 01:07 AM
 
24,753 posts, read 26,824,957 times
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Originally Posted by brava4 View Post
you have way too much time on your hands
Yeah, I think so, too. Almost too "curious".
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Old 01-25-2017, 03:53 AM
 
11,900 posts, read 14,378,792 times
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Quote:
Originally Posted by nmnita View Post
Anyone can give examples of buying low and selling high, but it is the general rule. There are exceptions to all rules. Unless you are buying strictly as an investment, know what you are doing and do not plan to live on the property it would be a bad gamble, not to mention living in a questionable neighborhood to save a buck is fools thinking; i would rather be safe than sorry.
To use a trite phrase: it's risk vs. reward. But I stand by my original statement: if you buy in the right low-income neighborhood, you could make out like a bandit. It's saved a lot of folks who could not afford anything better.
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Old 01-25-2017, 05:07 AM
 
Location: Old Hippie Heaven
16,257 posts, read 7,125,741 times
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Quote:
Originally Posted by ccm123 View Post
Never, we always buy the smallest house in the best neighborhood. Too many quality of life issues in low income neighborhoods.
This is the key to both buying and renting - find the cheapest place in a good neighborhood.

But you have to look harder, and be willing to accept (usually) a smaller place that has a disadvantage or two.
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