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Old 02-10-2016, 11:12 AM
 
7,801 posts, read 4,391,333 times
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No good tenant is going to rent in a neighborhood that's going downhill, and a bad tenant is worse than no tenant. Even with a GREAT tenant, landlording isn't a walk in the park. Sell.
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Old 02-10-2016, 11:13 AM
 
14,260 posts, read 23,995,588 times
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Quote:
Originally Posted by MotleyCrew View Post
Getting back to what the op should do. Since your home is paid for...why not rent it out to a working family? I would rent it, carry a note on it even and then go rent somewhere you feel more comfortable?

The problem with renting out your primary residence in this case if twofold.

First, finding GOOD tenants in the Chicagoland area is not all that easy. If you rent to the wrong people, they can do more damage in 6-12 months than the rent they paid will fix. For example, my FIL completely remodeled a house that he inherited from his aunt. His tenant left after six months screaming bedbugs. When he inspected the place, the tenant had left her dog use the entire house as a toilet and it probably cost hin $10k to fix.

Second, if the OP converts the residence to a rental for more than three of the next five years, she loses the capital gain exclusion for any gain that she has achieved.

Besides, if the area is declining, why hold an illiquid asset?
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Old 02-10-2016, 11:57 AM
 
38,197 posts, read 14,924,927 times
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Years ago, an aunt and uncle lived in a nice home in a Compton neighborhood that started going downhill. When someone broke into their house one night and started rummaging through their dresser drawers while they were in bed sleeping, they decided it was time to sell. Despite having maintained their house and yard, they practically had to give it away. It was a shame. But their neighborhood continued to go downhill, so it was just as well they got out when they did.

Sounds like the OP feels safe now but is worried about the future. I imagine there are others who have the same worry. Wonder if it would be worthwhile to talk with the local officials to see if there are any plans to turn things around.
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Old 02-10-2016, 12:07 PM
 
38,197 posts, read 14,924,927 times
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Quote:
Originally Posted by AlaskaErik View Post
And resisting arrest. The ones who are compliant throughout the process never make the news.
Resisting arrest appears to be a key factor. Finicum, of the Oregon militia, was shot while resisting arrest.

I worked with police officers for a number of years and was stunned at the number of people who believe that they can do whatever they want and the officers have to put up their nonsense.

There is a "make me" attitude I found astounding.
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Old 02-10-2016, 12:36 PM
 
Location: Barrington
45,851 posts, read 34,057,457 times
Reputation: 15318
OP:

Your posting DNA reveals your suburban location.

As you know, it has had a majority Hispanic population for 20+/- years.

It's has more than its fair share of gangs ( of all stripes) far longer.

There has been a plethora of very "affordable housing" in this community, all along.

Metro areas with the most affordable housing attract people in need of affordable housing and the often the unfortunate drama that is associated with it.

The commute to the loop cannot be beat.

The kind of community you seek is going to cost you more, a lot more in terms of housing and taxes, unless you are willing to relocate to another state and probably more distant from a major metro area.

Does it make sense to take on a mortgage and double-treble your property taxes at this point in time?

I am going to differ with most here and suggest you stay put until you figure out what you want to do with the rest of your life and where. Move one and right.
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Old 02-10-2016, 12:43 PM
 
7,801 posts, read 4,391,333 times
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"Wonder if it would be worthwhile to talk with the local officials to see if there are any plans to turn things around."


How would you go about doing that?
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Old 02-10-2016, 12:48 PM
 
Location: Wasilla, AK
7,256 posts, read 4,143,320 times
Reputation: 15687
Quote:
Originally Posted by otterhere View Post
"Wonder if it would be worthwhile to talk with the local officials to see if there are any plans to turn things around."


How would you go about doing that?

Does anyone think that locals officials will give a straight answer? This is the Chicago area, after all.
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Old 02-10-2016, 01:15 PM
 
7,801 posts, read 4,391,333 times
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Even if you have legit complaints (code enforcement violations, to use one example), city officials won't want to come down hard or repeatedly on a minority, if that happens to be the case. Just sell the place.
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Old 02-10-2016, 04:13 PM
 
Location: Philadelphia, PA
747 posts, read 610,254 times
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Quote:
Originally Posted by Linda_d View Post
I live in a small city in Upstate New York that's 5% black and 10% Latino. There's a black family living at the end of my street and a Latino family about 5 houses down from me. Except for looks, and the Latino family's last name, they're indistinguishable from all the other middle class homeowners in this neighborhood.



Get back to us in a few years when those numbers jump to 20% and 40%.
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Old 02-10-2016, 05:47 PM
 
11,134 posts, read 8,544,282 times
Reputation: 28109
Quote:
Originally Posted by picklejuice View Post
Move to Cocoa Beach, Florida? No. That won't work. High crime rate. There are too many Caucasian people on crack and street drugs in that area of Florida. Hmmm... How about somewhere in Oregon, or the great state of Washington? Shucks. Same deal there with meth and other drugs. Colorado Springs? Same problem. Hmmm...
Pickle, you must be mistaken. Everyone knows that white people are perfect. They never blast music, white kids don't break car windows or engage in petty vandalism, there's never been a white rapist, etc. This stuff never happens in white areas.
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