I looked at a house yesterday that we will call the “apartment house”. It is in an area that I have had great success wholesaling property to other real estate investors. This home is in a typical lower income blue collar neighborhood of mostly 2 bedroom homes. I really don’t like to buy houses that have less than 3 bedrooms because they can be harder to sell. But in this area, these homes are typically 2 bedrooms and are less than 1000 square feet. This house has vinyl siding which is also typical for the area. So if it’s a good deal, I will buy those small 2 bedroom houses.
So what’s the problem?
This house is near the end of the street which is 3 blocks long, and it is 7 or 8 houses from a court that has apartment buildings. That is the problem.
These apartments have been a fixture in the neighborhood for probably 50 years, and the folks that live on this street obviously don’t mind. But I am pretty sure that this house will be a little bit harder to sell. Read the rest of this entry →