ghetto: Stay away from Class C low income property
- 06/04/08 12:22 PM
Unless you know what you are doing, I would suggest you don't sell Class C property, especially if low income or Ghetto property. These properties typically have great potential and too often look like good deal but they are not right for unsophisticated buyers. Here are some of the issues Higher turnover - Turnover can kill a good project. When a tenant leaves, you have turnover costs such as clean up, advertizing, vacant for some time, etc, etc. Also, many low income tenants live a very unstalble life, so turnover is more frequent Lower deposits: Typically low income tenants do not … (2 comments)
Guy Berry is a frequent expert witness in real estate litigation and an accomplished trainer in real estate law and contracts. In addition he has been licensed for 30 years as an agent and managed large offices, including Coldwell Banker and Century 21.
Unless you know what you are doing, I would suggest you don't sell Class C property, especially if low income or Ghetto property. These properties typically have great potential and too often look like good deal but they are not right for unsophisticated buyers. Here are some of the issues
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