Investing in real estate PA, IL, IN, and other low income communities, any suggestions, tips, recommendations, experience?
I have this passion for real estate since I was a teen, I own/ manage a few retail businesses (not just my own), 4yrs ago bought my first property, 5 since, I would like to buy properties in low income areas, upgrade them, and offer as rent to own, back to the community. Of course there is profit, always is, there is also a greater reward offering someone a chance to own they own. the thing is I would expect them to take care of property, accept an annual inspection, pay taxes, and no illegal activities on premises not hard for a or 10yr mortgage. I learned from my community, people who truly love they area, will do better if they are the ones to secure it, plus the micro-managing of a tenant feels draining, as it saddens me to watch so many waste opportunity after opportunity. Is it a pointless thought, I believe if the housing is affordable its better steps to beautiful living, the individual would want and do better to maintain it, pick through the owners based on character and income stability, rather than who has the largest deposit. I am a single parenting mom with multiple sclerosis and even by age 29 I never thought I would own a home, very grateful, however I can't waste any money with my only kid starting college in a few months. I'm at crunch time, as I just bought a house in PA and the owner has 5 more and had many offers from other areas to buy properties, some still with tenants. They want to walk away , I say stay and make it better. Pass the hammer, my family is supportive of my final decision and willing to invest and friends. I usually always do my own funding so that I don't risk anyone else money. Plus I don't believe in perfection but aiming for it isn't bad either. At the same time, I do not want my clients, customers, family, or businesses to suffer due to something that may be a dead end. I am working on my real estate license now Is ,my program legal? Possible? Sensible?