[quote=4plexowner
some people classify rental units into three categories: A, B and C – an A property is considered a trophy property – something you can brag to your friends about – a B property is considered bread and butter – decent property, decent location but nothing exceptional – a C property is the lowest rung on the ladder – some people would call it slum-lording at the C level
I bought B properties but think there might be more money to be made in C properties – I would never deal with C level tenants personally – if I were going to buy C level units I would have them managed by someone else[/quote]
I do not have the management/investment experience as many on this board, BUT, we have owned a rental house in a C area for 8 years. We keep it up, and respond to tenant problems ASAP. I have found that tenants with dogs on approval are the best bet. Dog owners are more desperate. For over 3 years, I have had a fantastic single woman and her dog and 2 cats. She is clean, pays rent on time, would like to move to better neighborhood, but hears her friends having to move (foreclosures), raised rent (we do not raise rent on current tenants) and has stayed. The tenants I had without dogs, were the worst ghetto group I dealt with—very hard on the place. I find that in this particular C area house, families are much more destructive and unreliable.
Oh, and whoever posted on Jim Kunstler–he is great, I read him too, just ordered his latest book.
