have been under water for quite q while, it's time to come up to get some fresh air.
pls think about it. If the deal is so good, why don't you hear anything from local DFW landlords? There are lots of experienced and smart investors I know, like planotx and texastrader, you think some how this super nice deal just suddenly gets dropped from their radar screen?
I used to own a 64-unit apartment with other partners in that area. My apartment was 3 miles from this apartment. Just tell you 2 incidents, you make the judgement yourself.
1. in sprint 2008, a drug deal went bad in one of units. Bruthas started shooting each other. One got killed in unit, another died in parking lot, the 3rd one died in his car 2 miles from the scene.
2. in september 2008, another suspected drug deal went bad, bruthas escaped to the apartment accross the street, and 2 groups started shooting each other accross teh street. When 2 police cars arrived the scene, they started firing to police. Police called for support, 18 police cars came and one police holicopter arrived.
carrying handgun to collect rent will NOT work, what you really need is the best SEAL team in the country to protect you.
Owning that apartment was my single biggest mistake and caused me the single biggest loss in my investment career.
What I learned from this is don't ever think I can handle any tough situation. My ego worths nothing camparing with my responsibilities to my family. There is absolutely no reason to get into a war zone no matter how tough I think I am. No money, millions or billions can justify the risk.
If you guys still want to go for it, you can call me any time for advise. It is just that the closer you apporach to this type of area, the further away you are from you investment goal.
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