Tuesday, December 19, 2006

The Vacants

When one is shopping for real estate, a person has definite ideas about what suits them. For most, it's location, location, location. Thoughts eventually turn to appealing features, what makes the property unique. How's the exterior? What's the interior like? Usually if either of these things is not up to snuff, you either move on or you consider the property a project. A place you'll be working on for awhile to make it livable.

Sometimes you wonder how anyone could ever leave prime real estate like this. How could somebody not see the value in this property?

You could live near a property for years and see constant turnover, people moving in and out all the time. By all accounts, the place is beautiful. It's a nice place to visit, but not to live. It's just something about the place that doesn't feel comfortable and never will.

No matter how much money and time you put into the place, it's destined to be vacant. It's getting older and older, the curb appeal ain't what it used to be, the interior was poorly thought out. Sometimes it's time to bulldoze and start over. It's not worth the money or time you'd have to invest.

Sometimes you just gotta let some other cat get his "caveat emptor" on while you wash your hands of it.

Whatever the case, you gotta know some property should remain vacant.

KZ

25 comments:

chele said...

I think I've been reading you long enough to know that this has nothing to do with real estate.

I like this alot and in the recent past I've had the same thought. But don't you also think that what some folks might view as a shack someone else may view as a mansion?

Robyn said...

i agree and I shoulda left the "property" I bought 5 years ago.....maybe I wouldn;t be in the place where I am now......

Great post dude.

Royce's Daughter said...

People, no matter how great they appear...are not always as great as they seem. And those who have left this "prime real estate" in the past have without a doubt left it for a valid reason. Everything that glitters isn't gold, Chief!...and the interior could indeed be pretty screwed up..promising to give you a life of grief and hard times.

It's good when we recognize this early on, before we invest too much....before we end up hurt by the emptiness that lies within that structure.

Seems you've come to the same realization...good shyt Zeddie, good shyt!

onefromphilly said...

"some property should remain vacant".
That's TRUTH.
Sometimes it will take too much of an investment just to watch the structure come tumbling down anyway!

Robert L. Mack said...

Yeah I've tried to put a nice "foundation" on a vacant lot, and in the end I had to realize that I was wasting my time and money, and I needed to invest in a better "property".

Angie said...

I had to laugh at this because I could see a man saying this shit about me. And it would be true! LOL

Knockout Zed said...

@Chele
Are you sure this isn't about real estate?

When I talk about that real estate that you find and you can't believe the previous owner is letting go for so cheap, that's what I mean. That last owner thought they had a shack and you know it's a mansion.

@Robyn
If it wasn't for you, I don't know what I'd do to maintain my sanity. For real.

@RD
What's up with that DC real estate market? LOL

@OneFrom
I remember when I used to own multiple properties. Duplexs and shit. Now I'm a renter.

@Mack
There are a lot of real estate scams out there. You might end up investing in an unbuildable swamp. And remember, no more sight unseen purchases!

@Angie
Are you on the riverfront or in suburbia? How's the view?

KZ

onefromphilly said...

After this last 1 1/2 yrs, I think I just want to be a renter from now on too!

Royce's Daughter said...

I love what you said to Chele...

"When I talk about that real estate that you find and you can't believe the previous owner is letting go for so cheap, that's what I mean. That last owner thought they had a shack and you know it's a mansion."

I'm a mansion, yo! LOL!! Nah better yet I'm a friggin Estate in and of itself...brothas just don't recognize it. But my Daddy always says "one man's trash is another man's treasure" Its true you know!!!

Oh and the real estate in DC...Expensive as hell but definitely...PRIME!!! LOL!!

SynSational said...

I've learned firsthand, as I'm sure many of us have, that trying to find suitable 'property' to settle in is a hard task. I've tried too many times to make unsuitable properties, suitable, knowing good and damn well, I should've just drove right by when I came upon it. Curb appeal seemed great at the time, then I moved in, and regretted it to the fullest. Maybe one day I'll luck up on some property worthy to invest in. **heavyasssigh** I mean, a girl can hope, right?

Robert L. Mack said...

Yeah man I hear you. I once had a "vested" interest in a property that promised views of a beautiful rainbow, but a few other investors found it all to be a dead lie.

Mr.Slish said...

Lol. You are my hero....I couldn't have said it any better my damn self.

How come I never come up with these clever analogies...I'M HATIN !

Real estate Ha! Classic!

Question. The property you're interested in purchasing now. Have you had it appraised. How much damage was caused by the previous owner and if so are you willing to make the repairs.

Holla at yo boy...

Robert L. Mack said...

(BTW Missy, that's what you call a DOUBLE ENTENDRE. LOL.....)

DurtyMo715 said...

LOL@this post! Seriously! Getting rid of property is way harder than acquiring it. Trust! How do you polish it up to make somebody else want it just so you can make a decent enough profit for all your time and hard work? Somebody answer me that!

Dynasty said...

I like the analogy and I totally understand the thoughts behind it.

Dynasty said...

Robert: Let it rain and clear it out...LOL! There damn for sure wasn't no pot of gold at the end of the rainbow.

Knockout Zed said...

@OneFrom
It's always good when that lease is up and you can check out some other places.

@RD
Expensive but prime. Expense won't be an object if it's prime.

@Syn
Curb appeal is vastly overrated. Those internal amenities are where it's at.

@Mack
LOL!!! Now that was funny!

@Slish
I think you and Robyn are the hip to the allusion. I've said my peace and now I'm done.

I'm looking at what the previous owner has done. I'm not sure what he added that the original builder didn't put in. I'll be putting in some repairs on his shoddy workmanship. I'll the hood Bob Villa.

@Durtymo
You know it's a sellers market, right? If you polish it up, you better keep it or get something of value in return. Buyers are desperate for good, livable property these days.

KZ

Knockout Zed said...

@Dyna
I think everybody has had similiar experiences investing in real estate. The market is funny.

KZ

1969 said...

Zeddie....you are the hood Bob Villa. Go on with your bad self.

You do know that once you invest that time and energy into repairing that property...it will be worth way more than your initial investment. You'll be sitting on a goldmine.

So get your power tools and get to work.

Miss Ahmad said...

i thought that Flipping was the hottest craze in the market right now.

Buy it
Fix it
Flip it

and do it again.....

is this why i'm still single?

Royce's Daughter said...

LMAO @ Miss Ahmad!!! Ok wait...maybe that's why I'm single too. Dayum *sad face*

aquababie said...

this is why i love reading your blog! lawd the real estate i've dealt with for the last year or so has driven me crazy.

i wish i would have saw the sign that said there were bats in the belfry. i would have kept on driving by :(

Shai said...

Make me think about Bey and ringing the alarm. LOL.

Dynasty said...

I have Flipped a few housese in my day...

fallen angel said...

*tilting head slightly to the right and nodding head in agreement with chele*