Personally, being a resident of that area and having seen the billboards personally (right along the drive on 480...), I figure it is better for someone to spend money on crap houses because at least they not just going to let them sit there and fester indefinitely. They'll actually do something with the property.
The whole point of being a slumlord is to put as little into the property as possible while getting the most out of it as possible. The tenants are likely to trash the place anyway, so there's no point in trying to keep it up.
Or a dreaded “land bank” could move in and buy up all the “deferred maintenance” properties for an obscene amount, then tear them all down.
It’s a bad sign (no pun intended) when a culture loses its sense of humor.
You’re correct. It’s just a funny way of saying that you buy distressed properties.
Insightful - it’s unlikely the denizens living in run down ‘crack houses’ actually own them - so this gives the owners a way out. They can sell at a loss, but at least they CAN sell. Also if this guy buys enough of the eyesores and fixes them up other homes in the area will become worth more.
“kind of a dumb rebuttal.” ?
No, it’s a totally accurate on the money statement of fact,
do you have a problem with that?