As Kay asked in a previous post, what do you do when the house across the street goes into disrepair? Or, what if it’s in danger of being torn down and replaced with something you fear is not compatible with the neighborhood?
This might sound radical, but you could think about buying that house and turning it into a rental. Think about it. Despite the current market, owning real estate is generally acknowledged to be a long-term path to wealth. And in light of the current market, in fact, this is a great time to buy. Sellers can be desperate and buyers have the power. So, this is actually the best time to make such a purchase. Check out the L.A. Land blog to read up on falling house prices.
Plus, if you were going to buy a rental or investment property anyway, wouldn’t it be convenient to have it right across the street where you could keep an eye on it?
The Venice house shown here was purchased by Stefan Hammerschmidt, who had just finished a $250,000 remodel and addition to his own vintage cottage across the street. When this house was nearly bought by a developer with a reputation for tearing down cottages and replacing them with stucco behemoths, Hammerschmidt feared the views from his house would change forever. But when that deal fell through, Stefan snapped up the house.
As you can see, he painted his new rental lime green with purple trim and you might well say that’s a worse fate than the stucco behemoth would bring. But hey, Stefan and his partner had just been to Hawaii when this all happened, so the views out of their front windows remind them of a tropical vacation, and that’s not a bad thing to be reminded of.