Long distance real estate investing seems like a damn good way to lose a lot of money!pic.twitter.com/00uM7hRj4x
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I grew up in the northeast, in a suburban commuter town that was on the metro north line. Then, I spent some formative years living in China and New York City. Based on this experience, proximity to mass transit was a very important factor in determining desirability of a place
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be it residential or commercial. Last year, I moved to Dallas, which happens to have the largest light rail system in the United States by miles of track. See where the lines overlap? That must be Dallas' Grand Central right?pic.twitter.com/dyuJIGT634
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Not so much! Tons of vacant real estate in this area. That tall building in the first photo is totally vacant. Storefronts are as well. There are a lot reasons for this, but there dynamic and complicated. Here's one: the area reeks of piss and is infested with the homeless.pic.twitter.com/fLq3k0PQtF
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Homeless people cannot afford a car and Dallas public transit network doesn't have turnstiles. So if you're willing to roll the dice, you can hop on the train to wherever you want to go. Based on my experience following this fare enforcement person, about 1 in 5 don't pay.pic.twitter.com/LzwryuGF4t
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The population of unfortunate people on Dallas' mass transit is basically at a critical mass to the point where it deters normal citizens from using it. So, if you have a nice neighborhood a nearby station can actually be a net-negative. Incomprehensible, until you see it.
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Anyways, Dallas is growing like crazy and I believe has built more apartments in the past couple of years than any u.s. city but New York. Interestingly much of this development is happening in the affluent towns north of the city center, places like Plano.
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Even with a good model based on census data or proximity to transport, it's hard to find a good location without walking the streets and living locally so you can understand the often complex dynamics that make some neighborhoods thrive, survive, or die.
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