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related linksRead more about buying a house
FIND YOUR DREAM HOME OR APARTMENT
must-see on msn
For this area, you would have to look way out in the upper deserts, where there are only dirt roads to access the properties to find something that low and it would have to be a HUD home and only have one wall left standing after a fire.
So, perhaps these bargains are out there, but you would probably have to move to the barrios Detroit or some place like that.
Anyway, moving forward, if you want other tips on buying or even how to prepare for buying or selling, I have some great tips on my sites that you may find very helpful.
Sorry MSN but Warren Michigan is NOT 6 miles west of Lake Michigan...Lake Michigan is on the OTHER side of the state! Even people that don't live in Michigan know that Detroit is on our east side and that Lake Michigan is on our western coast!
You should check your fact before printing:)
YES, there are lots of "handyman" specials. Unfortunately most of the "great
deals" are offered to minorities who get help with housing, or persons with CASH.
Banks/lending instutions should not have been allowed to put persons in homes
that were way too expensive, that they knew the person could not keep up.
We had no credit either. My husband and I got into this house on a 5 year land contract. When the contract was over we were able to get a 30 year fixed mortgage on the property at 11.5 percent interest. My husband died 3 months after the mortgage went through. I think most people made book I would have lost the house by now but I am still here with 10 years or less to go.
I wouldn't advise a contract for everyone as you have less protection than a mortgage. With a contract if you default past a month you could lose everything and get evicted. With a mortgage usually it takes getting 3 months behind before they will evict. Either way you lose everything you invested.
I live in a house in unincorporated Gary for a large 3 bedroom house with a mother-in-law unit and full basement and my property taxes after my homestead exemption were less than $500 last year. Sure it's a handy man special but my house payment is $701 a month including the escrow and I am paying 11.5 interest. Imagine how much lower my mortgage could be if I could lower my interest rate.
We have super great police (Lake County Sheriffs) and fire protection (Lake Ridge Fire) and good schools.
And I have great neighbors (most of them - no body's perfect). My house will be paid off in less than 10 years.
Of course maybe I shouldn't brag about how nice it is here. That might ruin it. LOL
In the 70's my husband and I could have bought lots of houses in Lincoln park, wriggley field area and what is called new town in Chicago Illinois.
All those areas now you couldn't buy a shack for less than 250 K and apartments that once rented for $150 a month now rent for $2k a month.
Investing in a house in a rundown neighborhood doesn't mean they will always stay that way.
I live in Gary Indiana and there are many houses in Gary that can be bought that cheap. Also many beautiful homes in good stable areas with a good school district in unincorporated Gary for less than $30 K. This may not be an option for everyone but some families who are handy with their hands can get a good home for a reasonable price.
Of course if your idea of a good neighborhood is only an all white area instead of multicultural you would not think it was worth the cost or the work to bring it back to an updated condition.