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FIND YOUR DREAM HOME OR APARTMENT
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"But if you're looking for a starter home or an investment..."
The implication being, of course, that no one else in America could possibly want to live in such a home. This totally ignores the low-income, disabled, and newly unemployed/underemployed, including older people who have been laid off and are aged out of the job market. The truth is that we have legions of such people, and their ranks are growing.
I like being Harry and Harriet Homeowner, but some of these locations are not to my liking. I need water, the sea, the ocean. . .
I love nay-sayers! I'm making over 2.5K a month on my part time gig!
Suburbs are unsustainable. The move will be back into the cities over the next 10-20 years. These houses that sell for $10k now, will be selling for $100K + in a few years.
Here's one for $10K in K.C. Beautiful 3/3, oak floors, built ins, just a couple blocks from Union Hill (gentrification area). They won't let me post the link, so go to realtor dot com and put in this MLS# 1760448
Nice find. Hurry up before I grab another one..... ha ha
I would just like to point out, that among the other things wrong with this article, the geography is off. Warren, Michigan is not 6 miles west of Lake Michigan. That would put it in Illinois or Wisconsin. It is 6 miles west of Lake St. Clair. Not even one of the Great Lakes. I suggest further research before publishing...
And to those talking about taxes and condition of the area, you are right. I moved out of a 900 square foot home in Detroit. My property taxes were almost three thousand a year! Add to that: there are few if any cops left in the city, few firemen and basically NO city services. I had a water main gushing in front of my house for almost a year before they came to fix it, and after my neighbor's house was robbed (I was on the phone with the police while it was being robbed) it took three days for police to arrive...do you really want to live in this kind of area?
Be wise in buying these homes. Many come with hidden hassles that even appraisers miss. Most are in crappy low income neighborhoods, with a dozen more just like them for sale on the same block. Sure, buy them up and be a slum lord!!! But if your planning on buying one to live in??? Better think twice!!!
I wouldn't get excited about being able to buy ANY house under $40k without good old CASH. As I know through experience, the banks in these stressed times have no interest in providing mortgages for another to buy their foreclosed properties. Even if you pay the cash for the house, better hope you can renovate on a budget cuz they will not be floating you a home equity loan either. Last time I heard of a $45 per month mortgage was from my grandmother -- actually they paid $98 month for 15yrs so the house would be paid in full when grandfather retired LOL