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Jan 24, 2012 6:59AM
All these buyers with crystal balls waiting for the return to the cities. Will never happen. Bars on windows and doors torn off, clean out everything in there, while you're at work, only to happen repeatedly until you wise up, knock the shack down, plant corn on the inner city lots! Learn your lesson to move back to exurbia, or high rise inner city apartment(converted school or warehouse) with good security.Cleveland knocks down 1,100 empty, abandoned , foreclosed, houses a year. Meanwhile 1,500 new ones fall into those categories. DUH!? Housing shortage in 5 years with no new construction to speak of, demolishing existing, and exponential baby growth in the ghettos.If you want to be a slum landlord sucking in section 8, now is the time to buy in.Expect to have your property burned down by tenants.Keep it well insured meantime!
Jan 24, 2012 6:54AM
MSN, hire a professional writer! Sheesh! Since when is Warren/metro Detroit near Lake Michigan? And really...the Detroit house is OK if you can brave Detroit winters? Ever been to Detroit? Clearly not. Who writes these things!?
Jan 24, 2012 6:48AM
Ah tortugaluvr caught the geography mistake before me... good show!

Jan 24, 2012 6:46AM
Sorry but no home in Warren, MI is six miles west of Lake Michigan... if it were you'd be in Wisconsin. Just thought I'd point that out.

Jan 24, 2012 6:38AM

"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/underempl​oyed, 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.


Snob piece.



Jan 24, 2012 6:35AM
I purchased my home for $7,000.00. Less than a good used car! We live in Atlanta and there are still a lot of properties here than can be purchased for under $10,000.00. Granted, there will be work to do and you may have to be an urban pioneer for a while but it will be well worth it in the end.
Jan 24, 2012 6:33AM

I like being Harry and Harriet Homeowner, but some of these locations are not to my liking.  I need water, the sea, the ocean. . .

Jan 24, 2012 6:19AM
Did you expect these homes to be in the most desirable neighborhoods?!! REALLY?!!
Jan 24, 2012 6:17AM
I purchased a bank owned home in NC.  There are tons of them.  I'm very pleased with my purchase.  We only had 50k to spend and wanted something that didn't need too much work.  We found one in the stix with an acre of land and all it needed was paint.  We got it for 44k.  1550 sq. ft. with a beautiful covered porch.  Now granted, we're about 20 mins.away from major shopping and we had to get used to the roosters next door, but other than that, our taxes are only 800 a year and our utilities are even cheaper than they were in Raleigh!   Myrtle Beach has some nice foreclosures too.  I just wish I had the $$ to buy a vacation home there!
Jan 24, 2012 6:05AM
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

I love nay-sayers! I'm making over 2.5K a month on my part time gig!
Jan 24, 2012 6:02AM
I've been buying houses for under $10K for a few years. I currently own 4. All of my places are in Kansas City, and there are tons of them on the market. With due diligence I've been able to find nice houses. They need some work, but nothing prohibitive. With time and effort I've found decent houses in livable neighborhoods.

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

Jan 24, 2012 5:49AM

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?

Jan 24, 2012 5:15AM

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!!!

Jan 24, 2012 5:01AM
Lots of these values in the upper midwest outside of bigger cities.  Also your listing shows mobile homes, those are dirt cheap epically old ones. The town that grew up in Northwest Illinois has a pethera of single family houses for under $20,000.  Now they do need some work and updating but they do exist.   
Jan 24, 2012 4:59AM
The houses the that are shown look like they are ready to be condemned I will bet that these houses are not in the best of neighborhoods. There are poeple who will by them and fix them up but the hard part is trying to sell them to recoup the money back. The new trend is now is to rent houses that have been forclosesd on so the banks can recoup their loses on bad loans they made during the housing crisis. One more thing where are all these houses that cost 10,000 dollars it didn't mention that in the article.
Jan 24, 2012 4:54AM
First of all, I am disappointed that this article included single wide trailer homes. News flash--you can find used single wides by the dozens for under $10,000 in KY, TN, GA & FL.  The other things not taken into consideration are the property taxes in these areas, the crime rate and the amount of work, time and money it would take to make these homes livable. In the town where I grew up, you can buy a 3 bdrm, 2 bath ranch w/an attached 2 car garage on a corner lot with a fenced in back yard for $23,000.00. Unfortunately, the taxes in that town are about five to seven thousand dollars a year and the house in question is in the heart of a drug infested subdivision.  It also needs to be gutted to the studs and completely restored on the inside because it sat empty and vandals broke in and stole the appliances, wash stands and toilets not to mention the holes they put in the walls and the mice that were attracted by food that was left behind.  That nice little house will end up costing someone over $100,000.00 in repairs plus the cost of a substantial security system.  And P.S., you'd never be able to leave the house at night.  Some deal!
Jan 24, 2012 4:38AM

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


Jan 24, 2012 4:32AM
the reason nobody is buying home in this day is due to higher taxes and insurance, and where are the jobs in this day. I'm disable and was looking for low incomne apt or home, was told that obama froze it for 3 yrs. so he must used the money to help other country but he forgot us. that's why I'm not voting for him, he should be out long time ago.
Jan 24, 2012 4:26AM
It's a gold mine, so you've got to dig and get dirty before you can see the glitter.
Jan 24, 2012 4:25AM
I remember boston back bay and the south end areas back in the 1970s when apartment homes were selling for five thousand. But nobody would buy them because the areas were infested with crime. Today though those buildings are worth millions.
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