photo credit: James Jordan
Here in my California neighborhood we have our share of foreclosures, but none are as cheap as $1,000 yet. I say yet, because it is still a roller coaster ride that has yet to find a bottom. A yahoo article caught my attention that lists several cities where you can purchase a home foreclosure property for under $1,000. If you live near these cities I would be interested to hear what you think about this opportunity. Is this a great way to entire the rental income market or gain an amazing deal for a first time home buyer?
Cities hit hard by foreclosures and selling homes near $1,000
1. Flint, Michigan
2. Indianapolis, Indiana
3. Cleveland, Ohio
4. Detroit, Michigan
Banks are so inundated with inventory that they are marking down properties in an effort to clear inventory. If you lived in these cities, would you be tempted to purchase a foreclosed home like these? I think about the neighborhoods, schools, maintenance, upkeep, and rental market, but still at $1,000 can a deal be had? Buying a distressed property and making some upgrades can be a wonderful income building opportunity for residual income. Rental real estate can be a fantastic passive income opportunity for your family and future generations. It has been tempting to invest in the condo market here as many properties are starting to list for under $100,000. We are still a long way from a $1,000 home in our area, but our current prices have got to start getting enticing for investors.