Comments on: Buy A Foreclosure For Under $1,000. A Little Sweat Equity Needed

By: joe_sblg

joe_sblg — Thu, 23 Dec 2010 15:31:56 +0000

I want a damn freaking 1000$ home, im 20… I live in QC, Canada, I got 2.6 grand in my acc bank, buying a house for 1000 and doing a “make-over” and sell it would be a huge boost for me and I would also loveeeee to get a 1000$ home… (my gand-parents bought their for 5000, but they bought it back in the 1940~ish) my jaw simply dropped when I heard that ad, anyone can help me up find a site where I can buy these home? I would really love to take a peek at those house and see for myself, like we always say, “you gotta see it to believe it” well I wanna see it and Im willing to take a 12-14-20ish hour ride just to check on a 1000$ home

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[...] Buy A Foreclosure For Under $1,000. A Little Sweat Equity Needed [...]

By: Scott

Scott — Mon, 12 Jan 2009 18:11:59 +0000

@ PFIncome

Would love to hear more about living near Detroit as this area seems to be hit hard by this economy. We have also had stories of people breaking in and stealing copper, appliances, and AC units, but not on a widespread basis. $1,000 seems awfully cheap for these properties no matter what the condition. I wonder if you can rent them out and if so, how much.

@ Greener Pastures

Did your friends have an inspection or a contractor look at the home before they purchased it? I too am nervous about buying a foreclosure and think some additional steps should be taken. Just as we would take a used car to a mechanic for a once over before purchasing from a third party. Although, you can also negotiate a lower price if you are buying as is.

By: Greener Pastures

Greener Pastures — Mon, 12 Jan 2009 12:12:40 +0000

Use the house for firewood, and sell the land! Really though, foreclosed properties make me nervous. Friends of mine got what they thought was a good deal, but there were so many hidden problems, it became a lot of work. They figure they broke about even, when they called it a day on repairs. They do love the house now, but said they’d think twice about doing it again.

By: pfincome

pfincome — Mon, 12 Jan 2009 11:41:11 +0000

I use to live about 30 miles outside of Detroit and still have family that work in the city. While I think that you can find some great deals on homes as you mention, you also have to think about the safety of the home. Things are so bad in that area right now that people are stealing copper and anything of any value in these homes. If you start to put money back into a home like this, you may be risking you safety. I guess it depends on the area you would make the purchase. I would also say that Flint Michigan is probably worse than Detroit.

By: jj-momscashblog

jj-momscashblog — Mon, 12 Jan 2009 03:29:16 +0000

Hi Scott, Glad to hear from you again, hope all has been well with you. I think if I had a chance at purchasing a home for $1000 I would like to think that I would jump at the chance. It would definitely be a great opportunity if you had some extra money to put into it for renovations and turn around and sell it. I’ve always been intrigued by the thought of flipping houses so I would love to see a house for that price in my area. However it’s also sad to see all of these houses/homes that once had a family living in it and are now standing there empty and deteriorating day by day. Rental income would be great and I’ve also thought about that too. You think I’m kidding I’m not, I will see a building downtown that was once a store long put out of business by the big box stores and I see making it into great apartment buildings, I guess after reading my comment here and my ramblings I think I must always be looking for ways to make that “passive income”.

By: heidi

heidi — Mon, 12 Jan 2009 02:40:05 +0000

I think that if you were willing to do some work on the house and invest a little to clean it up it would be worth it but really it would be some work. I know two people who have had their houses foreclosed on-it is very sad.