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.

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photo credit: joguldi

Are you looking for a cheap foreclosure or short sale investment opportunity? Some properties may not be in desirable areas or might be far from your house and require some travel. What about an opportunity in your own neighborhood or on your same street? I’m not talking about buying the house, but putting in some sweat equity. I’ve had two properties near my house that have gone from ordinary sales to bank owned foreclosures and wondered if they could have sold if the homes had some minor maintenance issues fixed. One had a front yard that was neglected for 6 months and had weeds, branches, leaves, and overall yard cleanup issues. Would you help clean a neighbors yard? What if it meant a better price for the home and an increase in your own home value? Some homes are having the water turned off and lawns are dying. Would you every consider watering a neighbors yard with your hose? That green lawn could equate to some additional green in your wallet if you needed to sell your house.
Home values have decreased 40% in our neighborhood and blood is in the streets as home values are declining every month. Once the bank owns the home, the incentive will be gone to upkeep the house and the neighborhood could see another 5-10% decline in house values. What would you do? Have you considered doing some yard maintenance or painting to help sell a neighborhood home?

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