Got $3000? How about a 2900Sq ft house.

[Gundo]

http://www.realtor.com/search/listin...4564544&lsn=48

There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in Cleveland and a whopping 709 in Detroit. All of these communities have been hit hard by foreclosures, and most of these homes are being sold by the lenders that repossessed them. I wouldn't mind being able to buy a fixer upper for what most people make in a couple of days work.

http://money.cnn.com/2009/01/08/real...omes/index.htm

I was just watching CNN and they were doing yet another story on the American housing crisis and they showed houses that are available for under $3,000us. Some areas hit with the recession have houses selling for under $1000 that are of course fixer uppers but a house in decent shape a few doors down are selling for $100,000+ sounds like there is some money to be made for people willing to flip houses and wait for a buyer.

[Slava]

The catch on a lot of these houses are the back taxes. Not that there are not some great deals to be had, but when the prices are that low there is probably a reason.

[Swayze11]

Ive never bought a house before but is buying a house in the states similar to buying a car? I have 0 knowledge in this subject but I thought you are not allowed to buy a car in the US if you were Canadian?

[Julio]

I can't directly reference the news article that you saw, but from similar ones that I have seen some of these incredibly cheap places are not habitable. Bathroom fixtures, as well as much of the copper wire has been taken out of these places, just leaving wooden 'sheds' so to speak.

Edit: After getting to the CNN site, it is what I figured...just shacks that have to have a ton of work done on them...great maybe as a second property to eventually make money on while you rehab it, but not as a place to move into.

[Ozy_Flame]

At $300 a pop, who cares if it's a stripped-down, condemned shack? You have almost nothing...NOTHING to lose and you can just let it sit there. The CNN article said a house going for $500 in Detroit sold for $72,000 last year. Once the market picks back up, you have nothing to lose and everything to gain, even if it is in third-world Detroit.

[ok, ok,....I get it]

Originally Posted by Ozy_Flame

At $300 a pop, who cares if it's a stripped-down, condemned shack? You have almost nothing...NOTHING to lose and you can just let it sit there. The CNN article said a house going for $500 in Detroit sold for $72,000 last year. Once the market picks back up, you have nothing to lose and everything to gain, even if it is in third-world Detroit.

detroit eh....who much do sand bags, firing slits and barb wire costs?

[CaptainCrunch]

Originally Posted by ok, ok,....I get it

detroit eh....who much do sand bags, firing slits and barb wire costs?

I can get em cheap, sell em to you whole sale mang.

[habernac]

Originally Posted by Swayze11

Ive never bought a house before but is buying a house in the states similar to buying a car? I have 0 knowledge in this subject but I thought you are not allowed to buy a car in the US if you were Canadian?

Dad bought both a house and a car in the US and is Canadian, so yes, it's quite possible.

Some dealerships won't sell to Canadians, but it isn't that difficult to find someone who will sell you a car down there (obviously, this was more prevalent when the dollars were clsoe to par).

[Jason14h]

At $300 a pop, who cares if it's a stripped-down, condemned shack? You have almost nothing...NOTHING to lose and you can just let it sit there. The CNN article said a house going for $500 in Detroit sold for $72,000 last year. Once the market picks back up, you have nothing to lose and everything to gain, even if it is in third-world Detroit.

So buy them all! You can be the next Donald Trump!

Seriously... They are $300.... There's a reason! No one would pay $301!

[Bob]

You can buy an entire block of houses in Detroit for around $100K, but you're obligated to bring all the properties up to code, and plenty of the houses are in terrible terrible shape.

[Ozy_Flame]

Originally Posted by Bob

You can buy an entire block of houses in Detroit for around $100K, but you're obligated to bring all the properties up to code, and plenty of the houses are in terrible terrible shape.

Or you could just fly there on a weekend with 20 buddies, get stinkin' drunk, and just beat the holy hell out of all the houses until they're nothing more than rubble in the ground. Then pay a few grand for cleanup and you have a nicely leveled Detroit city-block...

[red sky]

I think the title should read $3000, should it not?

[ken0042]

Originally Posted by red sky

I think the title should read $3000, should it not?

I agree, and I have edited the title.

Keep in mind that not only with taxes, but a house could be in violation of some city by-laws that could result in daily fines. I remember seeing an episode of "Flip this house" where they bought a house that had odor issues, and they got $250 fines every day until it was fixed. And the first fine was the day of possesion, and as the guy was explaining to the office that they were fixing it, a trucks was delivering a couple of dumpsters for cleanup.

[RougeUnderoos]

Once in your new house, you can park this kick-ass V12 BMW 750il in the driveway.

http://ventura.craigslist.org/cto/984398326.html

[Winsor_Pilates]

Originally Posted by Ozy_Flame

Or you could just fly there on a weekend with 20 buddies, get stinkin' drunk, and just beat the holy hell out of all the houses until they're nothing more than rubble in the ground. Then pay a few grand for cleanup and you have a nicely leveled Detroit city-block...

Except this are likely in areas you and your 20 friends would not return alive from.

[Phanuthier]

Originally Posted by Slava

The catch on a lot of these houses are the back taxes. Not that there are not some great deals to be had, but when the prices are that low there is probably a reason.

Anything else, because damages to the house? I have been thinking about picking up one of those forclosures down in San Jose, and there is a few condo's going for $26k when they should be $250k. I haven't followed through on it cause it just seems to good to be true, and I don't want to get myself into any surprises.

[3 Justin 3]

Me and my boss are thinking about buying some houses in Michigan and in a few other states. For a couple G's, why not? Hold on to them until after I graduate, which will be in 4-5 years, then sell them off.