If you buy it for $1 dollar and later on it gets appraised at 50 cents, does that mean you've lost half your equity in your home?
I looked at buying cheap houses in Detroit, and the Realtor told me you must sign a contract (cant remember who with, i think the city) that says you will fix up the house and obtain an occupancy permit within a certain number of months. Its not like you can just buy them and sit on them.
Can I put a 100% subprime mortgage on this? Anyway: these "$1 homes" not only require the fix-up ($50k+ at least) but anything on the title (current mortgage, liens, property taxes, unpaid utitlies). That $1 Detroit home will end up costing more than $100k.
Damn I was thinking buy and bulldoze the whole block and just wait, guess not. I don't want to be landlord of a crack shack
Bill "Yoga" Gross has a friend with a solution to the housing crisis... "One of the wisest men I know has this serious but admittedly impractical solution: have the government buy one million new/unoccupied homes, blow them up, and then start all over again." http://www.pimco.com/LeftNav/Featur...t+Outlook+Bill+Gross+Mooooooo+August+2008.htm With friends like that, who needs 3 zillion dollars?
A repeat of 2004 and 2006 hurricane season would be great for housing and employment right now. Category 4 or 5 direct hit on Miami, Ft Myers, and Tampa region. 2004 storms strained raw materials, labor and housing in Florida and the US and 2006 started the energy bubble. Little attention is given to the consequenses of these historic storm seasons.