Got an extra dollar? Why not buy a house!

[dc dalton]

Yup you heard it right, some foreclosed houses in Detroit have been sold by the banks that own them for ON DOLLAR!

http://abcnews.go.com/Business/Housi...7034770&page=1

Tell you what, a friend and I were talking about this last fall but there is a FORTUNE to be made buying things like this up, fixing them up and renting them and waiting for the housing market to stabilize!

[Mohaa Player]

Even us zombies stay away from Detroit(LOL)

[Virtus985]

I wonder if there are any deals like that to be had in the PA area!

[Mohaa Player]

I wonder if there are any deals like that to be had in the PA area!

Probably in the parts of North Philly where the cops don't even go anymore.

[dc dalton]

I wonder if there are any deals like that to be had in the PA area!

I'm betting if there aren't any now they will be some very soon.

My buddy in Florida and I had a plan (even though now we don't have any money to do it)

1. Buy these houses at 10 cents on the dollar (or less).

2. Take a week or two to fix anything that needs to be fixed (between the two of us there's now much we can't do)

3. Get them approved for section 8 housing

4. Rent them out to section 8 tenants and sit back and watch the checks come in from the government.

I know a guy that started doing this is WB / Scranton 5 years ago. He started with $50k and 5 years later owns over 2 million in property and all rents are guaranteed by the government. Also if the tenants screw the place up welfare throws them out and finds new tenants.

Slum lord? Yes

An AMAZING opportunity to make millions? DAMN TOOTING

[Guns4Fun]

I guess my reply is going to sound un American but---

Why not work with these people to pay their mortgage? I mean seriously, we are giving irresponsible bankers billions of dollars. Why can't the little guy get a little help? How is it worth it for the banks to kick these folks out of their homes and sell them for $1?

I agree that these home buyers got in over their heads but how is selling a home for a buck helping anyone. Home prices will continue to plummet and more people will get forced into foreclosure because they can't sell their home and break even.

If we are going to bail out the big guys, i think we should help the little guys too. If we don't, we are a long way from hitting bottom.

I don't think we should really be bailing out either but if we help one, we should help the other.

[xxthe_beastxx]

I'm betting if there aren't any now they will be some very soon.

My buddy in Florida and I had a plan (even though now we don't have any money to do it)

1. Buy these houses at 10 cents on the dollar (or less).

2. Take a week or two to fix anything that needs to be fixed (between the two of us there's now much we can't do)

3. Get them approved for section 8 housing

4. Rent them out to section 8 tenants and sit back and watch the checks come in from the government.

I know a guy that started doing this is WB / Scranton 5 years ago. He started with $50k and 5 years later owns over 2 million in property and all rents are guaranteed by the government. Also if the tenants screw the place up welfare throws them out and finds new tenants.

Slum lord? Yes

An AMAZING opportunity to make millions? DAMN TOOTING

Slumlord is one thing......long distance slumlord is another.

[Mohaa Player]

Slumlord is one thing......long distance slumlord is another.

[ScaredOnce]

Tell you what, a friend and I were talking about this last fall but there is a FORTUNE to be made buying things like this up, fixing them up and renting them and waiting for the housing market to stabilize!

If done responsibly, then yes. I would agree. Else, that plan is just the first breath into the next housing "bubble".

Good luck.

[dc dalton]

I guess my reply is going to sound un American but---

Why not work with these people to pay their mortgage? I mean seriously, we are giving irresponsible bankers billions of dollars. Why can't the little guy get a little help? How is it worth it for the banks to kick these folks out of their homes and sell them for $1?

I agree that these home buyers got in over their heads but how is selling a home for a buck helping anyone. Home prices will continue to plummet and more people will get forced into foreclosure because they can't sell their home and break even.

If we are going to bail out the big guys, i think we should help the little guys too. If we don't, we are a long way from hitting bottom.

I don't think we should really be bailing out either but if we help one, we should help the other.

WOW, JUST WOW! That is without a doubt the most intelligent, well though thought out post I think I have seen all freaking year .. rep coming your way for 'reading between the lines', for using you brain and seeing the facts most people can't see!

If done responsibly, then yes. I would agree. Else, that plan is just the first breath into the next housing "bubble".

Good luck.

Well as I said we don't have the money to do it anymore (our business has been hot hard) but if I had the cash I would