$5k House – Foreclosure – HUD – Downside?

Written By: admin on August 7, 2009 No Comment

Hey,

My friend and I are looking to buy our first piece of property. We are looking at foreclosed homes from 5K-15K. We are both 20 year ancient college students, and can place cash down on the place.

We have always wanted to buy a piece of property by the time we are 21. We would spend this summer fixing the place up ourselves and then hopefully renting it out.

The tax on the house is ~450$ a year. We can deall with that. We dont see much of a downside to this. We will learn the real estate market a bit better, we will use trial and error to fix the place up ourselves, we will own a house that we paid cash for, hopefully we will be able to rent it out and if not we hold on to the house – pay the taxes every year – and then in a couple years sell the house for a profit (i cant see the property going below 5k$). And in the end its only K to say we own a house.

Any suggestions on what to look for in buying? The downsides?

Thanks
I also just found out that this house sold for 50K in 2008. Atleast, this is what Domania.com said.
In the ghetto–

We talked to the agent yesterday. They are trying to get ,000 for it.
Close – St. Louis, MO haha