Have you seen these ads, commercials and/or websites that advertise homes for next to nothing? I have to admit that I am always skeptical. These are set up NOT to actually sell you a home, but to sell you some information to “help you find and buy” a home. They are selling something. You have to be cautious of what and for how much.
The interesting thing to me is that they are not completely wrong. Wow! That is almost scary to say. As I sit here right now, Wednesday morning, August 20th at 6 am central time, there are 29 homes for sale in the Chicagoland area that are LISTED at $10,000 or less (this information comes from the Multiple Listing Service. You can also do a search of your own at Realtor.com). Now you probably know what you get for that much and/or the kind of neighborhood that it is in. Yet, you have to think of the investment…
- Maybe it is worth buying and tearing down. (Maybe the land is worth it, or will be worth it in 5-10 years.)
- Maybe it is worth buying and just sitting on it for a while.
- Maybe I can fix it up and put a renter into it and get cash flow.
My point is that there are homes for sale for virtually nothing. If you are truly interested, do your homework. Try asking a real estate agent what is available. They usually work for free (and get their commission when the sale takes place), so why not? It is worth considering… especially if it doesn’t cost anything to ask.
Have a great day and keep the faith!