Do you think you can buy a single family home for $1,000? You can and the only catch is the area, Detroit, however if you can deal with the high property taxes and crime you can own your house for less than most peoples monthly mortgage payment.
The house above was bought by me for $1,100 and it is a 4BR/2BA/Double Lot home. Sure it needs some work including paint, carpet, siding, and some appliances but I can then owner finance it for $500/month to someone who has bad credit but needs a home.
Of course, there is more to this than that but the basics are correct and the $500/month scenario I have achieved several times before so I know it’s possible. If your looking to buy a cheap home to live in or looking to invest in property please take a look at my website www.DetroitPropertyInvesting.com.