Is anyone here buying homes under 10k?

J

jonnysharp

I see the chinese are sending teams to the US to buy homes on the cheap http://business.timesonline.co.uk/t.../construction_and_property/article5740534.ece was interested to hear if anyone on here has been accumulating real estate on the cheap especially considering the huge range of sub 10k properties http://www.century21.com/search/property.jsp?svf=lsp&where=california&t=01,03&sort=price-asc&pg=0 I know many of them are in run-down area's and may need a little work, but surely there has to be a good buying opportunity nestled in there somewhere.
 
There's a lot of money to be made from poor people, but I don't think I could ever play the slum lord roll. An under 10K house is in the heart of the ghetto and probably needs many times its own value in safety and code violation repairs. Of course, slum lords will ignore all these repairs to keep their overhead as low as possible and take on the risk of lawsuits from tenants or buyers and fines from the city, but since they know their way around the legal system, they usually manage to survive. Does any of this sound like something you would be interested in?
 
I wasn't thinking of being a slum lord, more along the lines of a putting the piece of ownership paper under my bed and coming back in 5, 10yrs time and selling or if I could find a half-decent place somewhere near a snowtown maybe using it as a holiday home, maybe spend a little more than 10k.
 
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