Last Updated May 11, 2010 9:57 AM EDT
Wouldn't it be great to be able to buy real estate with a credit card? Well if you're a real estate investor and your line of credit is big enough, now it's possible.
Home prices have fallen by as much as 90 percent for foreclosures in some neighborhoods. Real estate investors are scooping up properties at the low end of the spectrum, fixing them up and then renting them or selling them to first-time buyers.
Will the fix-and-flip or fix-and-rent models be right for you? It depends on how much you pay for the property.
Check out what you can buy for $35,000 in these areas and in the neighborhoods I profiled yesterday:
What Can You Buy For $35,000 in Pueblo, CO?1036 Cedar Street, Pueblo, CO 81004
If you like the color turquoise, you might like this three-bedroom, one-bath home. Not only does it need a paint job, but it looks like some of the other properties on the street might need a bit of fixing up as well.
The house, which is an estate sale, was built in 1900, and has 1,184 square feet on a 3,700 square foot lot and Zillow estimates it's worth $70,000.
Well, maybe after you fix it up and rent it out.
What Can You Buy For $35,000 in Detroit?6632 Pelouze Street, Detroit, MI 48210
With Detroit's resurgence, I'm hoping that home prices will start to come back as well. Last winter, homes in decent Detroit neighborhoods were selling for just $6,000.
This house has three bedrooms and three bathrooms in a cozy 880 square feet. The lot, at 3,400 square feet, is also small. The basement is partially finished and the seller is looking "at all offers," according to the listing sheet.
But, this home is being sold "as is," which could mean there are larger, more expensive structural or mechanical issues requiring attention. Whenever you're buying property in "as is" condition, you'll want to take a close look at the exterior walls, foundation, attic and exterior of the property. Savvy investors sometime take their contractor along for another on-the-spot opinion.
What Can You Buy For $35,000 in Baltimore?2912 Ellicott Drive, Baltimore, MD 21216
Here's another three-bedroom, one-bath attached home for sale on a nice block being sold in "as is" condition. There's a veiled reference to a "ground lease," so I'm guessing the buyer will want to be sure the ground lease can be renewed.
The house has been on the market for 282 days, and it looks like the seller is willing to deal. Make an offer, any offer.
What's for sale for $35,000 in your neck of the woods?
- What Can You Buy For $35,000?
- What Can You Buy For $625,000?
- What Can You Buy For $250,000?
- What Can You Buy For $950,000?
- 3 Reasons Why Now Is The Best Time To Buy A Home
- Housing Market Predictions for 2010: How Good Will It Get?
- Mortgage Interest Rates Rise To Highest Level In 8 Months
- Tax Credit Daze: Why It Might Take Months To Get Your Home Buyer Tax Credit Cash
- Are You In Loan Modification Hell? Join The Club
- 2010 Will Start With Strong Home Sales. But What Happens After The Home Buyer Tax Credits End?
- Jon+Kate Plus 8 Finally Sell Their Starter Home
Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com.