What’s Your Balance?
Financing outside the box...
I hadn’t heard of this either, but, believe it or not, people are doing it. They are buying foreclosures in Georgia with credit cards.
A good friend of mine said, Carla, you have the money to buy that foreclosure—put it on a credit card. I thought she was crazy, but believe it or not, now you can buy a house, not just a building lot, but a real live house for just over $10,000.
Yes, you need to fix it up, but if the foundation is sound and the framing is OK and interior walls, and fixtures are OK, you’re getting all that AND the land! It’s a beginning. Look at the pictures below of these foreclosure homes that were fabulous deals.
I recently sold the two houses pictured below and the buyers used credit cards. Yes, credit cards! How's that for thinking outside the box, or to coin a phrase, financing outside the box. These folks are handy. They’re not afraid to tackle painting, do flooring, take out walls or to add walls. They’re contractors and they can do just about anything. But even if you can’t do it yourself, you can always call a contractor—ask me, I have people I can refer you to!
As a matter of fact, the foreclosure in the top row of pictures was in really nice shape inside. It needed very little. But they wanted to make it better and took one look at that massive kitchen and decided to re-orient it just a bit. They installed a big breakfast bar, cut the wall between the kitchen and living room, installed ceramic tile and framed in a walk in pantry to the right of the stove.
You wouldn’t believe the difference and it just took them some sweat equity and about $1,500 to do all that. In time, they’ll replace the siding, but for $25,000, they’re living pretty cheap!
Can’t wait to see what they do to the foreclosure in the bottom set of pictures!
(Full disclosure.... The house in the bottom set of pictures had been vandalized, the copper pipes were removed - so what! a couple thousand dollars for plumbing, some new sheet rock and you're good to go. One estimate for repairs for this house was about $15,000 - that's for material and labor. So, for roughly $30,000 you have a great home. It's worth it. It's on a very nice street with neighbors that have lived there for years. The houses all around it were in nice condition too! Try it! You can't live cheaper than this!)
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