Real Estate Investing: 10 Cities for Homes Cheaper Than Cars ...

Homes aren?t just cheap today they are unbelievably inexpensive. In fact Michelle Obama could probably buy half a dozen properties for the price of one of her jackets and there are plenty of real estate investing deals available for less than the cost of a 1999 Lexus, many watches and even a slice of pizza in New York?s glitzier restaurants.

Cheap cities can make great destinations for real estate investing. Low priced homes are easy to flip for large returns as they can be afforded by so many more potential end buyers. They can also make great rentals as the cash flow easily and even if a loan is used can be paid off quickly.

So where are all of the cheap property bargains in the U.S. today?
24/7 Wall St. recently revealed this top 10 list of cities where homes cost less than cars:

1. Detroit, MI
Median list price: $21,000
As cheap as a: Chevy Malibu
2. Flint, MI
Median list price: $31,950
As cheap as a: Chrysler 300
3. Gary, IN
Median list price: $39,900
As cheap as a: Ford Expedition
4. Redford, MI
Median list price: $40,000
As cheap as a: Ford F-450
5. Warren, MI
Median list price: $49,900
As cheap as a: Lincoln Navigator
6. Whiting, NJ
Median list price: $52,450
As cheap as a: Corvette
7. Dearborn Heights, MI
Median list price: $55,000
As cheap as a: Cadillac Escalade
8. Youngstown, OH
Median list price: $57,550
As cheap as a: Chevy Suburban
9. Holiday, FL
Median list price: $59,900
As cheap as a: Telsa Model S
10. Port Richey, FL
Median list price: $59,900
As cheap as a: Cadillac CTS

In fact compared to the many home listings of homes under $10,000, the above may even sound pricey to some real estate investors. In the last few years homes have even sold for as little as $100 and many are still available for a few thousand.

However, it is crucial for real estate investors to be aware of the pitfalls of investing in cheap homes regardless of whether they are to be rented or flipped. Many of these homes require serious repairs and often they can?t be put off due to their dangerous nature, risk to the integrity and value of the property or fines from code enforcement.

In many cases they may have to be torn down and that isn?t cheap either. In fact it can cost many times what was paid for the home. Then there is quality of tenants to worry due to these properties often being in areas of high employment, which can also restrict local demand when it comes to resell. That doesn?t even take into account personal safety for investors and landlords who will manage these homes.

Dirt cheap homes can make great real estate investing deals but don?t buy by price alone. Evaluate closely. You will find good deals in good areas just get ready to battle the competition.

Source: http://www.instantinvestor.com/real-estate-investing-10-cities-for-homes-cheaper-than-cars/?utm_source=rss&utm_medium=rss&utm_campaign=real-estate-investing-10-cities-for-homes-cheaper-than-cars

big brother London 2012 Table Tennis badminton Dominique Dawes Gabby Olympic Gymnast Robyn Lawley Gore Vidal