How to Buy a House for Less than $5,000 and $500 Down?

 It’s always a great time to buy a house! Who says you have to get in debt to have the American dream? Our amazing staff is always researching ways to save you time and money. There are literally millions of properties nationwide that you can buy for under $5000 and from zero to $500 down. Oh, don’t need credit, just an income source. 

 

Get STARTED!

Step one: Be open minded and have fun. You can locate a house to live in or flip for a modest profit.

 

Step two: We recommend having $5,000 to start. Why? You can negotiate the price lower. If you don’t have $5,000 down, that’s OK. A friend of ours secured a $349,000 house with only $5,500 down.

 

Step three: Go to Zillow.com and get busy!!! When locating properties I recommend you type in the state and the price range (For example: Kentucky and $2500 to $5000).


Then watch all the cool inexpensive homes and condos popup! Bravo! You’re in business. The best buys are in the South, Michigan, Mid-West, Nevada, Florida and where ever the economy is bad. Here is an example of a $5000 home
for sale in Kentucky:

http://www.zillow.com/homedetails/2130-W-Ormsby-Ave-Louisville-KY-40210/73605472_zpid/

 

Step four: Contact the seller, request a home inspection report (If they don’t have one, tell them you will pay cash if they
can provide one.) Do not consider a property viable without a home inspection and don’t pay for one either. Most owners have had home inspections.

Step five: Once you find several homes, go to the court house and checkout any possible liens, does the city have plans for that area and the crime rate. Property will always be valuable and it’s possible that you can turn a $5000 investment into a $100,000 profit if the city needs your land.

 

Step six: We recommend you do a lease purchase or 12 month owner finance contract of the property and have it paid in full within one to 12 months. This way, you have the flexibility to flip the house. There are so many homes under $10,000, you can always afford to walk away. We recommend an attorney to create your initial paper work for your protection. Once you purchase several properties, you will know how to proceed without an attorney. 

 

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