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I get that question all the time; “can you buy a house for $1?” The answer is [YES + BUT]. This edition is about the ‘but’.
Even better; I use an example of a scenario where you actually get the house for free.
In order to help me drive this point home, Case Neistat will make a quick appearance from his video “Buy This Haunted Mansion for $1”. Here is what he said and I quote…
“I think the city owns it now and honestly, I’m pretty sure that you can buy it for like a dollar $1 if you are willing to put the millions and millions into it to make it nice.” ~ Casey Neistat
This is how you know that there is nothing to it when a city such as Newark, Baltimore and other big cities are selling real estate properties for $1.
They do it all the time.
But obviously, there is a catch. The catch is not cheap either.
When you add the cost of lack of experience to the fact that your liability even when you get the house for free is at least $1,000 top $1,300 in Newark, you may end with a property with equity under water.
Anytime I get that question $1 homes for sale, I can quickly tell that the person is thinking of the opportunity as a grant.
It is not a grant. It’s the way the city try to put non-performing real estate to work.
If you are not going to approach the opportunity as a business opportunity and not a handout, you are better off staying away.
What does it mean when a house sells for $1?
It can mean the city getting rid of non-performing properties and it’s liabilities in tax, tax defaults and tax delinquencies.
It can also mean a family member simply changing hands with deeds.
Either way, there is a always a catch. The moral of this story is that nothing is free in America and probably in life all together.
$100 dollar homes and not free tickets into building wealth. The secret to wealth continues to involve, selling products and investing in real estate and business opportunity.
When it comes to selling, the best way to do it in the futuristic and digital age is by first learning how to attract customer, high paying clients and quality business partners online.
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ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and father to their 2 Boys. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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