Real estate prices have dropped like a rock and if you’re looking to build your investing portfolio and seize the once-in-a-lifetime opportunity to build a lasting legacy, now is the time to kick yourself into overdrive.

The foreclosure mess has caused prices to drop like a rock — and in some markets you can get unbelievable bargains on property if you’re diligent and you buy in the right places.  So how cheap can you get property?

Is a buck too much?

That’s right…a dollar.  That’s not a down payment or an option fee — that’s the total price somebody paid for a real house on a real lot in Detroit.  That very same property sold for $65,000 in November 2006 and at the time was reportedly the nicest house on the block.  Of course the property fell on hard times now and was sold for much less, but I’d venture to guess it was worth more than was paid.  I hear the buyer paid all cash:)

If you’re resourceful you can get property at rock bottom prices.  Do you want to see houses that sell for anywhere from $1 to $10,000? Check out this link!  http://stlouis.missouri.org/development/realestate/index.html Maybe you won’t find YOUR perfect property for a dollar.  Maybe it will be $500 or $1000 or maybe even $5000. But you don’t even have to be able to do math to know that nine times out of ten a deal like that makes great sense if it is located in the right area! How much thicker can your portfolio get if you can scoop up a handful of properties for even 40 or 50 cents on the dollar? 

It’ll take some planning, diligence, and following through on your plans.  Do your due diligence; make sure a property will make a good investment and then buy all you can.  Today’s prices won’t be available forever, but while they are you may as well be the one building equity and positioning yourself for the inevitable real estate turnaround.

When it comes, you’ll be prepared.  Who’s first in line for a million dollar payday?  Is it you?

What are you waiting for?

Blessings!

Charrissa Cawley

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