Cheap foreclosed homes: what am I missing?
Hello all,
I'm trying to jump in and learn just like Josh & Brandon encourage on every podcast. I apologize for asking what's probably been asked before, but searching didn't help me nail down what I'm looking for. I'm only getting started in RE investing with a ton to learn.
When I look at various realtor or MLS listings in my area, there seem to be a number of foreclosed homes in the $30,000 range in the neighborhoods where I'm looking in southeast Michigan (not Detroit). I imagine they will all need some work, but that seems awfully inexpensive for a single family residence? The neighborhoods seem ok and clean. What am I missing?
It would certainly be easier for me to get into a $30,000 house and put in $20,000 of repairs vs trying to finance a $170,000 home. I know that it's not that simple and I know I must be missing something, or else everyone would be doing it. So what am I missing?
If this has been discussed before, I'd appreciate a link to the threads I can sink my teeth into.
Thank you, Mark