You may soon be able to buy a house for just $1 dollar!
Vacant homes in Baltimore is a huge problem for the city. Once the owner is gone, the property usually falls into severe disrepair and they become a breeding ground for squatters and arsonists.
The city is currently evaluating a plan to sell vacant homes for $1. But by doing so, they are effectively trying to offload this problem to the consumers and buyers.
Keep in mind, most of these properties are in “War Zones” and there is likely years of unpaid utility bills, liens, and unpaid tax bills that’s just waiting for a new owner. More importantly, the cost of renovation might exceed the after repair value – which will make this a pretty rotten deal for investors.
So, unless you are a builder with a longer term vision, you may want to avoid these dollar deals.
