banks will be tough...if the property is truly worth 300k, i'd get in touch with private lenders or a hard money lender..the payment will be a bit higher however..but any lender should be thrilled to be in first position with a 30k mortgage on a 300k property...if you screw up,they get a heck of a deal..and if you pay it off, then they get their interest just like they wanted in the first place :)

The pics are from years ago when the property was actually nice and livable.Unfortunately without someone who knows the city areas well, it's a huge gamble to invest in Detroit.

The rationale was the buyer is gettng the property for at LEAST 10-20% under market value and because they are thrilled with the price the fee wasn't an issue.

Most are bought on emotion and the thrill of owning beach property.

And for reference, NACA default rates are about 1%, and I'm thrilled to support any program that is that successful with buyers.We work closely with a bunch of NACA agents, and their buyers always get "first dibs" on our properties.

You can always gamble that you won't get caught, but if you do, the penalties & interest charges can be substantial.

Suffice it to say my painter is thrilled about all the work.  

Maybe one day when I have a million to gamble with, I'll move up.  :-)Bill Gulley

I'm thrilled to hear you've had a positive experience. 

I'm thrilled to personally get more involved here.