Reposted from @aboriginal_willie - St. Louis has launched a pilot program to sell some 500 city-owned homes for just $1 a pop.
But that low cost comes with strings attached. Purchasers will have to invest in extensive renovations before they can move in to the homes, which have sat vacant for at least five years.
Here’s what you need to know about how to buy those homes, where they are located and what it takes to rehabilitate a property that has spent years deteriorating.
Read more: St. Louis Prepares to Launch ‘Dollar House’ Program
Not all city-owned homes are eligible
The city has placed 522 homes owned by its Land Reutilization Authority on its Dollar House program list. They’re all single-family homes smaller than 1,500 square feet. And they’ve all been owned by the LRA for at least five years.
How to buy one of the 'Dollar Homes'
Buyers must inspect the property, make a renovation plan and budget, then apply to purchase it.
Here's the page on the city's website where you can schedule an appointment to purchase an LRA home: How To Purchase LRA Property.
An authority board reviews and approves applications. Within 120 days of buying the property, owners must stabilize the structure and improve its facade to meet city building codes. Buyers must renovate the property to a livable condition within 18 months, then live there for at least three years.
The authority holds a quitclaim deed — which allows it to reclaim the property — if the buyer fails to fulfill all requirements of the Dollar House program.
A spokesman for St. Louis Development Corporation, which oversees the Land Reutilization Authority, said that city officials will consider offering extensions for any rehabs that take longer than 18 months “case by case.” #StLouis#Missouri#MidWest#Facts#DidYouKnow#Str8LikeDat#Message#FoodForThought#ForReal#FRFR#ThatPart#HigherLearning#Economics#ThinkAboutIt#TrueStory#RealTalk#Investors#RealEstate#LetsGetIt - #regrann
Come Join our team for the "20 Things" class. We will be discussing the "20 Things" you won't learn in real estate school. This is a great opportunity for everyone to gain some amazing knowledge and growth in your business!
What: 20 Things Class
Where: 639 Executive Place #100, Fayetteville, NC Third Floor
When: Tuesday, February 19, 2019
Who (Hosts): Shelby Osborne, CEO, Five Pillars Realty Group; Mike Glaspie, Realtor | Investment Specialist, Five Pillars Realty Group
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#SharkNotes: One factor I’ve seen to be the cause of a fall or rise of a cryptocurrency is the developer community. They can fork it, they can maintain it, they can decide to update regularly, or decide to sit on the fence. No investor wants to put their money into a cyber currency that doesn’t have a good developer community to keep things modern and new. This reduces investor confidence and thus threatens a cryptocurrency’s long-term existence.
So there is another factor - which has to do with The Trust of the investors or how much people are willing to buy it amid the hypes - just like bitcoin.
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