Money.CNN.com has posted an article on dollar homes in Buffalo, and how the houses really aren’t $1 after owners dump upwards of 50K into them. Well, I would think that that would be fairly apparent since the point of purchasing a house for a dollar is to fix it up. Nothing new here.
“Paying $1 for a house may seem too good to be true — and, in many cases, it is.” – CNN
Apparently CNN has figured out that there must be a catch, and $1 houses aren’t “move in ready”. I’m not sure that anyone ever purported that significant investments were not necessary. Despite the initial misgivings, the article does a good job in spotlighting the type of person who is well suited for just such an undertaking.