It’s really simple, just buy this place in the middle of a massive cheap money binge:
10085 Lesterford Ave Downey, CA 90240
|Oct 27, 2010||Listed||$350,000||MRMLS #M10113549|
|Aug 27, 2010||Sold (Public Records)
This home was foreclosed and bank-owned.
|Sep 15, 2005||Sold (Public Records)||$970,000||Public Records|
|Aug 06, 2004||Sold (Public Records)||$715,000||Public Records|
Someone was actually able to get close to a $1,000,000 loan for this place. That’s about a $4500 a month payment before property taxes and PMI. Who wants to bet that this mortgage got bundled into a security now owned by Fannie and Freddie. The banks, brokers and Realtors© were able to push all the risk off to the taxpayer while reaping big commissions. This was done at the direction of Congress to loosen lending restrictions in the name of “affordable housing”.
Hey the upside is you can get this place with graffiti included for cheap now.