I'm buying a small condo for... drumroll, please... $11,000. That's not a typo. It's less than 800 square feet with one bedroom, one bathroom, a decent sized living room and small kitchen. It's also not in a very desirable area, but it's not in the ghetto, either. Would I live there? Maybe not - but then again, if I was single I might. My partner would leave me if I suggested we move there, if that gives you an idea of the area.
I don't have $11,000 sitting in a bank account so I will access funds some other way. My bank offers a Simplified Line of Credit at 11.74%, plus a 3% fee to access the funds. That's not cheap, but it's uncollateralized and easy to access. Besides, I would pay it back in a matter of months.
I love a bargain. The condo was listed at $17,000 and last sold for $28,000 in 2004. The owner moved out several months ago and just wants to rid herself of it and the monthly association dues. I'm happy to oblige.