Run-down and vacant homes in Detroit are being auctioned off for as little as $ 1,000. All homeowners have to do is get them in livable condition in 6 months.
Investing in Detroit at $ 1000?
In order to settle selected abandoned homes in Detroit, you can place a bid and buy a home at $ 1000 only needs to make a commitment to renovate and meet the terms of the auction.
Has anyone tried?
There are no hidden fees, no credit checks, and all the title work is done before the home is listed. But you'll have six months to renovate it.
Vadim Sedletsky
Not to forget that the tax on properties in Detroit is high and so are the insurance costs. If the property is targeting 205, it is a narrow one.
I personally looked at lots of properties offered to me by the desperate owners for free and it was not financially viable to take any of them.
There are enough better and safer deals in the market.
No need to look for trouble with force.
A similar thing exists in Indianapolis. The problem is that these are relatively difficult areas (rent accordingly), houses that need extensive renovation, or alternatively demolition and rebuilding. In many cases, the cost of the property + demolition + plans to build and build from scratch exceeds the cost of a similar house in the area. Also, there is a schedule for meeting the goals. At the end of the process, it is not certain that you can get a higher return than other houses in the area. There are many speculators in the field who buy and "incubate" the property, until the last minute, in the hope that the market will rise. Not recommended for those who are not present at the place or knowledgeable in the field
"All home owner has to do is get them into livable condition in 6 months" So you better know what you are doing and have a team to do it.
I think it's an ingenious idea, and an amazing goal to re-establish the city and enjoy a profit in a decade or two.
(metaphor)
Like a stock that is at the bottom and the owner is trying to rebuild it with new product and new investors.
Leeor Nehardea request, what we talked about yesterday