Anyone thought of investing in property in Detroit?

But it's in fricking Detroit

quote:

---

If all else fails, you could always get a friend who is an appraiser to appraise it for more than it's worth, partner up with a non profit group who specializes in housing for poor minorities, have them take the high appraisal and apply for a HUD government backed loan, buy the house from you for an inflated price, give them a "donation" for their troubles, and they fail to make the payments later due to construction delays. Everyone wins except the taxpayer

---

That was a good Sopranos episode

quote:

---

You can buy foreclosed houses there cheap, some less than 100 bucks. Fix em up a little and wait for the economy to improve...find ones not far from nicer areas. Make some money

---

My cousin bought a house in Detroit for a thousand or so while he finished his doctorate in Music. He still owns it. Not because he wants to. So, when you said "wait for the economy to improve," you should emphasize the "wait" part.

quote:

---

finished his doctorate in Music

---

I had no idea you could get a doctorate in Music

quote:

---

had no idea you could get a doctorate in Music

---

You know what you do with a quarter and a doctorate in music?





Not a fricking thing.

quote:

---

It's worth slightly more than a house in Detroit.

---

Considering your cousin has both, I'm going to assume he chooses poorly.

quote:

---

es, but if you but it for like 100 bucks you really can't lose. Things gotta improve sometime...especially if they implement the "tax freedom zones" in Detroit where certain sections will be determined to be tax free for new businesses for like 10 years to try to attract growth. Find property near those areas

---

If I remember correctly a Chinese firm just bought a few of the abandoned skyscrapers in downtown Detroit. I'm sure they've got some money to throw in to make a return on that investment. IF you can get people working in the urban core and some younger people willing to live near their job it could come back.

I know the arts scene is starting the thrive in the urban areas, those are the kind of people a place like that needs to get stuff moving in the right direction.

I'd say it's a waiting game and the bad thing about cheap property is that you'll be surrounded by cheapasses and you'll likely be waiting for generations to see some real return on investment.

Plus, I'd be a little nervous about the liability of having an abandoned home or property there without some major coverage to protect from the a-hole that trespasses and hurts himself in your shanty.

saw on the news they even took the pipes out of the house. Took sink too.

I don't know how exactly the programs work but might be worth looking into turning into section 8. It would be kind of cool to be slum lord of a once thriving city

quote:

---

I don't know how exactly the programs work but might be worth looking into turning into section 8. It would be kind of cool to be slum lord of a once thriving city

---

If it's anything like Vegas you'd probably have an issue renting the slums to section 8 people. They all get to live in the nicer/middle class side of town now.