Quote:
Originally Posted by rowan
I wonder if foreigners can own land in Detroit? For $100 it would be worth it just to say you've invested in USA property.  |
If it was a good deal you wouldn't be hearing about it on GFY. The good deals go early, in most cases before they even make it to the public, muchless posted on GFY.
You wouldn't just be paying $100. You would have closing costs and other costs associated with the house. You would very likely have back taxes and other liens you would need to clear, could be thousands of dollars. Then you would have to pay a lot of money to either fix up or board up the house. It would be very likely no one would want to rent it from you. You would continue to pay property tax every year. All to own a hunk of shit with no value. It's not worth it.
You mentioned in another post to take the house a part and sell fixtures etc... It's not worth the time and there is nothing of value in the houses. Even if you tried to salvage anything of value in them you would be spending a lot of time to do it and you still would have to pay all of the back fees and future taxes on it. A lot of these houses have long ago been striped of anything of value. If it sounds too good to be true it is.
Quote:
Originally Posted by Mutt
the sad thing about those Detroit homes is that they are very nice solid homes built in the 30's, 40's and 50's. we're not talking the crap today's new middle class houses are made of, solid wood floors, stairs, doors, wainscotting, quality stone/brick construction. those homes in most big cities in the US would be expensive. Just nobody wants to live in a city that is almost totally vacated except for criminals and poor black folk. for people who've never been in downtown Detroit - it's a surreal experience, it has a post apocalyptic nuclear attack feel.
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Kind of like some of the areas around here (in new orleans) after Katrina that never came back. Whole neighborhoods with less than 5% of the population that was there before.