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watson

buy a house in detroit for less than $500

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Buy it, level the house, sit on the vacant block for 20 years.

 

My wife is from Michagain, and a couple of her cousins where looking in to doing something like that. Salvaging the old school millwork and copper, then doing demo and sitting on the empty land until it's worth something.

 

BUT: Most of those places have back taxes due, and even if they don't the annual tax rate on the property is more than it's worth. The copper is all gone (crackheads) and most of the millwork worth anything has been destroyed, so no profit there. Then most of them are riddled with asbestos, the removal of which is ridiculously expensive. Even if you do get it razed, they have full basements, so it's an open pit you are liable for.

 

Plus ain't no construction/demo crew going in those areas, shit when they went to look at some the realtor wouldn't even take them to see them. Met them at a near by shopping center and gave them a printed out map and told em good luck.

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Yea, until the trap next door knocks on yours

with some metal sayn you cnt be here

I doubt the neighborhoods will even change in 20yrs

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A friend of mine that I grew up with bought a square block in Detroit for like 25 grand.

 

I'd say the biggest downside of buying a house in Detroit would be living in Detroit.

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BUT: Most of those places have back taxes due, and even if they don't the annual tax rate on the property is more than it's worth. The copper is all gone (crackheads) and most of the millwork worth anything has been destroyed, so no profit there. Then most of them are riddled with asbestos, the removal of which is ridiculously expensive. Even if you do get it razed, they have full basements, so it's an open pit you are liable for.

 

Plus ain't no construction/demo crew going in those areas, shit when they went to look at some the realtor wouldn't even take them to see them. Met them at a near by shopping center and gave them a printed out map and told em good luck.

 

http://www.businessinsider.com/buying-cheap-property-in-detroit-2013-7

 

This Is For Everyone Who's Thinking Of Buying One Of Those $500 Homes In Detroit

 

 

Dang. Shit is about as bad as it gets there. Having to pay the taxes owing on a property like that pretty much condemns it to only ever being a liability. What a mess.

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meanwhile in the D

 

FAKE REAL COPS ROB REAL BROKE CITIZENS

http://www.myfoxdetroit.com/story/22949343/breaking-news-police#ixzz2aJMSYmc6

 

 

It is alleged the two sergeants pulled up in a black pickup, got out of the truck with their guns drawn and their badges around their necks, detained two young men in their early twenties, searched them and pistol-whipped one of them, stealing his wallet and cell phone. The other alleged victim told police they also stole his money.

 

22972436_BG1.jpg

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All those dudes torching the abandon houses aren't just arsonist or psychos. Turns out they are performing a valuable public service.

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Buy it, level the house, sit on the vacant block for 20 years.

 

I actually own several properties in Detroit for this exact reason. Real talk.

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BUT: Most of those places have back taxes due, and even if they don't the annual tax rate on the property is more than it's worth. The copper is all gone (crackheads) and most of the millwork worth anything has been destroyed, so no profit there. Then most of them are riddled with asbestos, the removal of which is ridiculously expensive. Even if you do get it razed, they have full basements, so it's an open pit you are liable for.

 

It's not that bad, you can purchase whole blocks by cutting a deal for the back taxes, you just have to know how to deal w/ the blacks who have simply no interest in doing business any sort of legitimate or reasonable way. But yes, all must be razed/filled and preferably owned as LLCs. The property taxes suck but aren't more than the property is worth (certainly more than the house, but not the property). Dollar stores and non-profits have built structures on a proportionally minuscule number of my properties in the past ten years and the rent that they pay covers the expenses of owning all of the other ones. It's the long con so to speak but it's definitely worth it if you can sink the money into it.

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I actually own several properties in Detroit for this exact reason. Real talk.

 

future slumlords of america :haha:

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It's not that bad, you can purchase whole blocks by cutting a deal for the back taxes, you just have to know how to deal w/ the blacks who have simply no interest in doing business any sort of legitimate or reasonable way. But yes, all must be razed/filled and preferably owned as LLCs. The property taxes suck but aren't more than the property is worth (certainly more than the house, but not the property). Dollar stores and non-profits have built structures on a proportionally minuscule number of my properties in the past ten years and the rent that they pay covers the expenses of owning all of the other ones. It's the long con so to speak but it's definitely worth it if you can sink the money into it.

 

I think a big part of it was they weren't mentally prepared for the actual reality of it. They are from the TC area so that should give you an idea of how unfamiliar they are with "the ghetto" or "the blacks".

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