Jump to content
Search In
  • More options...
Find results that contain...
Find results in...

buy a house in detroit for less than $500


watson
 Share

Recommended Posts

This forum is supported by the 12ozProphet Shop, so go buy a shirt and help support!
This forum is brought to you by the 12ozProphet Shop.
This forum is brought to you by the 12oz Shop.
  • Replies 275
  • Created
  • Last Reply

Top Posters In This Topic

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.

Link to comment
Share on other sites

 

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.

Link to comment
Share on other sites

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

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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".

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share


×
×
  • Create New...