Buying a 5-bedroom house for $100?
Spending more time on Zillow and dreaming of building a real estate empire… With Detroit bankruptcy, you wonder if Detroit will one day get better. I started. Recession to get years. I remember first checking Flint’s estate after Michael Moore mentioned in his one of his films that the property was in danger. It may have been seven years ago, but there are no signs of improvement.
If you think real estate will one day go up in value, or if you think the land your home is built on is worth at least some value, take a $100 bill out of your wallet and buy a house in Detroit!
This is the house I found after searching for about 2 minutes.
Detroit Real Estate
Love the $0 estimated mortgage, but note the owner bought it 18 months ago for $600. He accepts his 83% loss. From the looks of it, this property needs a lot of TLC or demolition, but the front door alone would cost him over $100 to buy new. It’s incredible that these homes at least cost nothing to build. Here in Guatemala, people would tear them down and sell scrap wood, metal, whatever they could.
There are many other homes under $1,000. If you want to make more money, for $1,250 you can get a small brick house with a nice garden.
For many of you New York and Cali readers, it is not even the cost of one month rent! This one looks pretty cozy and in much better shape than the $100 one. If you can rent it for $200 a month, you will have a house paid for by your tenants in 6 months. Now the question is are there any tenants left in Detroit? If I were to live there for whatever reason, I would surely buy a house. Even as a student, buying this $1,250 house and living there for your 5 years of college means $20 in monthly accommodation costs. Do I need cash for my deposit? Qualify for a title loan and get your money delivered fast!
Then there are the taxes. Detroit is bankrupt, and for the few paying taxpayers, taxes have to go through the roof. During the long winters, heating costs are also well over $20 for him.
And where have these people gone? Also, is the neighborhood becoming like a ghost town? Check it out below, it’s really great. And it’s expensive for Detroit (laughs). There are still chairs on the terrace, cars in the driveway, the garden has been lovingly tended…and all the stonework, the brick chimneys, the tiled roof…the materials alone are a lot of work. I have money Over $17,900.