Do you have cashflow homes in Detroit?

**urhomesold.net** · 05-30-2009, 05:28 PM

Do you have cashflow homes in Detroit, selling for 10k?

Is there a tennant in there?
Property Management/

Let me take it off your hands.

**rentec** · 06-05-2009, 06:14 AM

I keep hearing about these $10k decent homes, and $20k luxury homes in Detroit. Is it for real?

Anyone buying them? If so, whats the turnaround time for the area expected to be?

**JesseB** · 07-23-2009, 08:24 AM

Sounds like an awful investment- thugs in the area are known to steal plumbing for scrap.

**landmarkhq** · 11-01-2009, 06:37 PM

I'm in Grand Rapids, about 3 hours west of Detroit. I have seen several houses in Detroit listed for $1.00. No joke, one dollar.

The real kicker is - these houses are a complete ripoff at $1. Let's say you buy one of these junkers - most of which will need to be completely demolished. This will cost you anywhere from $5,000 to $10,000 to do. Once it's demolished, you then have several thousand dollars invested into a piece of vacant land that absolutely NOBODY in their right mind would build on - because it's located in the middle of a war zone.

Detroit is a very sad story, and probably the last place I would ever buy real estate. If you're looking to benefit from Michigan's terrible economy and extremely cheap real estate, there are other places in the state that still have unbelievably low prices, and actually have hope. Western, Central and Northern Michigan are all worth looking into. These places have all been hurt by the recession, but are not nearly as dependent on the auto industry (and therefore, will probably come back strong when the economy starts to recover).

Those are my 2 cents.

**TopsyHazel** · 01-09-2010, 05:15 AM

It works by looking at the present value of what could be your future value if you were to earn interest on the present value over a certain period of time. You would be discounting from the future to the present.

**Political_Guru** · 01-20-2010, 09:20 PM

I have family in Detroit and visit there a couple times a year. The past few years because of the decline of the auto industry it has gotten really rough in what used to be alot of really nice neighborhoods. You can definitely find some cheap property but if you better be very careful where you buy.