Seriously, why are we even trying to make a dollar online when houses are being sold off ultra-cheap? Take a look at this list from CNN/Time. Source: http://www.thisoldhouse.com/toh/photos/0,,20256816,00.html Wish I could get together some extra cash, or convince a few people to form a partnership. We could buy these inexpensive properties, pay the property taxes, pay to rebuild or rehab the house, then resell when the market goes up a little bit. And at $6,000 the housing market doesn't have to go up too much in order to make a profit. Just makes me think there are other ways to earn money besides trying to do so much online. What does the housing market look like where you live? Curious to know if everyone is losing money and foreclosing on their house, or if a few are actually making money with real estate.
If there are no jobs in those areas, nobody is going to want to buy the houses off you - it's not the housing market going up you'll be waiting for, it's an upturn in whatever industry dominates the area, and in many cases that is never going to happen, because once an industry has left a town, - closed down, gone abroad, whatever - it doesn't go back
This is not a surprise. Houses in these areas, detriot and cleveland especially, have always been hovering around $6,000 for atleast the last past few years, but most are in awful condition. I would only purchase one as an investment, as I've heard nothing but bad things about these neighborhoods. Not a place I would want to live or raise a family at.
I'll bet you're right, but it just seems incredible to think about that for a big city like Detroit. I went to detroitchamber.com and pulled the following stats about the companies that exist in the metropolitan area. Even if the automotive companies and the United Auto Workers union are reducing their impact on Detroit, it looks like there are other job opportunities.
Great article, thank you very much for sharing. Makes me wonder whether I should seriously invest this year.
Haha, me too. You know what? One of the employers on the Detroit list is Pulte Homes. It would probably be a good idea to dig a bit further with some research into what parts of Detroit that homebuilder is creating new homes. I highly doubt they would be doing anything near the area with the $6,000 lots. But it could help with planning, to know where they are trying to make money, and try to piggyback on their efforts.
Most of these places are dumps with all the fixtures ripped out, holes in the walls, etc., etc. It could cost you big time bucks to get these places back to livable and then there won't be anyone to sell them to, so the squatters will come back in and destroy the places again. Stay away.
Those homes are $6,000 because that is all they are worth. They are in ghettos and theives have stripped them. They back a truck up in broad daylight and load up appliances, copper pipes, ac units, the furnace, carpet, light fixtures, etc... The police don't even come out for a long time because property crime enforcement isn't high on their list. So you buy the house for $6k, put $30k into fixing it up and hope to rent it out. Then you find out that nobody will insure you while the property is vacant, and eventually it is stripped and squatted in and you are out your $30k. If you do get lucky and rent it out, the vast majority of renters in these neighborhoods stop paying rent and you can't just throw them out onto the street. Getting them out is a lengthly process. Oh, and when they finally do leave, they are stripping the house.
You might be onto something. One could hire area residents to write articles addressing topics such as... How to cheat the welfare system and get away with it. Making millions in music singing nothing but "Uh huh, yeah yeah". Safe profit in street drugs that aren't illegal yet.
In Dayton, Ohio there are houses that people can't give away and they don't even have any back taxes owed. The once uppity neighborhoods have went to hell over the last 30 years because of the people who live there. I owned a house in one of these neighborhoods that was gifted to me. I later found out why. I would go there to do some repair work on it while it was empty, leave for lunch and come back to find whatever work I had gotten done had been demolished by the neighbors who thought they "ruled the hood". I guess they didn't want their neighbors house looking better than their dump. I actually watched the neighbors throw trash over the fence while they were outside so I went and picked it up and tossed it right back over the privacy fence where it came from (It was a McDonald's bag) and what did they do but throw it right back at me and then the next day there was boatloads of trash that had been dumped in the yard along with roofing nails in the driveway. I ended up calling an ugly house 800 number and dumping it off for mere pennies of what is was worth (or estimated to be worth) If a house is valued at only $6000 there is probably a durn good reason for it.