Are you a risk taker?? Try Detroit
Hey guys... I think ink Detroit might be worth the risk. I read on CNN that the city will begin auctioning off houses from the over 16,000 tax default homes it has: with auction prices starting at $1,000. I also went to the auction website to read more.. The caveat though is that you have to be a resident of Michigan or have a business registered to do business in the state. Another important caveat which I think will spurr growth, development and employment is that all buyers have to show proof of plans to rehab within 30 days of closing and then proof of occupancy within 6 months or else the government reclaims the property. The idea here is that when you buy a property and set out to rehab, you're assured that the guy next door will also be doing something to get his place rented in 6 months.. So it triggers a chain reaction of construction work and the job that come with it. You are also not liable for back taxes on any property
I'm seriously considering Detroit.. Its a high risk, high ROI type of deal...
Your thoughts guys?