Anyone here own any of those 1,000 dollar homes in Detroit?

[UncleTomFord15]

Detroit Real Estate - Detroit MI Homes For Sale | Zillow

If you put the max at 5k, theres literally hundreds/ thousands of homes for a grand . Can you just spent the 1k and sit on it for a decade or is there more to it?

 

[CouldntBeMeTho]

You gotta fix it up too. I've been trying to get into flipping dilapidated hood properties as side work.

Its really important to consider the costs of repairs. Add like 10-15k to the price.

Also you need to be aware of what it's value would be, once fully renovated.

Zillow lists property values by the house on their maps. Look around at the houses in the neighborhood, and that'll tell you about what it would be worth once fully restored.

Take that number minus all costs and thats your potential profit.



If you just plan on having it sit there idk what would be advantageous about that

 

[Noriega]

Sit on it for 10 years and barely flip a profit. This cat I work with bought several city owned homes in Gary Indiana. He bought all of em for under 20k. Ended up spending another 70k rehabbing them. This was 15 years ago, and even though he has all of em rented out. He says it’s the worst financially decision he’s ever made. Could’ve put that damn near 100k elsewhere

Dawg most of them cribs are in neighborhoods that will never recover. No schools, no public services, no parks, no grocery stores.

 

[Master Teacher]

Sit on it for 10 years and barely flip a profit. This cat I work with bought several city owned homes in Gary Indiana. He bought all of em for under 20k. Ended up spending another 70k rehabbing them. This was 15 years ago, and even though he has all of em rented out. He says it’s the worst financially decision he’s ever made. Could’ve put that damn near 100k elsewhere

Dawg most of them cribs are in neighborhoods that will never recover. No schools, no public services, no parks, no grocery stores.

because you friend doesn't understand real estate

you can't buy a few houses, you have to buy the entire area and fix it up, its called real estate development for a reason

if only less than 5 percent of the area, it doesn't matter how nice you rehabbed houses are the value isn't going to come up because everything around its raggedy

but imagine if he was the only black person buying the houses and hundreds of people did, the entire area would be restored and be worth something

 

[Actually6Foot3]

Detroit is NOT returning to it's former glory. Let those houses rot bruh

 

[Actually6Foot3]

Wait....Now that I'm looking at it 888 sqft 3 bedrooms ?!? 4 beds 1200 sqft. And y'all laugh at us NYers.

The houses in Brooklyn have way more sqft than that. And it doesn't look like a tornado passed through

 

[CouldntBeMeTho]

Wait....Now that I'm looking at it 888 sqft 3 bedrooms ?!? And y'all laugh at us NYers.

1000 dollars wont even get you a closet in jew yawk

 

[Actually6Foot3]

1000 dollars wont even get you a closet in jew yawk

What good is a 1k house if the house, block the house is on, neighborhood the house is in and even city are all shyt holes.

My one bedroom is 850 sqft. Imagine a nikka trying to turn this shyt in to 3 bedrooms I'll be damn


shyt by that logic I might as well go out further and buy acres of dessert with 1k if that's the route we're going.

 

[CouldntBeMeTho]

What good is a 1k house if the house, block the house is on, neighborhood the house is in and even city are all shyt holes.

My one bedroom is 850 sqft. Imagine a nikka trying to turn this shyt in to 3 bedrooms I'll be damn


shyt by that logic I might as well go out further and buy acres of dessert with 1k if that's the route we're going.

Well the true value of that house restored isnt 1k. And you can scoop up cheap properties in somewhat decent neighborhoods. Maybe not nyc nice, but better than spending 80% of your net to rent perpetually

 

[Spence]

I would buy one of those old Big 3 car executives mansions and fix it up since I work remote and the neighborhood it’s in wouldn’t matter much. But knowing everyone is eyeballing my shyt all the time for weaknesses to try and get me would have me on edge and not living in peace.

 

[L&HH]

Sit on it for 10 years and barely flip a profit. This cat I work with bought several city owned homes in Gary Indiana. He bought all of em for under 20k. Ended up spending another 70k rehabbing them. This was 15 years ago, and even though he has all of em rented out. He says it’s the worst financially decision he’s ever made. Could’ve put that damn near 100k elsewhere

Dawg most of them cribs are in neighborhoods that will never recover. No schools, no public services, no parks, no grocery stores.

I mean anyone with sense should have seen these traps from a mile away. All these millionaires and billionaires always on the hunt for the next lick. If these properties were really that much potential they would have been got bought up by them.

in the future someone is going to do a real doc or expose on all these so called real estate gurus selling people dreams. My pops showed me the real of that shyt when I was little in the mid 2000's in Baltimore with a property he got and tried to rent out. Nothing but a headache in every aspect.

 

[Curioser]

My mom does and she refuses to move...

 

[Piff Perkins]

You have to be extremely smart on where you buy because a lot of those neighbhorhoods are bombed out and will never be saved. Not even gentrification is gonna help you there - white people aren't buying in those areas. If you want to take that chance focus on areas where you can imagine a recovery happening due to surrounding areas. For instance houses not far from a college campus. Maybe the area gets fixed up as the college expands, and suddenly you can rent it out to some young professionals.

 

[Curioser]

You have to be extremely smart on where you buy because a lot of those neighbhorhoods are bombed out and will never be saved. Not even gentrification is gonna help you there - white people aren't buying in those areas. If you want to take that chance focus on areas where you can imagine a recovery happening due to surrounding areas. For instance houses not far from a college campus. Maybe the area gets fixed up as the college expands, and suddenly you can rent it out to some young professionals.

Yeah if it’s not downtown, water front or new center it’s a waste of time. City is really a hell hole now.... arson creep is ridiculous... areas I thought would never be touched look like HP.

 

[keond]

Detroit is NOT returning to it's former glory. Let those houses rot bruh

I hate to say it, but the only reason Detroit was such a good place for blacks back in the day was because of the auto industry. You good get a good union job with no college and make enough bread to sustain a middle class lifestyle. Those jobs are gone and never coming back