One day... ten, twenty, or maybe thirty years from now.. Detroit will turnaround and have an urban revival. And people will be saying "I wish I had invested in Detroit real estate in 2005!"
You might be right.
You are correct, buy low, sell high. The first of the two steps is to buy low.
However, in a hard left liberal run victimhood stronghold like Detroit as soon as someone shows up with money buying properties, the city will hit them with costs to clean up the rats, lead, asbestos, maintaining the property and anything else liberals object to, or want someone else to pay for.
The new owners will also likely be hit with numerous lawsuits from neighbors for the above items and anything else a lawyer can dream up.
Im sure there is money to be made, but its not without many risks.
Detroit real estate would be a GREAT purchase if one was a seventeen year old kid with a valuable trust fund and had sufficient time to sit upon the investment.
Anyone in their thirties or older will be dead long before Detroit can regain its stature as a top-tier American city, IMHO.
~ Blue Jays ~
The minute you come in there writing checks, you'll pop up on the government looters' radar screen and they'll grind you down until they have vaccumed every last dime possible out of your wallet and leave your big plans for big money in Detroit real estate in tatters.
I knew a guy who grew up in the city...and went back two years ago. In 10 minutes, he saw 40 houses that were abandoned. You have whole streets where half the homes are empty. Its unlike any major city in the US.
I actually saw a home in Detroit for sale for a hundred bucks.
Sh*t, I’d buy 10 of them and figure if I lost money, so what...but if Detroit ever did turn around, whooooa, Nelly!