Do you want to make a cheap investment that could prove to be both challenging and highly rewarding?
Some houses in Detroit are now going for as little as $1000, and all you need to do is get them into livable condition in 6 months.
The Detroit Bank Land Authority was founded in 2008 in order to solve the housing crisis in Detroit. The authority seeks to return run-down and vacant properties in the motor city back to their former glory, and they’re providing some serious financial incentives. The authority is auctioning off thousands of publicly owned properties in Detroit starting at just $1000. The idea is to get Detroit residents who currently rent to invest in their communities to build them up again.
The median home price in Detroit is $163,100 as of June 2019. While the properties being auctioned off are of course run-down and not useful for anything at the moment, they represent a serious opportunity. These auctioned houses do still come with detailed property condition reports and free tours for those who are interested. The main point is that if you’re up for purchasing one of these homes, you’ll need to be prepared to make some serious renovations.