I'm seriously considering buying sub $5k real-estate in

>>1686525
>Why isn't this a good idea?
because this will never happen, Detroit will become a ghost town.

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>>1686529
>Detroit will become a ghost town.
but not the white kind of one.

>>1686534
>82%
Holy shit, how many McDonalds are there?
>>1686525
People will tell you it's a bad idea for the same reason you're able to buy real estate for five grand. Just buy, and wait for the bohemians and artists. Worst case you've got yourself a shack.

>>1686551
I've read there can be tons of additional fees with unpaid taxes and utilities. Is this a comment theme? What is my expected total cost likely to be on say a $1500 home?

>>1686534
82.7% is insane. I had no idea and i even lived there for 9 years

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>>1686525
>Please support 4chan by disabling your ad blocker on *.4chan.org/*, purchasing a self-serve ad, or buying a 4chan Pass.

As long as Detroit is still run by Niggers and has an unpayable public sector Pension overhanging the city, Detroit will never recover

>>1686534
niggers ruined detroid, but at least they created detroit techno

>>1686525
>>1686534
>>1686556

>They're usually only $500-$1000 but come with $40-$100k in liens, taxes, fines, and utilities
>Once bought, if someone living there you automatically become a landlord and have to go through eviction process
>The houses are stripped down to the walls and you only have 6 months to bring it up to code before the fines start so you better have at least 30k just for renovation on hand
>Did I mention that wayne county officials will fight against you the whole time

I really looked into it a couple of years ago and found it to be not worth the trouble.

>>1686556
>>1686678
if youre gonna do it, either look up the parcel on your county assessors webpage and see what liens are against the property, or submit a records request.

if there are liens against the property, the assessor will have the info.

>>1686680
>look up the parcel on your county assessors webpage

That was the easy part, actually getting someone at the county to help was the shit part. If I remembered correctly it took 3-6 weeks for a response on any of the 4 properties I was looking at. (It's normally max 5 business days)

>>1686687
i dont know the details about EVERY county assessor, so those are typically the two options. for instance, clark county in nevada is entirely on a webpage. very easy to check on those properties. id assume a shithole of a county requires a records request.

just wait it out man. submit more requests in the meantime. 3-6 weeks isnt too abnormal, though one week is average for me.

>>1686525
No one wants to live in an 82% black area, not even blacks themselves.

Detroit will never be saved, all you're doing is throwing $5k down the figurative toilet.

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>>1686525

Its a great idea anon. Make sure to leave your nice car unlocked when you go to inspect. Also, definitely dont be armed, detroit is anti-gun.

>>1686525
It's illiquid and that fact that you're posting this shows you're not qualified to speculate on real estate.

If you really want to buy and hold some REITS that have a lot of equity in depressed areas. You can do this right in Robinhood or whatever.

I suggest dollar cost averaging into a devisified portfolio. Keep REITS as a whole under 20% of your portfolio, and your speculations even less than that.

Good luck.

probably better off buying a 50k shack in a small southern white town and renting it out

>>1686837

Are there any other investments like this that don't require me to physically get involved with investing in Detroit?

I know there are sites that let you crowdfund your investments into real estate with others although that's bottom of the barrel I think

I don't think it's as hopeless as this thread's going on about; Detroit still has critical infrastructure that you can't just take for granted, and businesses do often look at where's cheap buildings/land with cheap tax rates.

So there will eventually be businesses in growth mode that will buy these plants and set up their expansions there. But what's in growth mode? Find me anyone in manufacturing in North America doing that well..

Your 5k is going to be a very long-term investment that's going to make a very sombre profit for as long as you'll have to hold it.

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>>1686843

^this

Do some research into impoverished neighborhoods by race. Let the data do the picking for you. Poor asian neighborhoods are god tier for investment (low crime, reliable rents, generally respectful of property), but you are not going to find any because they are only poor for 1 generation and even then they tend to pool resources and group-buy lodgings.

>tfw you missed out on all the chinatown action in decades past

>>1686678
This. Those dumbasses that run Detroit still haven't learned their lesson. It's so pathetic that they have all these restrictions and hoops in their run down shit city, as if it's worth anything. At this point they need to ease all the fines and let other people and companies come in and fix that shit hole.

>>1686525
Slowly buy up entire blocks, build a factory on one or two properties, wall the entire section off and create a gated community of only white people (with some respectable blacks for diversity points and reasonable doubt). Gays tend to be great workers for these kinds of projects. Move a bunch of gays into your neighborhood and watch it turn around overnight.

>>1686680

When purchased, all liens and debts are wiped clear. That is part of the closing process.

Wow OP i am sure no one with money has ever thought of this idea! Ur a genius