how does one get ahold of those cheap houses i heard about? (Detroit: for sale, real estate)

[thealfa]

I kept hearing in the news about cheap houses in Detroit for 10k. Do I simply contact the big name Realtors? Would these real estates be a cash sale considering its price or it depends?

[jonnynonos]

Why would you want one.

[AdemH]

Depends on what you're going to do with it.

What's your plans?

[chiroptera]

Originally Posted by jonnynonos

Why would you want one.

Well, this, of course.

I'm not in Detroit, but I live near Flint MI and a $10,000 house in Flint can be a pretty nice house (and MUCH lower property taxes than Detroit.) Guy who works for me bought a move-in ready house on a double lot for $1400 back taxes last year. Small, shabby, and not in a great area - but his once he pays $100 per month for a little over a year, it's his forever for about $400 per year in property taxes.

Anyhow, craigslist is a good place to find very cheap property. Or drive around and look for For Sale signs. Or call realtors that have a lot of super-low end houses in their inventory. Or check city-county tax auctions.

Just be aware this is NOT a great idea if you're from out of state and really don't know what you're getting into.

[animatedmartian]

Realtors, auctions, basically just like how you'd buy any other house. It's not hard to get the cheap houses.

But the bigger issue is why would you want a half burnt house is a half burnt neighborhood? Unless you can fix up the house (and maybe the whole neighborhood to boot) it's not going to be a fun investment.

[chiroptera]

Originally Posted by animatedmartian

Realtors, auctions, basically just like how you'd buy any other house. It's not hard to get the cheap houses.

But the bigger issue is why would you want a half burnt house is a half burnt neighborhood? Unless you can fix up the house (and maybe the whole neighborhood to boot) it's not going to be a fun investment.

Right.

If uber-cheap houses were such a good deal, people, including locals, flippers and investors, would be snapping them up left and right. But they are not. For good reason.

Search the forum, OP. There are numerous threads started about cheap or "investment" homes.

[Bhaalspawn]

If it sounds too good to be true...

[zthatzmanz28]

Call the county treasurer office and get a list or visit the tax sale website, attend a tax sale, be prepared to pay 2-5 years back tax, extensive renovation and outrageous property taxes.

You can probably even get a FEW for $5000 or less...

Wayne County Treasurer AUCTION

[jonnynonos]

Originally Posted by chiroptera

Well, this, of course.

I'm not in Detroit, but I live near Flint MI and a $10,000 house in Flint can be a pretty nice house (and MUCH lower property taxes than Detroit.) Guy who works for me bought a move-in ready house on a double lot for $1400 back taxes last year. Small, shabby, and not in a great area - but his once he pays $100 per month for a little over a year, it's his forever for about $400 per year in property taxes.

Anyhow, craigslist is a good place to find very cheap property. Or drive around and look for For Sale signs. Or call realtors that have a lot of super-low end houses in their inventory. Or check city-county tax auctions.

Just be aware this is NOT a great idea if you're from out of state and really don't know what you're getting into.

Yeah, I mean, in Detroit, I just wonder what you would even do with it.

I suppose some savvy investor might find just the right house in just the right area that he/she could rehab and rent out and turn some marginal profit... maybe.

But for the most part any house you buy that low, well, obviously there is not going to be any demand for it in any sense whatsoever from anyone anywhere: Not the house, not the neighborhood and for the most part, not the city, as Detroit neighborhoods continue to lose, not gain, population.

I mean, if you are some peculiar person who wants to fade away from the world and live on an EXTREMELY limited income and are prepared to deal with all the various problems that come with living in a bad neighborhood in Detroit, I guess I can see it. But virtually for no other reason.

[Jwo85]

Originally Posted by thealfa

I kept hearing in the news about cheap houses in Detroit for 10k. Do I simply contact the big name Realtors? Would these real estates be a cash sale considering its price or it depends?

Drive around the city and call the number posted on the sign.