Houses in Detroit

Which could just as well happen in Bulgaria. It is a risk yea, christ borderline retarded I'm sure, but then why are so many being bought up by other foreign investors?
 
randomshenans said:
Which could just as well happen in Bulgaria. It is a risk yea, christ borderline retarded I'm sure, but then why are so many being bought up by other foreign investors?
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Well I don't know about you, but we can go live in Bulgaria. Bulgaria isn't a bankrupt city etc. The risk is far lower. Than a bankrupt city with huge crime, which you can't even do anything with yourself as you aren't a citizen.

Foreign investors with huge pots of money and probably don't even want the house just the land value in a few decades.
 
randomshenans said:
How?

You still have a house at the end of it. You'd only surely lose anything if you had to sell...?
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i don't know how detroit will end up but there are plenty of houses in the us that are completely worthless, whole ghost towns that have simply failed when the industry moved away - if nobody wants to buy it, its worth approximately $0.

and detroit is in pretty bad shape, its completely bankrupt.
imo i don't know how it could recover.
 
Buying a house in a rough area is just asking for trouble, what if someone breaks in and poops all over the walls then spends 3 months smoking meth in there, how much is it gonna cost to fix?

I'm being serious, the upkeep and risk of damage associated with it will likely be too high to turn a decent profit.

Other investors are buying a lot of the houses as high risk low cost investments - more gambling than anything, for the same reason millionaires have built entire towns which are completely uninhabited accross the world.
 
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Property value = location.

If you want cheap and aren't going to live in it, have you considered something from one of our own great industrial wastelands here in the UK?
 
randomshenans said:
They talk a good game... the agents and come back with rental taking in to account costs and fees of a 30-40% per year.
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You're a clever chap... walk away... walk away now and don't look back.

Sorry but do they really believe this kind of return? If you've done the sums then fine but I would be extremely sceptical, especially as you yourself say 'they talk a good game'.

Interesting article - linky

As I said in my previous post, if you were absolutely set on this then aiming for something you could rent to students or even a corporation would be the only selling point to me.

I would much rather buy up property in a newer EU country. A friend of mine has made a small fortune doing this over the past few years, shame I didn't have the money to invest as well.
 
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big, big risk buying there, for 25k you could probably get a highrise!
You might not see any return in your lifetime maybe your grandkids would get something back...
buying in the right district atm could mean nothing if others get more money poured in first - and there is nothing to say that for really big projects your house might be taken away for minimum £££

and it's not really somewhere you'd want a holiday house for the odd break!
 
Mr Badger said:
Interesting. I wonder what the commute would be like?
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Depends how quickly I drove :p

Boxmann, I don't believe them at all. Not for one second. They make it sound like there are queues of people wanting to rent, which I don't believe at all. But equally, that wouldn't really bother me.
I like the thought of the house being refurbished as part of the cost, as long as that refurbishment was producing jobs locally to people in Detroit. Likewise, I'd prefer the rent was low, so that it was affordable to the people that needed it in the city. A lot of places make it out to be desolate, but a lot I've read to the contrary. There is a real city spirit wanting to get back on their feet, but equally **** in other places. I'd obviously visit before anything, pop over for a weekend etc.

There are a few colleges and their University has a really good reputation, still, so do their sports teams. So these areas are much better.
 
doofski said:
buy a rental property in florida instead,
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This.
But you have got to go there and do your home work. Any company in the US would rip you off in a heart beat.
I would go managed but at the same time check that they are paying the bills on time which is very important in the US.
 
If i could buy some land for a few hundred £ then i would do it. I would not spend 25k unless it was a lot of land. The buildings/houses on the land are worthless, don't even think you are paying for that.

If you have any url for info on where i can buy land there let me know.
 
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