According to an article on NineMSN Money, you can possibly become a property tycoon for just $1. But how?
The article suggests that you should look towards Michigan’s biggest city, Detroit, where houses start at just US$1. Yep, according to Sydney Morning Herald, the city of car manufacturing plants, Eminem, and soaring murder statistics, is also the home of cheap real estate – if you don’t necessarily mind the aforementioned three points.
Just think: with the average cost of a Detroit home at US$7500 ($8230) and one in five homes currently empty (as reported in the SMH), I could buy a swag of property for less than $100,000. No mortgages, no stress, just rates to pay and freehold homes to rent.
My partner says I might want to consider Detroit’s current official unemployment rate, which is around 27 percent (although, in a recent report by Detroit News, experts pin the actual number at closer to 50 percent), as this could pose a problem if I wanted renters, but with no mortgage to service, why bother?
Plus, things in Detroit could be looking up.
The unemployment rate may drop, and the city may find a second wind, as Obama initiates his plans to revitalize the “Motor City” with green auto manufacturing makeovers, according to the New York Times, which means I could be up to my ears in both property profits and hybrids.
However, there are at least several problems with this $1 property tycoon plan.
How do you like being held up at gun point? It is a very common experience in the areas with those cheap properties.
Have you ever heard the saying if it sounds to good to be true it most likely is? Take in to consideration most of these property’s are standing ruins….. put yourself in the position as a renter for a minute would you like to live in house that has no electrics working? no hot shower after working 12 hours a day, and no stove that works to cook your supper? not to mention the fear of knowing that if you do some overtime and buy a new tv that tomorrow the fellow that you wave to that sits on his *** all day as you leave for work, may walse in and take your positions and leave you right where you started…. $1 dollar? for a million problems? good idea? I don’t think so….
It is hard to find an reputable agent who will manage your property. You might have a problem to find an agent who will look after your property as it can be very risky for an agent to go and collect late payments …
Now what do you think on the idea that you can be be a property tycoon for just $1?