Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 7 years ago

Canadian buying real estate in Detroit. bad idea or good idea?

with Detroit bankrupt, and home prices in some areas of the city less then $100 would you say its a good investment? would i get screwed with back taxes? do you think the home value in the city will ever go up?

I don't ever plan on living in the house but just to hold onto it for 20 years or so to see if it is ever worth anything. As i said i am Canadian and i don't know much about American real estate

unrelated question - why are most the houses in Detroit all burned up as i am seeing on Google?

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  • 7 years ago
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    This is what real estate investment is all about. Buying an investment vehicle with the hope of the investment vehicle increasing in value at some time in he future. Nothing different, people buy stocks and bonds for the same reasons, hoping the stock they purchase would grow in value.

    When buying real estate in the United States make sure you use the services of a local escrow closing agent as well as a title company. You would want the title company to send you information as to who the current owner is and the proper transfer to you take place.

    Of course it goes without saying that since you would be an absentee owner, you would need the services of a good property management company to manage the property in your behalf. These type companies would place for rent ads, interview potential tenants and collect the rent on your behalf. They would also take care of any repairs necessary to your rental unit.

    Once the city has made the necessary changes to protect their city and control the city once again, you would see many people returning to the city to live.

    As with any city in any country there are excellent areas of the city as well as those that are currently not the greatest to reside in.

    Your estimate as to the return on your investment might be a little high as you might see a return in about 10 years as oppose to 20 years. This is like any other investments, nothing is guaranteed and no one will put in writing saying there is a certain time frame your investment would reach it's maximum return.

    Invest with caution and knowledge.

    I hope this been of some benefit to you, good luck.

    "FIGHT ON"

  • 5 years ago

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    RE:

    Canadian buying real estate in Detroit. bad idea or good idea?

    with Detroit bankrupt, and home prices in some areas of the city less then $100 would you say its a good investment? would i get screwed with back taxes? do you think the home value in the city will ever go up?

    I don't ever plan on living in the house but just to hold onto it for 20 years or...

    Source(s): canadian buying real estate detroit bad idea good idea: https://tr.im/j2yb2
  • Anonymous
    7 years ago

    Being from Detroit I have to say most houses aren't burned up. Most of the people that live here work hard, pay taxes and get a bad rap by everyone else based on the choices the city govt has made. Detroit has beautiful areas that most people know nothing about. I love Detroit and the people here and while I can't say about the future of Detroit in terms of real estate, I can speak for myself. I own here and I will continue to do so.

  • 7 years ago

    If you have the money to fix up a house (that's probably why there $100), than I'm sure it would be a good investment. But, with the bankruptcy situation, I'm not as sure. I live in youngstown Ohio, about 4 hours from Detroit. But I know my cousin lives in Detroit.

    But schools, police, fireman, garbage collection, and road maintence are all overrated to me anyway. :D

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  • Anonymous
    5 years ago

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  • 7 years ago

    Nothing in Detroit is ever going to be worth anything. And they burn buildings just to have something to do.

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