Thanks for the replies guys. I didn't really think of the recurring costs.
For the record I wouldn't really expect anything out of it, but it would be cool to throw $1000 down and just watch how things go. Land is land even if there's a dilapidated building sitting on it. Who knows in 20 years Detroit might have gotten back on its feet and then you own land in a "new" city.
I do like the idea of what the hipsters are doing, it would also be cool to go there with a mission to mold a neighborhood into what you wanted it to be, but like others have said there is a lot of crime. I could make my own poosy paradise, ha.
I just read articles like this http://www.nydailynews.com/life-style/re...-1.1415014 and get excited by the possibilities.
Does anyone know the cost/logistics of holding land there? Say I go and spend $1000 on however much I can get, what other expenses will there be?
For the record I wouldn't really expect anything out of it, but it would be cool to throw $1000 down and just watch how things go. Land is land even if there's a dilapidated building sitting on it. Who knows in 20 years Detroit might have gotten back on its feet and then you own land in a "new" city.
I do like the idea of what the hipsters are doing, it would also be cool to go there with a mission to mold a neighborhood into what you wanted it to be, but like others have said there is a lot of crime. I could make my own poosy paradise, ha.
I just read articles like this http://www.nydailynews.com/life-style/re...-1.1415014 and get excited by the possibilities.
Does anyone know the cost/logistics of holding land there? Say I go and spend $1000 on however much I can get, what other expenses will there be?