I saw this article on facebook how this kid bought a house for $500 in Detroit and started fixing it up. The guy also mentions how artists/other people are snapping up cheap real estate and a lot of them are having a more positive impact on the surrounding areas. They have whole foods in one neighborhoods and the people new to the place are a bunch of young hipsters.
http://www.buzzfeed.com/drewphilp/why-i-...it-for-500
I also watched this series of videos recently which has a similar theme. The first part is how artists are reviving neighborhoods, second part is about how community promotes growth and the third the more reality side of things and how it looks like a warzone.
My question is: would it be a good move to 'invest' in Detroit real estate (around areas which might be starting to get better). If people are snapping up places for dirt cheap would it be smart to drop a few grand, own some property?
Do you guys think the city, or specific neighborhoods, will ever bounce back yielding a large return on your initial investment?
Say you did buy property in an area which might improve in the next few decades would it be smart to let people live there in return for taking care of the place/fixing it up?
http://www.buzzfeed.com/drewphilp/why-i-...it-for-500
I also watched this series of videos recently which has a similar theme. The first part is how artists are reviving neighborhoods, second part is about how community promotes growth and the third the more reality side of things and how it looks like a warzone.
My question is: would it be a good move to 'invest' in Detroit real estate (around areas which might be starting to get better). If people are snapping up places for dirt cheap would it be smart to drop a few grand, own some property?
Do you guys think the city, or specific neighborhoods, will ever bounce back yielding a large return on your initial investment?
Say you did buy property in an area which might improve in the next few decades would it be smart to let people live there in return for taking care of the place/fixing it up?