Half of the 60,000 foreclosed properties in Detroit, available for $500

[Knight_Light]

New Gold Rush is heading to Detroit? I think I might grab 10-20 properties myself.*




Tempted by Detroit's $500 properties? 5 things to knowDETROIT - Sixty-two thousand properties have faced foreclosure in Detroit this year over unpaid taxes. About half will likely be auctioned for $500 apiece this fall.

See link for complete story.

http://www.msn.com/en-us/news/us/tempted-by-detroits-dollar500-properties-5-things-to-know/ar-AA9EVTT

 

[Dmarino110]

what are the taxes though?

 

[Game_Day_Sports]

And do they still have electricity, water, trash and police services to the area?

 

[CommuterBob]

Sure. Go right ahead. Plunk $500 down and then pay the back taxes or renovation costs. And deal with squatters. You'll see a great ROI. *

 

[Dmarino110]

Originally posted by CommuterBob:

Sure. Go right ahead. Plunk $500 down and then pay the back taxes or renovation costs. And deal with squatters. You'll see a great ROI. *

based of of the * i thought he was joking...

 

[fabknight]

The government should gift them to the union bosses.

 

[HuffyCane]

There are free houses in Kansas ... if you agree to live in them for ten years.

 

[aent]

If they're being foreclosed to pay off backed taxes, the $500 will cover all of the back taxes.