Quote:
Originally Posted by roastbeef
someone (half seriously) told me detroit, but there is no way i'm going for that shit.
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That's because the city was selling off lots from demolished abandoned crack houses for something like $100...., because nobody wanted the land in the middle of the most poverty stricken city in the United States. Grant it, there are a lot of people doing renos on the outskirts of the city, because they are trying to bring it back to life, and I've seen some people do well. The cute little blonde girl on DIY flips in Metro Detroit. There again, it's all about location, because most people moving near the city, don't want their kids going to the inner city schools. The singles moving to the city don't want to be by the crack houses, but still near the downtown nightlife that is starting to pick up.
It really can be hit or miss, but it's all about the demographics in that area. You need to familiarize yourself with the area before I would think about doing properties there. While they were half serious, you can get foreclosed homes on the CHEAP, and flip them for CHEAP, and turn them into nice rental property, so the opportunity is there, you just need to weigh the risk like anything else.