Quote:
Originally Posted by AntonMG
So technically, one could buy the house, demolish it and sit on the lot for 10-15 years then sell it 10x that when the estate picks up again?
I know it's a long shot but still sounds like a pretty secure investment...
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There were some suburbs around Detroit that were giving houses away for free if you agreed to pay the back property taxes. Some of them were pretty nice places for less than $2,000. Also in some of those cities entire neighborhoods were bulldozed because all the homes were empty, nobody was buying them and the there were homeless, drug addicts and criminals living in the houses. The city decided it was better to bulldoze the houses and flatten the neighborhood than pay for the police to constantly be out there dealing with the people.
It's a crazy country when there are cities where a 4 bedroom house can cost you a million dollars and other cities where they literally can't give the house away.