You’ve heard stories about how Detroit, Michigan is the perfect place for some real estate ventures, whether commercial or residential. Yet, if you’re thinking about moving in, you’d be surprised at the really good deals you’ve got waiting for you. Nicole Curtis, host of Rehab Addict on HGTV, and Detroit Land Bank Authority Director of Public Affairs, Craig Fable, share a few tidbits of valuable information on purchasing houses that are available for auction.
Now, I know what you’re thinking… “Why would I want to live in a place like Detroit?” Right? But in the land of opportunities and cheap real estate ventures, the possibilities are endless. Here’s what you need to know about purchasing 500 dollar homes in Detroit.
If you’re looking for a fresh start, there’s no other way to do so than to look up auctions hosted by the Detroit Land Bank Auction or the Wayne County Tax Auction. The latter has already sold around 24,000 properties over the Internet at a minimum bid of 500 dollars. DLBA, on the other hand, go for 1,000 dollar bids on top of closing costs and property tax. Don't be afraid. Take the leap.