$30,000 will buy you a car or a HOUSE in Detroit - TwoWheelForum: Motorcycle and Sportbike forums
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post #1 of 40 (permalink) Old 03-21-2007, 02:38 PM Thread Starter
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$30,000 will buy you a car or a HOUSE in Detroit

What a FREAKIN Joke!




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post #2 of 40 (permalink) Old 03-21-2007, 02:41 PM
 
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thats crazy
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post #3 of 40 (permalink) Old 03-21-2007, 02:58 PM
 
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Yea, it's really bad here.
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post #4 of 40 (permalink) Old 03-21-2007, 03:06 PM
 
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i bought a house for under 10 grand. and along with the house the empty lot next to it that is worth about 10 grand, so if i sell that lot i really got a house for free.


I also bought 2 acres for 12 grand.
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post #5 of 40 (permalink) Old 03-21-2007, 03:09 PM
 
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probably cant find a house around here for less then 150,000.
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post #6 of 40 (permalink) Old 03-21-2007, 03:21 PM
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Next year that $30,000 will be worth $20,000. Good investment if you ask me. NOT!
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post #7 of 40 (permalink) Old 03-21-2007, 03:45 PM Thread Starter
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And the buster is that... that house in the article is like a mansion by Detroit standards!!!




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post #8 of 40 (permalink) Old 03-21-2007, 03:59 PM
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houses here in the San Fransisco Bay Area (CA) the lows are 250-350k that means with one house here= basically 10 houses there but the lows include 1 bed and 1 bath w/ a small lawn and if lucky a backyard.
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post #9 of 40 (permalink) Old 03-21-2007, 05:18 PM
 
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Actually, there was a little deteriorated house in Detroit that sold for $1,300!!!! Yes, thats right, $1300.00
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post #10 of 40 (permalink) Old 03-21-2007, 05:46 PM
 
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Originally Posted by Bassplayer0730 View Post
houses here in the San Fransisco Bay Area (CA) the lows are 250-350k that means with one house here= basically 10 houses there but the lows include 1 bed and 1 bath w/ a small lawn and if lucky a backyard.
Woah if u had $350k here ud get a pretty nice house. Of course the cost of living matches the income levels in the area so really its prob about the same i guess
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post #11 of 40 (permalink) Old 03-21-2007, 07:05 PM Thread Starter
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Actually, there was a little deteriorated house in Detroit that sold for $1,300!!!! Yes, thats right, $1300.00
Yep to Michigan!




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post #12 of 40 (permalink) Old 03-21-2007, 08:23 PM
 
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I see you liked my post at the "other" site GM just bustin' ya! But seriously, Michigan is completely f*cked-up, I hate to say it but my wife and I are going to take our U of M education and get the hell out of here when we're done until things shape up a bit. We might come back and for now we try to do our part by "buying local" to support the economy but staying around here is just not a wise thing to do when you're just starting out.
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post #13 of 40 (permalink) Old 03-21-2007, 09:05 PM
 
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Yeah i saw that in hte paper sunday. thats terrible i cant believe its that bad
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post #14 of 40 (permalink) Old 03-21-2007, 09:33 PM
 
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Actually you know what the booming business is here in Michigan? Moving Co's ~ they can barely hire enough people for the outflux of Michiganders.
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post #15 of 40 (permalink) Old 03-22-2007, 12:23 AM
 
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Originally Posted by NONE_too_SOFT View Post
i bought a house for under 10 grand. and along with the house the empty lot next to it that is worth about 10 grand, so if i sell that lot i really got a house for free.


I also bought 2 acres for 12 grand.
How did you find that deal.

What amazes me is that I saw a house near where I work that was "for sale by owner". Nobody was there, but I walked around and checked out the house. I estimated that it was built around 1970 and that it would be about $80,000. I called about it the next day and they said it was built in 1961 and they had a "drive-by appraisal" at $135K and they were "only" asking $125K. I went online and pulled the property card to look at appraisal value. County appraisal for the HOUSE was $67K and land was $20K, making a grand total of $87K. Those people are out of their mind asking $125K!!!
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post #16 of 40 (permalink) Old 03-22-2007, 12:31 AM
 
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just keep my eyes open for forcosures and people that need cash more than they need land.

I'll end up selling the 2 acre lot for well over 30k once i get it cleaned up and the house, well i donno about that. its in pretty bad shape, but once i get the cosmetics taken care of probobly ask 30k for it. the lot next to me is on the market for 13k. my agent is lowering the price 500 bucks every 3 weeks to stir interest in it this building season, hope to get offers around 9-10 k by fall.

the house and the 2 acre lot wont sell for a couple years i estimate. still i think its a good investment.
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post #17 of 40 (permalink) Old 03-22-2007, 12:33 AM
 
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just keep my eyes open for forcosures and people that need cash more than they need land.

I'll end up selling the 2 acre lot for well over 30k once i get it cleaned up and the house, well i donno about that. its in pretty bad shape, but once i get the cosmetics taken care of probobly ask 30k for it. the lot next to me is on the market for 13k. my agent is lowering the price 500 bucks every 3 weeks to stir interest in it this building season, hope to get offers around 9-10 k by fall.

the house and the 2 acre lot wont sell for a couple years i estimate. still i think its a good investment.
Where do you typically find the foreclosures? Websites, banks, or do you simply know the right people?
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post #18 of 40 (permalink) Old 03-22-2007, 12:57 AM
 
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combination of the three. The house i found on realtor.com ... just go into an area, and sort by lowest price, hah. then keep an eye on the property, wait for it to fall a bit, wait and see if there have been any offers turned down, and then go in w/ the right bait.

The best way to find any reality is patience.
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post #19 of 40 (permalink) Old 03-22-2007, 02:27 AM
 
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in massachusetts u'll be lucky to find a house for 350,000$, and that is a small one.

My house when we first bought it in 1990 cost my parents $350,000 (4 bedroom, 3baths, good size backyard, 2 car garage, colonial, awesome house) . It just got reappraised at well over $600,000. Massachusetts sucks, i prob wont be able to afford living here.
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post #20 of 40 (permalink) Old 03-22-2007, 07:17 AM Thread Starter
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Originally Posted by mondos06GSXR View Post
in massachusetts u'll be lucky to find a house for 350,000$, and that is a small one.

My house when we first bought it in 1990 cost my parents $350,000 (4 bedroom, 3baths, good size backyard, 2 car garage, colonial, awesome house) . It just got reappraised at well over $600,000. Massachusetts sucks, i prob wont be able to afford living here.
See and that is the flip opposite. For years Michigan has been right in the middle. Standard housing for 1200 sq ft costing from 120,000-200,000 depending on location, property, and condition.




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