[RWS #711] $1,000 Homes in Detroit

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Picture of abandoned building with fire escape for Real Wealth Show Podcast Episode #711

There’s been a lot of headline news about Detroit, specifically that you can buy a home there for $1,000.

The Detroit Land Bank Authority is trying to put run-down and vacant properties to productive use. As such, it is now auctioning off thousands of publicly owned properties through its public platform Auction — and the bidding starts at $1,000. 

To put that price into context, as of June 2019, the median home price in the Detroit metro area is $163,100. And as of April 2019, the city’s median household income is $30,344.

So is this a good idea? I thought it would be a good idea to bring in our Detroit full service property provider/property manager to tell us what’s going on.

Our Detroit Property Team will be joining us in Cleveland next weekend. Learn more here.

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