Apr
6
I just saw a news story on FOX2 Detroit about organized bus tours going through Detroit filled with people interested in buying a house (or several houses) that are foreclosed. Have you ever thought that you’d be buying a house by bus.
Some of these people are interested in buying multiple houses and renting them out. One guy was talking about getting 10 houses for the price of 1 and renting them for $1000/mo. Now, I’m sure that the realtors involved in this craze told them that it’s possible to rent houses out for that much money. Come on..seriously, why would anyone want to do that? Why rent when you can buy?
The only thing that may go in their favor is if in 5-10 years things turn around dramatically in Detroit and they’re able to turn over these houses for insane amounts of profits. I’m all for that, but for someone who lives in Detroit, I don’t think that way.
What do you think, are these people investing in something that will pay off 5-10 years from now?
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