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Buy a house in Flint for $14,000

Discussion in 'General Property Chat' started by Ozzie in Texas, 5th Mar, 2016.

  1. Ozzie in Texas

    Ozzie in Texas Well-Known Member

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  2. Blacky

    Blacky Well-Known Member

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    Be interesting to watch this market and see if things improve and how long it takes.

    Buying for $15k and getting $500/month (43%) would be nice. But with 1:14 vacancy rates its going to be a challenge to get (and hold) a tennant.
    Also the long term outlook for CG would need some fairly expansive DD. If it hasnt recovered (and continues to decline) since 2008... will it ever? What will drive the CG?

    Blacky
     
  3. Ozzie in Texas

    Ozzie in Texas Well-Known Member

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    I know my post deserved more comment from me.......but one of my weekly favourite TV shows was just about to start. Sorry.:rolleyes:

    Housing prices are already down some 75%. That makes the potential downside risk easier to stomach.

    Banks aren't lending in the area.......so that is going to keep a lid on prices until they sort out the water situation. However, there is so much pressure and political will to get it sorted out. MI isn't my favourite place, but at those kind of prices, maybe I could change my mind.
     
  4. JDP1

    JDP1 Well-Known Member

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    Their fortunes will be directly proportional to what happens in Detroit. There are far better suburbs in Detroit than investing in flint.
     
  5. datto

    datto Well-Known Member

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    I wonder what bright spark named the town Flint?
     
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  6. Northy85

    Northy85 Well-Known Member

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    I think his name was Mr Steel
     
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  7. Player

    Player Well-Known Member

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    Fred Stone
     
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  8. Azazel

    Azazel Well-Known Member

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    It's not just the economy, that town is dying... literally:
    How Michigan's Flint River came to poison a city
     
  9. MTR

    MTR Well-Known Member Premium Member

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    Its a tough market for those living in US let alone investors from trying to make it work half way around the world.

    I hear there are some brave souls jumping into this market, good luck if they can make it work.

    The high returns are only achieved if the property can be rented and the tenants pay the rent.

    MTR:)
     
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  10. Azazel

    Azazel Well-Known Member

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    Indeed. What good is a cheap house if there's no one around to rent it.
     
  11. dabbler

    dabbler Well-Known Member

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    A while ago an aussie investor got the bright idea to buy cheap places over there, can't recall where exactly, got shot by one of his tenants relatives that was unhappy that he was chasing arrears.
     
  12. Azazel

    Azazel Well-Known Member

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    Crikey!
    There's another reason to have a property manager.
     
  13. Player

    Player Well-Known Member

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    Preferably one with a bullet proof vest and who drinks bullet proof coffee :D
     
  14. Inov8ive

    Inov8ive Well-Known Member

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    Yeah I remember that. It was in Detroit and the guy died as well. I was seriously looking to invest in the US at that time and it just turned me right off. Too many guns over there.
     
  15. Biz

    Biz Well-Known Member

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    [​IMG]

    "WHAT DE HELL LEROY! THEY TOLD US THE LAND LORD WAS IN OWSTRYLIA!"
     
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  16. Azazel

    Azazel Well-Known Member

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    Would make for an interesting interview:
    "Are you willing to take a bullet for me?"
     
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  17. MTR

    MTR Well-Known Member Premium Member

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    .... on the subject of cheap properties in USA, I have been researching other markets at the moment and I was surprised to see that practically all markets that fell 70% in areas such as Florida, LV, Atlanta, Arizona, Birmingham have all bounced back to levels at 2007 and still a shortage of stock. The main reason for this is the Hedge Funds in USA are still buying into these markets and so are foreigner investors, cashed up US citizens are also buying and those who can get loans are only paying 3% in US.

    I also know people jumping into Detroit, there are war zones and there are pockets apparently that are OK, no doubt it will eventually go back to levels at 2007, still I am not prepared to go down this road.

    MTR:)
     
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  18. Jade Barnett

    Jade Barnett New Member

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    Interesting hey! Hope they have strong coffee.
     
  19. mini2

    mini2 Well-Known Member

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    If Michael Moore is to be believed (yeah...I know) then Flint Michigan is crap out of luck with more and more automotive jobs getting out of the area and they're in the midst of knocking down slumps/unoccupied properties?
     
  20. Azazel

    Azazel Well-Known Member

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    Woah, not sure if that's crazy - or really crazy.
    Some parts are ghost towns and there aren't many jobs around.
     
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