Reality check for "Detroit Project"Submitted by Smudge Pot on Sun, 07/28/2013 - 12:56
The following from BusinessInsider tells what I've been hearing. These properties are listed with a low "price" but there's almost always encumbrances. Back taxes, liens on the property, hidden costs for paperwork and hassles with government agents doing their very best to keep getting hourly pay. If all codes are enforced, the rehab on these properties is beyond the scope of fixer-upper or the handy-homeowner. This is often rebuilding. And the pics you see on Zillow are probably from 10 years ago, not what they look like today.
You almost need to pay someone to sleep on an air mattress in the house while you are working and move in immediately upon completion," he said. "If these houses sit, people WILL break into them. You put in a new toilet, bathtub, and vanity...that night people come in and rip it all out.