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Posted: 3/17/2011 7:53:59 AM EST
[Last Edit: 3/17/2011 7:57:07 AM EST by 57Strat]
Most are in Michigan.

Link


$5



This one is $1.75. Although they'd probably take $1.25 if you offered it.


Link Posted: 3/17/2011 8:02:26 AM EST
In my home down theres a power plant selling for $1. But you have to restore it to working order.

-Foxxz
Link Posted: 3/17/2011 8:03:48 AM EST
They are that cheap because they have $50,000 in back taxes and liens.
Link Posted: 3/17/2011 8:43:32 AM EST
Originally Posted By N1Rampage:
They are that cheap because they have $50,000 in back taxes and liens.


+ you have to demolish it and rebuilt it - new way can you restore those.
Link Posted: 3/17/2011 8:49:05 AM EST
Those are perfectly acceptable for Section 8 housing. They'll destroy the place anyways.
Link Posted: 3/17/2011 8:55:07 AM EST
[Last Edit: 3/17/2011 8:55:42 AM EST by graysonp]
Originally Posted By N1Rampage:
They are that cheap because they have $50,000 in back taxes and liens.


This, or the property taxes are insane.

I have seen some houses in Detroit that have a selling price of $10k or so, but the annual property tax is $50-75k. The high taxes and corruption have absolutely killed the appraised value and selling prices of the homes.
Link Posted: 3/17/2011 8:56:58 AM EST

Originally Posted By N1Rampage:
They are that cheap because they have $50,000 in back taxes and liens.

And the tax and insurance going forward will kill you.
Link Posted: 3/17/2011 8:58:29 AM EST
Originally Posted By 57Strat:
Most are in Michigan.

Link


$5

http://1.images.theweek.com/img/slide_0000/slide_full_193.jpg?36

This one is $1.75. Although they'd probably take $1.25 if you offered it.

http://2.images.theweek.com/img/slide_0000/slide_full_195.jpg?36


I thought about buying $100 dollars worth of these homes. I then realized that there is nothing that can be done with them, I would have to pay various deed and title fees, and all liens, back taxes and liabilities on the property would then be owed by me. No fucking thanks, I'd rather not be a real estate mogul.
Link Posted: 3/17/2011 8:59:03 AM EST
Needs judicious application of Israeli armored bulldozers.

Seriously... we should pool our cash and buy up a few neighborhoods. It could be our own little SHTF fantasy mall-ninja commune. Viva ARFCOMIA!!!
Link Posted: 3/17/2011 9:37:43 AM EST
Plus, the areas where these homes are one step above moghidishu. The only way you could do it would be to buy a whole block, demolish,...then bring in 24/7 armed guards who will shoot if need be. Build a 30-40ft wall topped with razor wire around the property with a set of heavy doors as the only way in/out. THEN bring in your stuff to build inside of that.

Link Posted: 3/17/2011 9:42:39 AM EST

Cheapest homes in America?

The time-honored cardboard box in the alley.
Link Posted: 3/17/2011 9:42:59 AM EST
The neighborhood is probably gone to shit, but it would be almost worth it just for the lot to build on.
Link Posted: 3/17/2011 9:44:18 AM EST
Originally Posted By MetalChef:
Plus, the areas where these homes are one step above moghidishu. The only way you could do it would be to buy a whole block, demolish,...then bring in 24/7 armed guards who will shoot if need be. Build a 30-40ft wall topped with razor wire around the property with a set of heavy doors as the only way in/out. THEN bring in your stuff to build inside of that.



That could be a good idea. Cheap houses in secure compounds.
Link Posted: 3/17/2011 9:44:27 AM EST

Originally Posted By California_Kid:

Originally Posted By N1Rampage:
They are that cheap because they have $50,000 in back taxes and liens.

And the tax and insurance going forward will kill you.
That is, if you survive the gang violence...


Link Posted: 3/17/2011 9:45:31 AM EST
[Last Edit: 3/17/2011 9:45:42 AM EST by southeast_scrounger]
Originally Posted By iiibdsiil:
Those are perfectly acceptable for Section 8 housing. They'll destroy the place anyways.



Link Posted: 3/17/2011 10:44:31 AM EST
Yeah, but the busy bodies on the Arfcom HOA would be a mother fucker.
Link Posted: 3/17/2011 10:54:22 AM EST
Are the cheapest homes located where people vote conservative or liberal?
Link Posted: 3/17/2011 10:56:08 AM EST
How bout we pitch in and buy Detroit for a couple grand and burn it down.
Link Posted: 3/17/2011 11:12:50 AM EST
[span style='font-weight: bold;']Originally Posted By GTwannabe:
... we should pool our cash and buy up a few neighborhoods.


I'd like to buy DETROIT.........and then "Clean House".......know what I mean?

Link Posted: 3/17/2011 11:22:02 AM EST

Originally Posted By TUMOR:
I'd like to buy DETROIT.........and then "Clean House".......know what I mean?
Boy do I!




That is what you meant, right?





Link Posted: 3/17/2011 11:30:10 AM EST

Originally Posted By graysonp:
Originally Posted By N1Rampage:
They are that cheap because they have $50,000 in back taxes and liens.


This, or the property taxes are insane.

I have seen some houses in Detroit that have a selling price of $10k or so, but the annual property tax is $50-75k. The high taxes and corruption have absolutely killed the appraised value and selling prices of the homes.
uh, what? 50K a year in property tax? Serious WTF there.

Link Posted: 3/17/2011 11:31:22 AM EST
Originally Posted By TUMOR:
[span style='font-weight: bold;']Originally Posted By GTwannabe:
... we should pool our cash and buy up a few neighborhoods.


I'd like to buy DETROIT.........and then "Clean House".......know what I mean?



Link Posted: 3/17/2011 11:31:35 AM EST
Don't pay the taxes. Let them repossess the house...
Link Posted: 3/17/2011 11:44:50 AM EST
You could then have a nice place to smoke crack, or to dump dead hookers. You decide..
Link Posted: 3/17/2011 11:50:14 AM EST
Originally Posted By clutchsmoke:
You could then have a nice place to smoke crack, or to dump dead hookers. You decide..


Get BOTH!

Link Posted: 3/17/2011 11:56:41 AM EST
Does it come with the land?
Link Posted: 3/17/2011 11:58:34 AM EST

Originally Posted By Foxxz:
In my home down theres a power plant selling for $1. But you have to restore it to working order.

-Foxxz

Hamsters + wheels + alternators = profit.
Link Posted: 3/17/2011 12:04:07 PM EST
Originally Posted By Tannim:

Originally Posted By graysonp:
Originally Posted By N1Rampage:
They are that cheap because they have $50,000 in back taxes and liens.


This, or the property taxes are insane.

I have seen some houses in Detroit that have a selling price of $10k or so, but the annual property tax is $50-75k. The high taxes and corruption have absolutely killed the appraised value and selling prices of the homes.
uh, what? 50K a year in property tax? Serious WTF there.



Yeah, that seems improbable.
Link Posted: 3/17/2011 12:17:19 PM EST
Originally Posted By iiibdsiil:
Those are perfectly acceptable for Section 8 housing. They'll destroy the place anyways.


Shit man. They would never think of putting those poor people from section 8 in a place like that. Have you ever seen the places they use? I used to install carpet, damn they had some nice places. You are right, they were always destroyed when the people moved out. But still.
Link Posted: 3/17/2011 12:20:39 PM EST
Originally Posted By Cromlech:

Originally Posted By TUMOR:
I'd like to buy DETROIT.........and then "Clean House".......know what I mean?
Boy do I!


That is what you meant, right?







But OF COURSE!!!
Link Posted: 3/17/2011 12:23:58 PM EST
The really sad part is 50 years ago those houses were "homes", inhabited by decent hard working folks raising families.

The infestation that hit over the past few decades took care of that, though.
Link Posted: 3/17/2011 12:25:01 PM EST
[Last Edit: 3/17/2011 12:28:57 PM EST by graysonp]
Originally Posted By ceverett:
Originally Posted By Tannim:

Originally Posted By graysonp:
Originally Posted By N1Rampage:
They are that cheap because they have $50,000 in back taxes and liens.


This, or the property taxes are insane.

I have seen some houses in Detroit that have a selling price of $10k or so, but the annual property tax is $50-75k. The high taxes and corruption have absolutely killed the appraised value and selling prices of the homes.
uh, what? 50K a year in property tax? Serious WTF there.



Yeah, that seems improbable.


Nope. Corruption at it's finest. They appraise the houses for way over their market value to boost tax revenue. Then, the high taxes drives off buyers and lowers the value even more. I've seen houses where the property taxes are 5+ times the market value of the house.
Link Posted: 3/17/2011 12:30:49 PM EST
Somewhat the same issues as New Orleans. The city bought up some homes/lots and now they're dragging their feet on selling because they want some imaginary "fair" amount. Neighboring homes have been sold privately and rehabilitated for lesser amounts. Big city thinking.
Link Posted: 3/17/2011 2:00:11 PM EST
You would think someone would get the idea that they might actually get people to buy property if they would just waive all back taxes, then they could actually start getting some income from the property.
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