I have the benefit of time. I have seen this happen time and time again. A beaten down area makes a big recovery and creates the next set of millionaires. In the 1990′s it was Texas. When i went on a road trip across the country i could have bought gulf front homes forn20k. In col. HUD was dumping townhouses for 5k.
Now it’s Detroit’s turn. When the big 3 auto companies got hammered, So did Detroit. You could have bought homes there for 1k. I wish i could have had the time to go there and do my, “rent to own, $0 down bit. I could have gotten my investment back in less than a year even charging low low rent.
Detroit is one of the few places that showed a price increase in housing last year. No surprise. Auto makers are on the mend. This trend will continue. If you know someone who is on the ground there, i urge you to look at Detroit and get in. Things are not as cheap as they were, but still plenty of upside.
