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This is a long, in depth article, but one thing that I take from it is that some speculators, out of state speculators, were sold turn key, “cash flow” properties in Detroit, and received a huge surprise when they realized what their money bought and then just cut their losses.
This is so sad.
Investors who live in expensive states are often enticed in to lower priced areas far far away. Many of then get burned big time. And, if they got bank financing, they usually ruin their credit in the process. I know many who lost a lot of money when buying properties outside of their own market.
Turn key means full price. If the market changes just a little, you can lose a lot of money.
It’s better to buy in your back yard. If you learn how to negotiate creative deals, like seller financing, you can still buy expensive houses. And remember OPTIONS work in ALL price ranges without the risks. Learn as much as you can about Options so you do not need to invest in Detroit and other places far far away.
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