Tuesday, 15 Jul 2014
What is happening in Detroit is really quite interesting, this New York Times article looks at the current state of the city and how some investors are banking on its revival.
In 2009, after Clore was laid off by Merrill Lynch, they persuaded relatives and friends to invest in their venture and began combing the thousands of properties in that year’s county auction. They looked for bungalows in middling neighborhoods near the border with the suburbs. They bought 15 houses at the auction for a total of $60,000. Seven of them rented immediately. The next year, they acquired 21 more, at an average of $3,000 apiece.