I’ve always wanted to be a property tycoon.
Listening to friends and neighbours drop off-handed comments about their “international portfolio” always makes me think of sipping sangria in Spanish mansions on the Mediterranean coast, or testing out this season’s plonk in a vineyard fringed cottage in Bordeaux.
But I’m a realist.
I want real bang for my buck. That’s why I’m looking towards Michigan’s biggest city, Detroit, where houses start at just US$1.
Yep, according to Sydney Morning Herald, the city of car manufacturing plants, Eminem, and soaring murder statistics, is also the home of cheap real estate. And as I don’t necessarily mind the aforementioned three points – I thought Eight Mile had some artistic merit – I think I’m on to a winner.
Just think: with the average cost of a Detroit home at US$7500 ($8230) and one in five homes currently empty (as reported in the SMH), I could buy a swag of property for less than $100,000. No mortgages, no stress, just rates to pay and freehold homes to rent.
My partner says I might want to consider Detroit’s current official unemployment rate, which is around 27 percent (although, in a recent report by Detroit News, experts pin the actual number at closer to 50 percent), as this could pose a problem if I wanted renters, but with no mortgage to service, why bother?
Plus, things in Detroit could be looking up.
The unemployment rate may drop, and the city may find a second wind, as Obama initiates his plans to revitalize the “Motor City” with green auto manufacturing makeovers, according to the New York Times, which means I could be up to my ears in both property profits and hybrids.
In the meantime though, I’ll start swatting up on the car manufacturing market and dropping comments about my own “international property portfolio” at dinner parties.
Perhaps my friends and neighbours will romanticise about me, sipping Budweiser on a front porch, with Eminem.
Would you buy cheap property in international locations to sell for a profit in better times? Share your thoughts below.