You are correct, buy low, sell high. The first of the two steps is to buy low.
However, in a hard left liberal run victimhood stronghold like Detroit as soon as someone shows up with money buying properties, the city will hit them with costs to clean up the rats, lead, asbestos, maintaining the property and anything else liberals object to, or want someone else to pay for.
The new owners will also likely be hit with numerous lawsuits from neighbors for the above items and anything else a lawyer can dream up.
I’m sure there is money to be made, but it’s not without many risks.
They need to raise the taxes on the welfare recipients....as no one has a job in Detroit...other than a government job...
Can you imagine the virtual TRACTS of land that an aggressive buyer could purchase for a song in the worst Detroit neighborhoods? A couple hundred thousand dollars could probably net several square blocks, if I had to take a guess.
I'm not a gambler by nature, but it would be pretty cool to pony-up the money and subsequently hit a homerun. This is what happened to people who invested in Hoboken and Jersey City, NJ or Brooklyn, NY twenty years ago...they're millionaires now. Sometimes makes me wish that I wasn't so averse to financial risk.
~ Blue Jays ~