Detroit real estate has become so cheap that Chinese investors are buying up 100-200 houses at a time, hoping to turn around a major profit state-side. What they hope to get for houses that cost them $39 is the real question. A Detroit real estate agent, Caroline Chen, says that she's been getting calls from over-seas investors from China telling her that they don't actually need to see the properties and that she should simply choose the best ones for them.
After seeing the price that these investors would have to sink into the property to make them habitable - muchless able to rent - the deal may not seem as good in the end. It might be better to simply invest in stocks rather than Detroit real estate, according to this author.
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