|Photo by Life Remodeled 2014/flickr|
For years I've read about young Caucasian gentrifiers who are coming to Detroit to buy up the properties and spark a revival for the beleaguered Michigan city. Then there's a flip side, most cities that have properties that are delinquent on property taxes and you can buy them from the original owners. Sometimes that means you'd have to put the owners out.
That's what this Guardian article from last month says about these young gentrifiers in Detroit. Many of them realized that they have to put the owners out after buying their homes via an auction. In one case the new owner sold the house back although for a lot more than he paid for it while helping the original owners take care of some of their taxes.
As much as I want to own some real estate in the future, it would be difficult for me to have to consider something like this. It would be very difficult for me to want to put out the people who lived in their houses. It would be even more difficult to want to sell the property back to them.
Regardless this is a good article and I hope you give it a read.