Detroit and those $5k homes will lose you money unless you're on the ground, managing the property very closely. There is a reason why these homes cost $5k. Most I wouldn't touch if they were given to me.
There are much better places than Detroit to buy. I buy in Northern Ohio, about an hour away from Detroit and buy in the 25-45k range. This puts me into a smaller, older home but attracts decent tenants and I don't have to wear a bullet proof jacket when driving the neighborhood. The cheapest home I purchased was $11k - not $5k but it's a good property on a good street that spits out money every month.
Real estate - whether a $5k home or a $500k home is not a light undertaking.
There are much better places than Detroit to buy. I buy in Northern Ohio, about an hour away from Detroit and buy in the 25-45k range. This puts me into a smaller, older home but attracts decent tenants and I don't have to wear a bullet proof jacket when driving the neighborhood. The cheapest home I purchased was $11k - not $5k but it's a good property on a good street that spits out money every month.
Real estate - whether a $5k home or a $500k home is not a light undertaking.