Is your fire department planning to let homes burn this 4th of July to save home values?
We’ve all heard about mortgage lenders donating or bulldozing foreclosures in mass in order to reduce inventory, take tax advantages and prop of the values of their other real estate holdings but could this new proposal be way out of control?
According to Realtor Mag and NBC the Detroit fire department has been pushing for permission to simply let some homes burn to the ground in order to save the city money and protect their home prices.
There may be some twisted logic in this and every real estate investing pro probably has a couple of neighbors who have been seriously tempted to set fire to their own homes to get out of debt but is this really the answer?
If permitted this strategy could easily spread like wildfire across the nation…
Regardless of the condition of any home, you’d have to think that even those selling for $1,000 have got to be worth something more one day? Couldn’t real estate investors scoop up large swathes of these homes and revitalize the neighborhoods or sit on them for 20 years to cash in big time? At that price, even flipping them for double ought to be a no brainer.
What do you think? Leave us your comments…
If fires do spread uncontrolled this 4th of July real estate investing pros must also double check their insurance policies. Are your policies up to date? Are the paid up and have you increased coverage of they have been rehabbed?
Make sure to protect your investments before worrying about launching a flurry of new marketing campaigns. Then make sure you take the 4th off. Celebrate your independence and the freedom to be had from investing in real estate!