Beware investing in real estate far away!

I receive a lots of messages because of my SDCIA email address. I just received one telling me to invest in Detroit real estate. It included the statements, "It's so cheap, you can't lose money." and "So there's almost a 100% occupancy rate in Detroit's rental property market." BTW, run from anyone that says that to you!!!

Those statements are right after we're told that houses can be purchased for $100 (actually they're giving houses away). I like the statistics of a downtown built to house 3 million residents with a current population of 800,000...

I'd suggest that there's housing for the 800,000 and the rest of the properties will remain vacant until things change for the bankrupt auto industry (do I hear bailout for companies whose executives fly to Washington D.C. in private jets?) or Detroit can change it's economic base!

Caveat emptor!