re: Houses for auction in Detroit

I know a guy who set up a charitable non profit and then got a line of credit which he donated to the CNP. Bought properties on the cheap, rented to own, owner financed and-the cherry on top-financed them through his broker shop with a down payment made in the way of a "forgivable" down payment as a way to get more folks qualified. The down payments came from the CNP.

If they defaulted he'd just snap the property up and in most cases his best customers not only sold or refi'd, but paid him on the secondary lien position as the terms/timeframe parameters on the down payment/forgivable 2nd not being fulfilled.

Tons of ways to capitalize on an underserved community if one has the stomach and bankroll.