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Cheap - real cheap - homes (con't)
Detroit Progress isn’t the only company selling cheap Motor City homes. Azar said the owners originally got into the business “to flip houses just for the money.” But they named the company Detroit Progess “because the city’s so messed up and we want to try and help it.” Azar said the properties are structurally sound but often need work, like a new roof, new furnace or wiring. Sometimes this is a result of the house having been partly stripped by vandals as it sat empty between owners, even though Detroit Progress does “our best to secure” them. Azar said his company can help the city by having people buy equity in where they live and therefore rebuild neighbourhoods. “We try and make it affordable for anybody,” he said, noting there are government programs to help poor people buy homes. “With prices that are so low there’s really no reason anybody should be homeless.” Since the company purchases the properties they can extend financing without a bank being the middle man. “We own the properties free and clear so we can do whatever we want with them,” Azar said. He said a buyer can pay cash. Or, “if they want to do the financing and they have the funds to put up a down payment then, yeah, we can do that too.”
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