- The Detroit Land Bank Authority is auctioning off thousands of publicly owned properties through its public platform, Auction and the bidding starts at $1,000.
- In June 2017, Vincent Orr, a native Detroiter, won an abandoned home through the bidding process for just $2,100.
- In an interview with Business Insider, Orr explained how he transformed the home into a livable space for $40,000.
- Visit Business Insider's homepage for more stories.
You can become a homeowner in Detroit, Michigan, for as little as $1,000 but it'll take a lot of work.
The Detroit Land Bank Authority (DLBA), founded in 2008, set out on a mission to return run-down and vacant properties in the city of Detroit to productive use. To do so, it is now auctioning off thousands of publicly owned properties through its public platform, Auction and the bidding starts at $1,000.
We caught up with Vincent Orr, a native Detroiter, who purchased a home for his mother through the DLBA's Auction platform in June of 2017.
Orr won the Detroit home for $2,100 but that was just the beginning
While Orr had the highest bid, claiming full ownership of the home required some work. The DLBA has a compliance program that requires winning bidders to renovate the auctioned homes. After the home is renovated, a compliance officer deems whether or not the home is livable. If it is, complete ownership is transferred to the winning bidder.
It took Orr nine months to renovate his property. In a tell-all interview with Business Insider, he explained how he transformed the space with just $40,000.
Keep reading for a side-by-side look at the transformation.
Have you bought a home through the DLBA or a similar program in another city? If you want to share your story, email this reporter at email@example.com.
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