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Message
Should the OT buy up a neighborhood in Detroit?
Posted on 9/17/14 at 3:23 pm
Posted on 9/17/14 at 3:23 pm
Saw someone posted on the SECr off topic board about houses going for less than $100
OT buys up a neighborhood
Raise property value
???
Profit
Of course having a house in Detroit is the downside
OT buys up a neighborhood
Raise property value
???
Profit
Of course having a house in Detroit is the downside
13
Posted on 9/17/14 at 3:24 pm to Big Moe
No
Posted on 9/17/14 at 3:24 pm to Big Moe
Most of the houses in Detroit going for less than $100 (or even $1000) are basically tear downs and/or have a ton of back taxes associated with the purchase.
Posted on 9/17/14 at 3:25 pm to Big Moe
quote:The catch is most of those houses owe tens of thousands of dollars in back taxes.
Saw someone posted on the SECr off topic board about houses going for less than $100
Posted on 9/17/14 at 3:26 pm to Big Moe
No.
Posted on 9/17/14 at 3:27 pm to Big Moe
I'd rather purchase your old lady.
Posted on 9/17/14 at 3:28 pm to LSURussian
quote:
The catch is most of those houses owe tens of thousands of dollars in back taxes.
how do houses owe money? shouldn't it be the previous owners?
Posted on 9/17/14 at 3:28 pm to Topwater Trout
quote:Thanks Obama
how do houses owe money? shouldn't it be the previous owners?
Posted on 9/17/14 at 3:29 pm to Big Moe
Sure i'll kick in $5 and sit on it and wait til the white folks show up with the redevelopment money and flip it. 
Posted on 9/17/14 at 3:29 pm to Big Moe
Roasting marshmallows on a burning 100 dollar bill would be a better decision
Posted on 9/17/14 at 3:30 pm to FT
quote:
quote: how do houses owe money? shouldn't it be the previous owners? Thanks Obama
Posted on 9/17/14 at 3:31 pm to Commandeaux
That's what I'm saying. Or just collect a check from the city when they want to do something with the land
Posted on 9/17/14 at 3:34 pm to Big Moe
quote:
Or just collect a check from the city when they want to do something with the land
City says, hey, we are going to claim your land but will pay you FMV(which is nothing), however there is this matter of past due taxes on your property, so....
Posted on 9/17/14 at 3:34 pm to LSURussian
quote:
The catch is most of those houses owe tens of thousands of dollars in back taxes.
That, plus a lot of them have stipulations that you have 6 months to bring them up to code and you must live in them.
Posted on 9/17/14 at 3:37 pm to FT
Posted on 9/17/14 at 3:51 pm to Big Moe
Detroit property values are actually slowly on the rise.
You're probably too late to the game.
If it's such a horrible town, how do they support four major sports teams, and are about to add professional soccer?
You're probably too late to the game.
If it's such a horrible town, how do they support four major sports teams, and are about to add professional soccer?
quote:
Detroit, Michigan is home to four professional American sports teams. It is an important sports center as one of twelve cities in the United States to have teams from the four major North American sports.
quote:
Dan Duggan, Detroit Mayor Mike Duggan's younger brother, said Wednesday he's about "80 percent" confident a USL Professional Division team will play games in downtown Detroit starting March 2015 in a $5 million, 5,000-seat outdoor stadium.
This post was edited on 9/17/14 at 4:09 pm
Posted on 9/17/14 at 3:52 pm to Big Moe
quote:
OT buys up a neighborhood
Gets hipsters to move in, Raises property value
???
Profit
Posted on 9/17/14 at 3:55 pm to htownjeep
quote:
The catch is most of those houses owe tens of thousands of dollars in back taxes.
That, plus a lot of them have stipulations that you have 6 months to bring them up to code and you must live in them.
funny how corporations box themselves into the same position but can go "wait, we're going to reorganize, forget all of our debts, we want to wipe the slate clean and start over!"
This post was edited on 9/17/14 at 3:58 pm
Posted on 9/17/14 at 3:59 pm to 777Tiger
I watched the documentary Burn last night, which is about the Detroit fire department. It doesn't paint a nice picture of Detroit.
Apparently people just start vacant houses on fire up there for fun. And there are plenty to choose from.
Apparently people just start vacant houses on fire up there for fun. And there are plenty to choose from.
Posted on 9/17/14 at 4:03 pm to Chucktown_Badger
quote:
Apparently people just start vacant houses on fire up there for fun.
quite often, and they set their own houses on fire as well, for the insurance money so they can move. Insurance companies are paying for the structure at pennies and pretty much only paying out on the contents
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