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Houses for auction in Detroit
Posted on 6/12/15 at 2:19 pm
Posted on 6/12/15 at 2:19 pm
Posted on 6/12/15 at 2:22 pm to AUFanInSoCal
can one go hunting on this property?
Posted on 6/12/15 at 2:30 pm to AUFanInSoCal
Got to imagine if you had quite a bit of capital, you could snatch up a good bit of land and gentrify it for cheap.
Posted on 6/12/15 at 2:47 pm to GenesChin
I think you can do some creative financing for down payments and go to town there.
Posted on 6/12/15 at 2:51 pm to jmarto1
There still are some businesses and appeal to living in the city of Detroit, it just is so incredibly run down and dangerous that the value is easily outweighed
If you had some investors and bought some political influence, you could go to town. Just go out and buy a few neighborhoods. Build a low cost private school restricted to those neighborhoods. Essentially pay for private security
They said city employees get a 50% discount. Wish I had a family member who was a city employee.
If you had some investors and bought some political influence, you could go to town. Just go out and buy a few neighborhoods. Build a low cost private school restricted to those neighborhoods. Essentially pay for private security
They said city employees get a 50% discount. Wish I had a family member who was a city employee.
This post was edited on 6/12/15 at 2:53 pm
Posted on 6/12/15 at 2:57 pm to GenesChin
Never forget that the Silverdome was sold for around $600K. Things can always be cheaper than you think. That said, the Quicken Loans guy is evidently buying up half the city. Probably at least 50/50 that 25 years from now he will be hailed as a genius and everyone will be talking about how "obvious" it was.
Distressed investing often doesn't feel great when the distress is high.
Distressed investing often doesn't feel great when the distress is high.
Posted on 6/12/15 at 7:37 pm to AUFanInSoCal
Can you demolish the homes and resell the bricks?
Posted on 6/12/15 at 10:39 pm to Big Scrub TX
This is similar to what I am beginning to do. An alumni of my fraternity has done well buying and renting houses in less than desirable neighborhoods. He makes even more money financing them to people who want to buy the houses.
Posted on 6/12/15 at 11:51 pm to jmarto1
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.
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.
This post was edited on 6/12/15 at 11:52 pm
Posted on 6/13/15 at 2:12 am to AUFanInSoCal
Detroit is a cool city but unless you find a way to get business there buying land won't pan out. What happened there could happen anywhere that is a one trick pony. Imagine Houston if the oil business discovered tomorrow that they were no longer needed and all those jobs were gone for good, thats what happened there.
I know Houston has other industry and Detroit must also to support 4 pro teams but its the same thing, your towns life blood suddenly gone never to reappear. Detroit lost 60% of its population. What city could recover from that? If the world went to corn as their oil substitute and ditched oil overnight Houston would suffer the same fate as Detroit. Those med centers and banks wouldn't have their high priced customers anymore.
I like it there and feel like the people who live there have the same grit as the folks who lived in New Orleans right after Katrina. It is hard to live there, but they love it and it makes you as a visitor love it. I could live there under the right circumstances and I hope that city rights itself sometime.
I know Houston has other industry and Detroit must also to support 4 pro teams but its the same thing, your towns life blood suddenly gone never to reappear. Detroit lost 60% of its population. What city could recover from that? If the world went to corn as their oil substitute and ditched oil overnight Houston would suffer the same fate as Detroit. Those med centers and banks wouldn't have their high priced customers anymore.
I like it there and feel like the people who live there have the same grit as the folks who lived in New Orleans right after Katrina. It is hard to live there, but they love it and it makes you as a visitor love it. I could live there under the right circumstances and I hope that city rights itself sometime.
Posted on 6/13/15 at 7:56 am to 8thyearsenior
It's not really like that. I get what you're sayjng and agree with your general premise, but people are still buying cars.
The Residents have elected criminals and idiots to run their city for decades and you reap what you sow. They have also elected idiots who thought they were invincible and nogotiated like they had a bomb on their chest. This people ran the industry away. This is a self inflicted injury and they don't even seem to realize that they did it to themselves.
The Residents have elected criminals and idiots to run their city for decades and you reap what you sow. They have also elected idiots who thought they were invincible and nogotiated like they had a bomb on their chest. This people ran the industry away. This is a self inflicted injury and they don't even seem to realize that they did it to themselves.
This post was edited on 6/13/15 at 7:59 am
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