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re: Anyone thought of investing in property in Detroit?
Posted on 9/16/14 at 8:19 pm to beebefootballfan
Posted on 9/16/14 at 8:19 pm to beebefootballfan
quote:
I have often wondered why they don't just demolish vacant neighborhoods and turn them agriculture areas.
Pretty sure they are. I forget what documentary I was watching, but it mentioned they were doing that in parts of the city.
A lot of the issue if that the city doesn't have the money to demolish a lot of these structures. The disappearing tax base and high expenses have really limited the shitty city government's ability to do stuff.
2
Posted on 9/17/14 at 5:09 am to Mizzeaux
I thought of buying property in Detroit the other day but I only had 15.00 to spare on me so it was either that or lunch at Live Bait. I was hungrier than I was foolish.
Posted on 9/17/14 at 7:15 am to artompkins
Detroit will recover like Chernobyl has recovered.
Posted on 9/17/14 at 7:22 am to Alahunter
Chernobyl had much less to overcome than Detroit and it's in a nicer area.
Posted on 9/17/14 at 7:37 am to Mizzeaux
Yup they are demolishing some neighborhoods. They need to demolish alot more however. Like others have said, the population can not fill up all of the vacant property there.
It's very unfortunate. There are some great buildings and houses that could look amazing, but they never will again.
It's very unfortunate. There are some great buildings and houses that could look amazing, but they never will again.
Posted on 9/17/14 at 8:23 am to NorthReb
Rent out only to crack dealers and demand a cut of their sales/profit. If they say frick you, call the cops. Win/win
Posted on 9/17/14 at 11:54 am to deltaland
I would assume that Detroit is like everywhere else and that there are thousands if not tens of thousands worth of liens attached you would have to clear before taking ownership.
This post was edited on 9/17/14 at 11:55 am
Posted on 9/17/14 at 12:02 pm to RTRinTampa
quote:
Of Detroit’s 380,000 properties, some 114,000 have been razed, with 80,000 more considered blighted and most likely in need of demolition
194,000 properties that have been or need destroying. That's mindnumbling hard to wrap around one's head.
Only 35,000 of Detroit’s 88,000 streetlights actually work
Since 2000, Wayne County has held one of the world’s largest real estate auctions, offering about 20,000 properties a year that were acquired through foreclosure — some 5 percent of Detroit’s housing stock. Last year, 2,300 bidders took possession of 10,500 of these properties, with a dozen buyers each scooping up more than 100 houses.
LINK
Posted on 9/17/14 at 3:14 pm to deltaland
1) OT all pitches in to buy a neighborhood
2) move in and raise property value
3) ???
4) profit
2) move in and raise property value
3) ???
4) profit
Posted on 9/17/14 at 3:23 pm to deltaland
Id be concerned that the city might take it via eminent domain or something like that, unless you are up-keeping the property on a regular basis and in a area that is not vacant as well
Posted on 9/17/14 at 3:39 pm to deltaland
There's a lot of money to be made in the reclaim business. Buy an old home with custom woodwork for 20k, demo it while reclaiming all the lumber, resell the wood to rich home-builders. If I had the capital and time, I would do it.
Posted on 9/17/14 at 3:45 pm to deltaland
You could not GIVE me property in Detroit.
Posted on 9/17/14 at 5:13 pm to deltaland
Taxes. That's the biggest reason not to. Detroit has very high property taxes. You don't want to buy a shite hole for $100 and pay $500 or more a month in taxes while you wait for years to get a "maybe" ROI.
Posted on 9/17/14 at 5:15 pm to deltaland
Detroit is dead. Forever.
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