Post: #26

It's hilarious that people that don't know anything about Detroit or the area are commenting on this. The past 4-5 years they have been doing better with Detroit and making downtown look nice at least. Anything else in the city is still a big risk though. Most people in Detroit didn't move out of the area just to the surrounding suburbs.

The reason those properties are so cheap is look to the neighborhood. As much as they have potential it'll take time and a lot of work before the investment pays off. If it's not near downtown it might never pay off.

Post: #27

(11-10-2018 05:12 AM)Hypno Wrote:  But why, I mean have you seen the Lions play?

Even the Red Wings are dead now after that insane 1990s-2010s run, the Tigers nearly lost 100 games last season (good for third in a five-team division with TWO 100-game losers), and the Pisstons are fringe 8-seeds at best.

I'd say that Cleveland sports fans would give their collective left nuts for their pro sports teams to have a 365-day period like that at the same time, but it really only applies to the Browns now that the Cavs have won a Finals and the Indians made it to the World Series in the past few years.

Post: #28

(11-10-2018 12:40 AM)moneyshot Wrote:  

(11-10-2018 12:27 AM)Kona Wrote:  

(11-09-2018 10:03 PM)moneyshot Wrote:  

(11-09-2018 09:30 PM)numanist Wrote:  it would probably be a good idea to remove the "sideways-black-power-symbol" statue in reinvigorating the "cultural" elements of the city.

Damn. I thought that was a monument to the fist bump since Detroit is the city of brotherly love.

You're thinking of Philly there. Which is marginally better than Detroit when it comes to demographics.

You think Kona didnt know that? Its ok...youre new

Personally I think the image is symbolic of the fisting the Democratic party has been giving the African American community for the last 50-60 years and calling it love

Post: #29

The suburbs seemed nice when i passed through and was still cheap. But yea the city is a lost cause unless you find a way to remove the black underclass

Post: #30

I really don't see how hard it would be to remove some of the black underclass. For a long time, I've always wondered why a lot of black underclass would want to live there anyways. It's extremely cold for one and it's also the Midwest. The Midwest is probably the whitest part of the country. If we can somehow find a way to attract decent whites from the south or Europeans wanting investment property, we could turn this city back into it's rightful place again. If you look at the original origins of the city, the city was first founded by the French. France is full of hostile minorities right now (mostly from Africa). I'm sure there would be some looking for more opportunity in America. The same can be said for many people living in Greece and Italy. In some cases, some of these southern Europeans live in cities with far more rubble than places of Detroit (Athens, Rome, and so on).

Post: #31

They are restoring the old Packard Auto Plant that is 121,000 sq ft. This building was once a cornerstone of Detroit. They plan on making it into a multi-use building for office, retail and residential apartments.

https://detroit.curbed.com/2017/2/1/1447...nstruction

Post: #32

OP’s is too late. OP’s plan is (((Dan Gilbert’s))) of Rocket Mortgage/Quicken Loans/Cleveland Cavaliers fame

Gilbert already got the desirable waterfront land near downtown for pennies. His next move is to work with the Federal HUD, and cash strapped corrupt local governments on various schemes that will zone the black ghetto away from his land and into places far away like Ferguson, Missouri.

For most of the past 25, black people have been treated like a destructive Hot Potato by Cisneros and his cronies in HUD. Billionaires pay billions in political donations to move them out/keep them out/get early insider information on where they are being moved into.

Such politicking makes billionaires rich, but does nothing for the poor communities HUD is supposed to help.

Ben Carson is a superstar, cleaning up this corruption in HUD. I’m very impressed with the job he’s doing. Maybe Trump, a real estate guy who knows how the shakedown scams work, gave him good advice when he hired the doctor.

Post: #33

I'm always confused as to why there is so many white people down south. Many act "conservative", but many in reality are liberals. They live in bigger houses than whites in the north, and many complain about a declining white birth rate and having to live around blacks. My response, is "duh", "you can't live above your means and still expect to live in perfect community with tons of white people. Many parts of the south were mainly settled by Native Americans long before whites settled there. The south also has the baggage of being home to former black slave plantations. The climate is also insanely warm in the summer time. Up her in Minnesota, it is possible to experience all 4 seasons: the changing of the leaves, snow, spring, and warm summers.

Post: #34

(11-09-2018 10:03 PM)moneyshot Wrote:  

(11-09-2018 09:30 PM)numanist Wrote:  

it would probably be a good idea to remove the "sideways-black-power-symbol" statue in reinvigorating the "cultural" elements of the city.

Your silly. It's Joe Louis's fist, a local Detroit legend as he was one of the early true greats in boxing back in the very early days.

It is likely a bronze or brass statue and is painted to prevent oxidizing and rust from occurring.

Post: #35

OP, Your lack of common sense is thoroughly embarrassing. You really have to put some work into that and stop your race-trolling. Plus why do you always create this weird delusional type threads?

Post: #36

It gets complicated. The cheapest place to live in Philadelphia is Marcus Hook. The fact that it is a huge shithole where people were banging their sisters and daughters for decades is a bad omen. Some places are just cursed from all the evil that was committed and will not lift off again unless it is bulldozed for square miles and a ritual exorcisms performed on the site.
I am so glad I didn't move into one of those dumps when I was young and dumb.
There was a school district that folded there years back and the kids were like where do we go to school? The school representative said, who knows. Fuck.

Post: #37

(11-10-2018 10:02 AM)Mackandal Wrote:  OP, Your lack of common sense is thoroughly embarrassing. You really have to put some work into that and stop your race-trolling. Plus why do you always create this weird delusional type threads?

Nu-man & Humanist = Numanist

It's all in the name.

Post: #38

Insane! A 200 unit complex on sale for $350,000. The building is almost twice the size of the Packard building. It's close to Wayne State University, the Pistons practice facility and headquarters and the Michigan Science Center. The building also qualifies toward federal historical tax credits. The building is also 15 stories high.


https://www.loopnet.com/Listing/2240-225.../10930970/

Here is a smaller apartment complex that has 27 units and 48,000 sq ft and is on the market for a little under $400,000. The description says that has a cash flow of almost $27,000 per month.


https://www.loopnet.com/Listing/3931-McG.../13310697/

Post: #39

I'm the opposite of a Humanist. I believe in Christianity. I oppose homosexuality and homosexual marriages. I oppose abortion and I support national identity. That being said, there are some white people I don't identify with because they are either stupid, lazy, liberal, or just plain anti-social. I chose the name because it sounded German. In Greek the term means frequency.

Post: #40

OP reminds me of Jean Valjean.

Post: #41

Concentrating a block of 50K to 100K plus like minded people is better spent in a sparsely populated state like in the Mountain west or New England rather than in a large, highly populated state like Michigan. This organically happened to Vermont where people like Bernie Sanders who grew up in NY transplanted to VT and turned it to a relatively back water conservative state to the socialist state that it is now. It has been tried as well in New Hampshire where someone tried to "rally" 50K of voting residents for a libertarian paradise, but I have not seen it work there just yet like it has happened in VT. This is always the case where rich "Liberals"(really fascists) will leave the place where they made their bank and move to greener pastures and take their politics with them. My opinion is that Conservatives generally stay put if they like their location, until the hippies invade.

I have seen more of a ground swell of state amendments in my state over the past few years that tried to make things more conservative, so that is a possibility to make larger conservative states stay conservative. If state laws cant be changed by the crazies than hopefully they will steer clear from them.

Post: #42

You can get $1 properties?

Post: #43

Check it out - here's what's been going on.

https://www.theblightauthority.com/
https://www.politico.com/magazine/story/...ght-215160

Post: #44

Anyone recognize this Pulitzer Prize winning author? His name is Charlie LeDuff and he is a broadcaster for the local Fox Station in Detroit. He documents the rise and fall of Detroit. He also talks about how it is rebounding.

Post: #45

For some reason, this keeps playing in my head:

Post: #46

You cant have urban renewal without significant demand for housing

You dont have demand for housing without economic growth: specifically job growth

You dont have job growth without a burgeoning industry

What's going to drive industry in Detroit?

Manufacturing?

Tourism?

Tech ?

Financial services?

I looked at acquiring property there in 2010 at the very bottom of the last RE down cycle exactly for the same reasons OP mentioned. Its dirt cheap. But I quickly decided against it because the only significant "renter" in the area is the US government. Section 8 housing specifically. Not within my investment "appetite" spectrum. No thank you

Its a shame because there is some truly remarkable architecture there.

But Detroit died for several reasons:

-Auto industry competition from Japan
-Unions
-Inept / corrupt local government

And more.

The one that cant be overcome is obsolescence. The reason it boomed originally the auto industry does not need it anymore really. Manufacturing is spread out (Tenn, Mexico, Brazil) There's no "need" for a central industry hub anymore. Competitive advantage is now through efficiency...not centralization

There is nothing as far as I can see on the horizon that will drive a significant resurgence in the area. Not in my lifetime.

There are much better RE opportunities in the US and even abroad

Post: #47

As a Canadian that’s of mixed ethnicity I wouldn’t say I am racist. But looking at the stats given Detroit’s ethnic mixup, homicide numbers, and economy I’d say I wouldn’t feel safe being there.

In all honesty you have an ethnic majority that’s mostly low income and will vote Democrat for everything. So basically the minute you make money they will scream you should give it to them. Detroit would be a great opportunity if it was right wing but I think the population is so far left that small business or investment has no chance there. Right now the current ones survive because there needed but if the city ever booms I can see taxes rising to strangle it.

This is coming from a guy who is watching dumb people scream there should be rent increase freezes when we have no extra rental supply and desperately need more built. Poor people will always say the rich will suffer so they can benefit and don’t think long term.

Post: #48

Detroit is great for real estate investment, as long as you don't mind paying double taxes to live in a more shitty neighborhood. Also if you leave the house without a guard for a day one of the people in the neighborhood will move in and then they will have the right to live there. If they decide to strip the house for everything its worth (i.e. the $50 scap metal) the cops will not even investigate or charge them even if its a slam dunk case.

Let's not forget low income housing, after you go through all of the BS to get permits to renovate your apartment building you will have to make a certain percentage of the building available for rent to poor people who cant afford nice places at below 50% of market rate, this will also screw your chances of normal people wanting to live there.

The houses for $1 is an urban legend. Sure you could get a house for $1 when the housing market crashed, but it comes with $15,000 in back taxes and a squatter you have to evict and the value of the house was less than $15,000.

Here's their stance on gentrification, they don't need people coming in and cleaning up their neighborhoods and making it a good place to live:

"The two ordinances -- one requiring 20% affordable units and the other putting a notification ordinance in place to protect seniors and low income residents from being unexpectedly displaced -- were brought forth by Councilwoman Mary Sheffield, who said the vote was three years in the making, and an effort to push back against gentrification that's been seen elsewhere in the country.

"The gentrification that we see in New York, D.C., Chicago and Boston is not welcome in Detroit,” Sheffield said at a press conference Tuesday ahead of the vote."

Post: #49

Why the hell would anyone want to live in Michigan especially Detroit?

It's cold, auto manufacturing is dead, the city is effectively mini Chicago, and worse yet there's a burgeoning Muslim problem growing in Dearborn. Did I mention it is cold?

F×ck that.

Post: #50

(11-10-2018 11:18 AM)Rush87 Wrote:  You can get $1 properties?

That's the asking price. You can talk them down to 60-70 cents.