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Old 07-08-2011, 10:26 AM
 
530 posts, read 1,551,423 times
Reputation: 215

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hiphop's statement makes sense.

American Axle just axed more jobs from Detroit.

Your best bet would be to buy something in the areas where the subsidies are offered. Rent to to the people who quailfiy for the subsidies. Pay the property taxes late. Once the subsidies end, just leave the property.
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Old 07-09-2011, 11:35 PM
 
Location: Toronto
348 posts, read 638,551 times
Reputation: 270
Quote:
Originally Posted by fmax View Post
hiphop's statement makes sense.

American Axle just axed more jobs from Detroit.

Your best bet would be to buy something in the areas where the subsidies are offered. Rent to to the people who quailfiy for the subsidies. Pay the property taxes late. Once the subsidies end, just leave the property.


Am I readin' you right ......or am I going senile....
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Old 07-10-2011, 06:27 AM
 
Location: north of Windsor, ON
1,900 posts, read 5,906,480 times
Reputation: 657
I was wondering that too but in the city of Detroit the property taxes are at a rate where, especially at the "non-homestead" rate rental property gets taxed at, the back taxes can be worth more than the retail value of the house after three years, so his idea may make some sense. The city isn't always the fastest at foreclosing for non-payment of property taxes or collecting fines, so it just might be crazy enough to work.
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Old 07-10-2011, 08:39 AM
 
530 posts, read 1,551,423 times
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Does anyone know which parts of the city are going to be abandoned or "Shrunk"?
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Old 07-10-2011, 09:17 AM
 
491 posts, read 1,121,482 times
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For the first stage...this represents 3,000 of the 10,000 buildings Bing wants to demolish.

Residential Demolition Program | Mayor's Office | Mayor Dave Bing | City of Detroit | www.detroitmi.gov
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Old 07-11-2011, 12:15 AM
 
Location: Royal Oak
18 posts, read 39,583 times
Reputation: 19
I would be really careful about having all this cash in the bank just sitting there under the mercy of inflation. the Dollar is very volatile right now, and things in the economy don't seem to give any good image for the future. Maybe you can look into investing the money in something extremely stable, like land somewhere, or the old fashioned way, Gold or Silver.

But any investor will tell you that cash is the worst idea to keep your "effort."
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Old 07-14-2011, 09:57 AM
 
530 posts, read 1,551,423 times
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This will help to bring down home prices. (If you are a buyer).


Michigan state senate looks to limit welfare benefits to 4 years

The Michigan State Senate passed a bill that would only allow families to stay on welfare for four years.


If the bill becomes law, it would force more than 12-thousand families off welfare.


Michigan state senate looks to limit welfare benefits to 4 years | KTVQ.com | Q2 | Billings, Montana
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Old 07-18-2011, 10:40 PM
 
1,739 posts, read 2,568,306 times
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Why not just buy a small house or condo that is below your budget? I see perfectly nice condos all the time in the Macomb/Oakland areas, in nice neighborhoods, going for 60-80K. If you take a hit on a 200K property that is one thing. But if a place is only valued at 60K you wouldn't be hurt too badly should the market suffer another blow. If I was going to stick around in Michigan that's what I would do. You could sock away the extra money you'd be saving to use as an emergency cushion and to furnish the place nicely (or whatever it is you do with your money). But I certainly wouldn't do it unless I was convinced I wanted to stay and reside at that property long term. If you aren't certain you are at the point in your life to make a commitment like that I would suggest you simply rent until the decision is more clear.
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Old 07-19-2011, 01:35 PM
 
956 posts, read 510,635 times
Reputation: 1015
Actually, I am not concerned about buying a house and it losing value because I plan to pay cash for my house simply because I absolutely hate debt. As long as I can sell the house for a price that will allow me to buy another one should the situation arise where I have to move, any fall in value would not matter to me as long as the next home falls in value by a similar amount that I wanted to buy.

I also do not plan to ever move once I buy my house and would only move if I absolutely had to such as for a job.

I basically just want to ensure that home prices will not go up so my money does not lose purchasing power in relation to them between now and the time when I want to buy a house for myself. Because when I do buy a house for myself to live in, it will be for the long hall. I do not care about the investment part (that being appreciation, in fact I hope it never appreciates because it would just raise property taxes) of it other than it being an investment for peace of mind of having a place I can call my own and a roof over my head while being mortgage and rent free and only having to worry about property taxes, maintenance and utilities of course.
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Old 07-20-2011, 12:39 AM
 
3,199 posts, read 7,827,529 times
Reputation: 2530
I would meet with a financial advisor and get their thoughts. I also would question using all your savings to purchase. You never know what may happen in life and it is good to have savings. Are you sure you will remain in MI and in the same area? If there is any question I would really factor that in. I know people who have paid cash but if sold their home now would lose money.
Good luck with the future plans
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