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Old 04-04-2008, 04:41 PM
 
Location: At my computador
2,057 posts, read 3,416,956 times
Reputation: 510

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Oh yeah, if you get involved with Detroit, get used to these conversation over "we should do this," "we should do that." The only thing that happens in Detroit is talk... and crime.

Because Detroiters take pride in failure. Research "Dennis Archer." See what he did for the city and how they treated him. Look into the city council and the schools. Research the pride of Detroit: Coleman A Young. Understand Young, and you'll understand Detroit.
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Old 04-04-2008, 06:35 PM
 
999 posts, read 4,530,605 times
Reputation: 425
We're talking about Detroit here. Grosse Ile may as well be Shangri-La.....You guys even have your own moat!!! And when a bad guy does something, the police just yawn while they wait for him to cross the bridge into their waiting handcuffs! Old style craftsmanship is one thing on Grosse Isle but something totally different in Detroit. It's not enough of a plus for me to live in an undesirable area, no matter how much I exaggerate my trepidation of letting my young daughters explore the neighborhood on their own. (I don't think I'm exaggerating though.....) Give me drywall and Grosse Ile over carved cornices and crackheads.

(Did you buy the Ballard house and move it somewhere?)
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Old 04-06-2008, 07:05 AM
 
Location: Grosse Ile Michigan
30,708 posts, read 79,913,617 times
Reputation: 39454
I do not keep links, but there was an article that discussed some of the investors buying up hundreds of homes at at a time in the free press a week or two ago. It was not very in depth and had little information. There was a better story earlier, it may have been in Craines, but I am guessing.

I did not say that I know that people ARE buying entire neighborhoods (or at least I did not mean to), only that they are buying groups of 100s of houses and if the DID buy entire neighborhoods, they can turn them around. I have seen it happen in a place that was every bit as bad as Detroit is now. It also happened in parts of New York, Chicago, and I have heard Miami (but I know nothing about Miami, never been there).


If I had $100,000,000 to play with, that is exactly what i would do. Buy an entire neighborhood or City in Detroit or the area, start with one section, set up private security, build or restore some parks and schools, restore a section of homes and get people in. From there I would work on the next section until I had it all restored. Each section would fund the next one. I do not know if I would make any money, but if the area became popular, I would make a killing. Eventually taxes would pay for security and services and the residents would also help keep the losers out of the area. Some people may say it will not work. residents will not take care of themselves, but it does work. I have seen it.

All said and done however, I have to admit that I would not move my family into the place. You are correct, grosse ile is too pleasant and idyllic to want to move into a city again. We already did that lifestyle. I will trade frogs and crickets for stereos and horns anyday.

Yes we bought and moved the Ballard house from one side of the island to the other. By the way, there is old style craftsmanship here too. Our house was built in 1836 and is only the third oldest house here. It is just more of a mix here. We do not have neighborhoods with 150 Victorians or Tudors all lined up in a row. However we have very few McMansion subs either. And we did have a crime. Some guy got drunk a year or so again and started shooting his gun in the air. When the cops came he allegedly took a shot at them. Crazy thing to do. Some of the cops here seem to be a bunch of bored rambos. the others are execellent community officers. He go lucky, they must have sent the good ones - he lived. Oh and the day after we moved our house, someone stole our barbque.
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Old 04-06-2008, 12:08 PM
 
999 posts, read 4,530,605 times
Reputation: 425
I wouldn't mind living on the island, but I think the next move will be out of state. It still snows on Grosse Ile.....

Quote:
Eventually taxes would pay for security and services and the residents would also help keep the losers out of the area. Some people may say it will not work. residents will not take care of themselves, but it does work. I have seen it.
How would taxes eventually pay for security? Isn't Palmer Woods just such a neighborhood? They have their own parks, keep their own streets clean (no school though) but they still have to pay for it, PLUS city taxes.
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Old 04-11-2008, 08:27 AM
 
Location: Detroit
1 posts, read 2,271 times
Reputation: 10
Thumbs up Depends...

I grew up in detroit spent moved away for college, moved back to the burbs, moved to indianapolis for 2 years... I'm newly back, as of March, living in the city near I-94 and Woodward. Im starting to do some real estate investing around the city check out this site markijlal.com. This guy seems to know what he is talking about. I feel that so much that I will be in his seminar next weekend so I will know more too.

I have a friend from undergrad living about 10 blocks east of there on Kennsington. She is married, and has two small childeren. She has the ability to move anywhere but likes the area. Block to block conditions change but the area in general is not a war zone. You need boots on the ground to relay whats going on street wise not area wise. Im not ready for partners now but keep me in mind once i get started.



Quote:
Originally Posted by journeyfarms View Post
I guess I am having a mid life crisis but as an outsider (from Oregon) I find incredible value in homes in Detroit. I am going to list an example here but I would like input of people that have lived and experienced Detroit for a while. I am not a "flipper", I have been doing real estate rehab, building, development, etc. for 25 years and feel that if you purchase right and are willing to hold for 5-10 years it would be a reasonable investment. So am I being reasonable or just dreaming and hypnotized by the incredbly cheap prices. I think some of the cheap REO pricing is because of steep terms (cash quick close) demanded by the banks. Anyway I looked at a property at 5903 chatsworth, Detroit 48224. (chatsworth and chandler Park dr south of I-94 a few blocks and north of Grosse Point Park) Is this a war zone or?
BRICK COLONIAL w/ 2 Car Garage/NO RESERVE!! CLear Deed! - eBay (item 140216885943 end time Mar-25-08 19:16:46 PDT) (broken link)
I would appreciate opinions as I plan to commit a lot of time, quite a bit of money and a whole lot of effort. ([EMAIL="gradyrbrown@gmail.com"]gradyrbrown@gmail.com[/EMAIL])
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Old 04-12-2008, 01:40 PM
 
Location: Detroit - Ferndale - Playa del Carmen MX
70 posts, read 294,103 times
Reputation: 28
Quote:
Originally Posted by journeyfarms View Post
I guess I am having a mid life crisis but as an outsider (from Oregon) I find incredible value in homes in Detroit. I am going to list an example here but I would like input of people that have lived and experienced Detroit for a while. I am not a "flipper", I have been doing real estate rehab, building, development, etc. for 25 years and feel that if you purchase right and are willing to hold for 5-10 years it would be a reasonable investment. So am I being reasonable or just dreaming and hypnotized by the incredbly cheap prices. I think some of the cheap REO pricing is because of steep terms (cash quick close) demanded by the banks. Anyway I looked at a property at 5903 chatsworth, Detroit 48224. (chatsworth and chandler Park dr south of I-94 a few blocks and north of Grosse Point Park) Is this a war zone or?
BRICK COLONIAL w/ 2 Car Garage/NO RESERVE!! CLear Deed! - eBay (item 140216885943 end time Mar-25-08 19:16:46 PDT) (broken link)
I would appreciate opinions as I plan to commit a lot of time, quite a bit of money and a whole lot of effort. (gradyrbrown@gmail.com)


Get somthing in a NEZ Tax Abatement Zone
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Old 04-13-2008, 11:51 AM
 
Location: Northen Indiana
59 posts, read 259,114 times
Reputation: 59
Default Forclosure and Short Sale Market

Much of Michigan, especially Detroit and Detroit Metro, is at the begining of its 1st ever forclosure and short sale market. Furthermore, with property values less than half what they were 10 years ago, taxes continue to rise. Most have heard about Detroits clown mayor but, keep in mind the governor is making poor decisions too. Not only has outrageous all types of Insurance premiums (Insurance is the new organized crime) and NAFTA claimed Michigan's factory jobs, its professional jobs have moved to Mexico, India, and China. The growing taxes are being used to subsidise foreign companies within the state who prefer to bring in expats from their own countries. Mchigan never saw the nation's last economic recovery. I estimate Michigan is a 9+ year slide and will likely stabilize permanently very low well after the rest of the country recovers.

If you want to invest in real estate in Detroit, the deal you get needs to be something you can afford to lose or such a screamin' deal, you can't lose. You cannot depend on turning it around quickly or count on long shots.
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Old 06-14-2009, 01:55 PM
 
7,296 posts, read 11,877,481 times
Reputation: 3266
Quote:
Originally Posted by journeyfarms View Post
I guess I am having a mid life crisis but as an outsider (from Oregon) I find incredible value in homes in Detroit. I am going to list an example here but I would like input of people that have lived and experienced Detroit for a while. I am not a "flipper", I have been doing real estate rehab, building, development, etc. for 25 years and feel that if you purchase right and are willing to hold for 5-10 years it would be a reasonable investment. So am I being reasonable or just dreaming and hypnotized by the incredbly cheap prices. I think some of the cheap REO pricing is because of steep terms (cash quick close) demanded by the banks. Anyway I looked at a property at 5903 chatsworth, Detroit 48224. (chatsworth and chandler Park dr south of I-94 a few blocks and north of Grosse Point Park) Is this a war zone or?
BRICK COLONIAL w/ 2 Car Garage/NO RESERVE!! CLear Deed! - eBay (item 140216885943 end time Mar-25-08 19:16:46 PDT) (broken link)
I would appreciate opinions as I plan to commit a lot of time, quite a bit of money and a whole lot of effort. (gradyrbrown@gmail.com)
If you had to invest in the Detroit area, I'd say look into Dearborn. I saw some 3BR listings there for less than $20K - cheaper than Warrendale (add around $15K for renovations). The area has 2 colleges (a community college and a UM campus) and a supporting network of small businesses, which means there's economic activity going on there regardless of the economic cycle. You'd have to know the nuances of renting out to college students though but it's a less riskier bet than buying into blighted neighborhoods.
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Old 06-14-2009, 02:32 PM
 
398 posts, read 1,041,461 times
Reputation: 117
Yeah, but Dearborn has issues too. Dearborn is dependent on Ford and the Arab community. The problem is that Ford's future is in question, and Arabs are starting to move out to places like Canton. If those East Dearborn neighborhoods lose the Arab population, they will become extensions of the Detroit ghetto.
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Old 06-14-2009, 08:25 PM
 
Location: Southwest Suburbs
4,593 posts, read 9,210,208 times
Reputation: 3294
I say go for it. Somebody have to invest in Detroit. If more people are willing to move in the city, it will recover.
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