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Right now I'm cash all the way. But next year U.S. real estate big time. In my mind the Upper mid-west will be ripe for bottom feeders. But let me stipulate that this is not a fast buck turn over. No. this is a buy and hold. And you may have to hold for a decade or so before you see the profit. But I feel the end reward will be worth the wait.
At least that my opinion and I'm stick'in to it.
In the real estate section, someone posted a list of over 150 homes in Detriot priced at $7500 or less. I'm looking for some industry to move back into that town. If the ever get the leftists that run that city out of office and Michigan becomes a more business friendly state in general, I think business owners would find it mighty tempting to relocate there. There is a huge supply of cheap labor ripe for the picking. That's a big if on the people voting the socialists out of town and out of the state though. It could very well look like a third world soviet satelite nation if things continue the way they are going now.
Perhaps the worst thing then was Florida Land-everyone knew it was worthless, but they bought and bought(paper profits, sound familiar?)
I've always been poor-if the bottom falls out, I won't be much worse off(except for my pension going to Hell, but I lived in Maryland and expect to get robbed).
The people who made money this time around have piddled it away on crazy stuff-Just like the Japanese did when they had their collapse-so they won't be able to buy as many toys and fripperies, poor babies!
Had they invested it in making things, making them here, in the USA, perhaps we might have a better time of it.
So goodbye to fifty dollar cigars, million dollar cars, ticky-tacky houses in the hinterlands and women paying $75 bux to have some Vietnamese woman play with their toes every week.
Good bye to fall apart trash from China, thousand dollar pocket-knives, $500 dollar shoes and gold ear spoons.
America needs:
An efficient public transportation network-fuel costs aside, a lot of baby boomers won't be able to drive, soon, and the roads are too congested to serve us any more.
Massive repairs on infrastructure-it was built cheap, now it needs repair.
Jobs for people who just don't have the capacity to program computers, industrial jobs that make wealth, and practical products that last.
Homes for ordinary people-a lot of folks have been priced out of many markets.
Affordable rental housing for working folks and retirees-after sixty, buying a home is impractical.
More police presence in cities and towns, to bring some order there.
Investment to help us ride the coming wave of computerized automation in the industrial sector.
Fewer automobiles.
Jobs close to the places where the workforce lives.
"Europe’s present social model is unable to tackle the modern challenges of globalization, and has left Europe with gigantic problems: an unsurmountable public debt, a rapidly ageing population, 19 million unemployed, and an overall youth unemployment rate of 18%. The unemployment figures may easily be doubled to account for hidden unemployment. The untold reality is that Europe’s real unemployment stands at the level of the 1932 Depression."
Right now I'm cash all the way. But next year U.S. real estate big time. In my mind the Upper mid-west will be ripe for bottom feeders. But let me stipulate that this is not a fast buck turn over. No. this is a buy and hold. And you may have to hold for a decade or so before you see the profit. But I feel the end reward will be worth the wait.
At least that my opinion and I'm stick'in to it.
You're absolutely right there. Last night I was checking out houses in Ohio that you can pick up for $10K or less. Its a great time to start a career as a slumlord....
US spells out Fannie-Freddie backstop plan - Yahoo! News (http://news.yahoo.com/s/ap/mortgage_giants_crisis - broken link)
In other words, they are firing up the printing press, making your dollar worth about 15% less then it was worth Sunday evening. This is just sickening. But I guess, there really is no way around it. The lessor or two evils is how they approach it. The leadership in this country could not run a hotdog stand, I swear.
You're absolutely right there. Last night I was checking out houses in Ohio that you can pick up for $10K or less. Its a great time to start a career as a slumlord....
Are their people willing to live there? Are ther jobs available that will have people paying the rent, utilities and groceries?
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 6,527,879 times
Reputation: 1721
Quote:
Originally Posted by TexianPatriot
In the real estate section, someone posted a list of over 150 homes in Detriot priced at $7500 or less. I'm looking for some industry to move back into that town. If the ever get the leftists that run that city out of office and Michigan becomes a more business friendly state in general, I think business owners would find it mighty tempting to relocate there. There is a huge supply of cheap labor ripe for the picking. That's a big if on the people voting the socialists out of town and out of the state though. It could very well look like a third world soviet satelite nation if things continue the way they are going now.
Actually, Grand Rapids is doing pretty well. They weren't as influenced by the auto industry and have shown more flexibility in the industries they chose. In my mind the west side of Michigan will make a comeback long before the east.
As for lefties. Well I'm sure at one time unions were good for Michigan. But now there just another special interest group trying to hold on by their finger nails. I expect to the southeast side of the Michigan to take a population hit for a while as the auto industry crumbles. This in turn will cause a loss of tax revenue which will cut local, and cities budgets to almost nil. It's also not going to help the state budget also. So in the end as tax revenue spiral continually downward, Michigan's government will be forced to loosen up on a lot of restrictions for businesses. Also they probably will be force to make a friendlier tax code for all type of businesses.
But I do want to say that with the loosing of standards we must still be mindful not to lean to much the other way. I wouldn't like to see a big uptick in pollution in/on the lakes just because the state needs some tax income.
Quote:
Originally Posted by sterlinggirl
You're absolutely right there. Last night I was checking out houses in Ohio that you can pick up for $10K or less. Its a great time to start a career as a slumlord....
Yep. Some parts of Cleveland, and Lorain look interesting to invest in. But I must admit, I'm not a big fan of Toledo. Not sure why, but I don't get the warm and fuzzes about it.
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 6,527,879 times
Reputation: 1721
Quote:
Originally Posted by Rose Red
Are their people willing to live there? Are ther jobs available that will have people paying the rent, utilities and groceries?
Personally I'm thinking out in the future (about 10 - 15 years out). Right now N.E. OH it being hammered by Job cuts, and Foreclosures. Granted there is a glimmer of hope in the short term in the fact that American steel is on the rise. This would help out N.E. OH economy if the demand from China and India remains where it is. Although there are not promises with that.
Now with being a slumlord. Well there will always be people renting OH and there will be a demand for low cost housing. Now remember a slumlord doesn't always do things above board. So there is room to make a profit if your willing to take risks by skirting some of the rules.
Now let me say that not how I'd do it. But I saw it enough back in the day in certain part of MA. If you don't believe me. Look up some information on Brockton MA.
If you got the right people in there and treated them right on rent, you'd have somebody there taking the house for you. At $10K to buy the property, you could afford to give them dirt cheap rent to keep the property full and even make a little money while you're waiting for the economy to get better.
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