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Investing in crapass cities like Cleveland, Detroit, Modesto etc. vol family home for 10k

post #1 of 60
8/6/10 at 3:41pm
Thread Starter 
I was wondering what do people think about buying property in cities that have fallen on hard times, understatement of the year btw, such as Cleveland, Detroit, or Pittsburg (obviously all Rust Belt cities who have been adversely affected by industry going overseas). Also on the West you could look at Modesto or Stockton, California. Again, I don't know anybody who lives there that likes it, but $%$+ it's California! You're at least in range of LA or Vegas, has to count for something.

Obviously they suck now and still haven't recovered since the 60's, but they are all major cities that you'd have to think have at least the potential to rebound. Particularly looking at the Detroit area and Cleveland, I had heard about how it has gotten so bad people hang out at the courthouses and borderline give their houses away for 10k. Again, just as an investment, what do you think about buying up some homes or land in hopes that it will be worth something, at some point.

I'll throw up some listings just for the hell of it. By no means are these mansions, but look at the price for a relatively move-in ready , non- mobile home and these are not foreclosures either.

<hr>
image
Price: 12,000
Est. payment:
$71/mo
Bedrooms: —
Bathrooms: 2
Property type: Multi-Family Home
Size: 3,428 sqft


http://www.trulia.com/pro...h-Ave-Cleveland-OH-44104
[/quote]


image

Price:
$15,000
 
Est. payment:
$88/mo
Bedrooms: 5
Bathrooms: 2
Property type: Single-Family Home
Size: 2,026 sqft
http://www.trulia.com/pro...land-St-Detroit-MI-48215





CLIFFNOTES

Yes Cleveland, OH, Detroit, Mi and to a lesser extent Modesto, CA suck now, but do you think it would be worth it to buy property there in hopes they will be worth something when they cities stop sucking? You can buy houses for super cheap. You could realistically buy up a whole block cash.
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post #2 of 60
8/6/10 at 3:41pm
Thread Starter 
I was wondering what do people think about buying property in cities that have fallen on hard times, understatement of the year btw, such as Cleveland, Detroit, or Pittsburg (obviously all Rust Belt cities who have been adversely affected by industry going overseas). Also on the West you could look at Modesto or Stockton, California. Again, I don't know anybody who lives there that likes it, but $%$+ it's California! You're at least in range of LA or Vegas, has to count for something.

Obviously they suck now and still haven't recovered since the 60's, but they are all major cities that you'd have to think have at least the potential to rebound. Particularly looking at the Detroit area and Cleveland, I had heard about how it has gotten so bad people hang out at the courthouses and borderline give their houses away for 10k. Again, just as an investment, what do you think about buying up some homes or land in hopes that it will be worth something, at some point.

I'll throw up some listings just for the hell of it. By no means are these mansions, but look at the price for a relatively move-in ready , non- mobile home and these are not foreclosures either.

<hr>
image
Price: 12,000
Est. payment:
$71/mo
Bedrooms: —
Bathrooms: 2
Property type: Multi-Family Home
Size: 3,428 sqft


http://www.trulia.com/pro...h-Ave-Cleveland-OH-44104
[/quote]


image

Price:
$15,000
 
Est. payment:
$88/mo
Bedrooms: 5
Bathrooms: 2
Property type: Single-Family Home
Size: 2,026 sqft
http://www.trulia.com/pro...land-St-Detroit-MI-48215





CLIFFNOTES

Yes Cleveland, OH, Detroit, Mi and to a lesser extent Modesto, CA suck now, but do you think it would be worth it to buy property there in hopes they will be worth something when they cities stop sucking? You can buy houses for super cheap. You could realistically buy up a whole block cash.
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post #3 of 60
8/6/10 at 3:46pm
datznasty.avatar.yuku.com
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post #4 of 60
8/6/10 at 3:46pm
datznasty.avatar.yuku.com
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post #5 of 60
8/6/10 at 3:50pm
Quote:
Originally Posted by tony AYOOO

datznasty.avatar.yuku.com


laugh.gif
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post #6 of 60
8/6/10 at 3:50pm
Quote:
Originally Posted by tony AYOOO

datznasty.avatar.yuku.com


laugh.gif
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post #7 of 60
8/6/10 at 3:51pm
Quote:
Originally Posted by DatZNasty


Obviously they suck now and still haven't recovered since the 60's, but they are all major cities that you'd have to think have at least the potential to rebound. Particularly looking at the Detroit area and Cleveland, I had heard about how it has gotten so bad people hang out at the courthouses and borderline give their houses away for 10k. Again, just as an investment, what do you think about buying up some homes or land in hopes that it will be worth something, at some point


Yes Cleveland, OH, Detroit, Mi and to a lesser extent Modesto, CA suck now, but do you think it would be worth it to buy property there in hopes they will be worth something when they cities stop sucking? You can buy houses for super cheap. You could realistically buy up a whole block cash.


 I take it  these cities suck.
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post #8 of 60
8/6/10 at 3:51pm
Quote:
Originally Posted by DatZNasty


Obviously they suck now and still haven't recovered since the 60's, but they are all major cities that you'd have to think have at least the potential to rebound. Particularly looking at the Detroit area and Cleveland, I had heard about how it has gotten so bad people hang out at the courthouses and borderline give their houses away for 10k. Again, just as an investment, what do you think about buying up some homes or land in hopes that it will be worth something, at some point


Yes Cleveland, OH, Detroit, Mi and to a lesser extent Modesto, CA suck now, but do you think it would be worth it to buy property there in hopes they will be worth something when they cities stop sucking? You can buy houses for super cheap. You could realistically buy up a whole block cash.


 I take it  these cities suck.
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post #9 of 60
8/6/10 at 3:54pm
I would honestly give you helpful insight on flipping real estate in my native city because I have friends who do this for a living BUT.....

Warning: Spoiler! (Click to show)
Spoiler [+]
datznasty.avatar.yuku.com . You can kick rocks.
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post #10 of 60
8/6/10 at 3:54pm
my experience with these "opportunities" comes down to whoever has the most cash on hand at the time of sale. at least for stockton and modesto, those areas have some major real estate types in the surrounding 50+ miles that do this for a living. flippers, eh? they'll show up with twice the offer price in cash. repeatedly. if you can swing one of them... for the scale that you're talking about investing at, your profit margin gets eaten up quickly. these guys spread their efforts out over multiple, multiple units and can take a hit like that.

the type of deal that you want is encountering someone who is down on their luck. someone who just can't make the payments and wants to seriously avoid any sort of mark on their credit. essentially, you're not buying the home from them, you're buying their remaining balance due on their loan, and the opportunity to be the one that owns it once you pay it off. (be wary of them coming back around begging you to sell it back to them if things do rebound)
this type of transaction best relies on local knowledge and experience; you have more opportunities to encounter those people and gaining their trust and improving your opportunities to complete the sale. face to face transactions are critical in those situations.

after all that, say you do complete the transaction and own it. unless you're ready to give up a chunk of your potential profits to a property management firm, you better be prepared to be present for any sort of transactions like showing the unit, approving rental applicants, completing repairs, and even completing the sale.

hope i gave you something to think about. i don't mean to discourage you, i just felt like sharing some of my information.
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post #11 of 60
8/6/10 at 3:54pm
my experience with these "opportunities" comes down to whoever has the most cash on hand at the time of sale. at least for stockton and modesto, those areas have some major real estate types in the surrounding 50+ miles that do this for a living. flippers, eh? they'll show up with twice the offer price in cash. repeatedly. if you can swing one of them... for the scale that you're talking about investing at, your profit margin gets eaten up quickly. these guys spread their efforts out over multiple, multiple units and can take a hit like that.

the type of deal that you want is encountering someone who is down on their luck. someone who just can't make the payments and wants to seriously avoid any sort of mark on their credit. essentially, you're not buying the home from them, you're buying their remaining balance due on their loan, and the opportunity to be the one that owns it once you pay it off. (be wary of them coming back around begging you to sell it back to them if things do rebound)
this type of transaction best relies on local knowledge and experience; you have more opportunities to encounter those people and gaining their trust and improving your opportunities to complete the sale. face to face transactions are critical in those situations.

after all that, say you do complete the transaction and own it. unless you're ready to give up a chunk of your potential profits to a property management firm, you better be prepared to be present for any sort of transactions like showing the unit, approving rental applicants, completing repairs, and even completing the sale.

hope i gave you something to think about. i don't mean to discourage you, i just felt like sharing some of my information.
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post #12 of 60
8/6/10 at 3:54pm
I would honestly give you helpful insight on flipping real estate in my native city because I have friends who do this for a living BUT.....

Warning: Spoiler! (Click to show)
Spoiler [+]
datznasty.avatar.yuku.com . You can kick rocks.
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post #13 of 60
8/6/10 at 3:56pm
Thread Starter 
You're right, I should have bought my thesaurus.

America's top 10 miserable cities

By Forbes

Forbes.com's Misery Measure takes into account unemployment, taxes (both sales and income), commute times, violent crime and how a city's pro sports teams have fared over the past two years. It also factors in two indexes put together by Portland, Ore., researcher Bert Sperling that gauge weather and Superfund pollution sites. Lastly, it considers corruption based on convictions of public officials in each area as tracked by the Public Integrity Section of the U.S. Department of Justice.

Forbes expanded the list of cities under consideration this year to include the 200 largest metro areas (up from past years' 150), which led to a shuffling in the ranks. Any area with a population of more than 245,000 was eligible.

http://realestate.msn.com...x?cp-documentid=23468980

Same study has been done multiple times by various parties using generally the same methodology and criteria, same cities pop up mostly.

Obviously, it's subjective though. And laugh.gif at someone still salty
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post #14 of 60
8/6/10 at 3:56pm
Thread Starter 
You're right, I should have bought my thesaurus.

America's top 10 miserable cities

By Forbes

Forbes.com's Misery Measure takes into account unemployment, taxes (both sales and income), commute times, violent crime and how a city's pro sports teams have fared over the past two years. It also factors in two indexes put together by Portland, Ore., researcher Bert Sperling that gauge weather and Superfund pollution sites. Lastly, it considers corruption based on convictions of public officials in each area as tracked by the Public Integrity Section of the U.S. Department of Justice.

Forbes expanded the list of cities under consideration this year to include the 200 largest metro areas (up from past years' 150), which led to a shuffling in the ranks. Any area with a population of more than 245,000 was eligible.

http://realestate.msn.com...x?cp-documentid=23468980

Same study has been done multiple times by various parties using generally the same methodology and criteria, same cities pop up mostly.

Obviously, it's subjective though. And laugh.gif at someone still salty
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post #15 of 60
8/6/10 at 4:23pm
Haiti > Cleveland
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post #16 of 60
8/6/10 at 4:23pm
Haiti > Cleveland
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post #17 of 60
8/6/10 at 4:50pm
Damn you could pay the mortgage on that joint with your bank account interest.
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post #18 of 60
8/6/10 at 4:50pm
Damn you could pay the mortgage on that joint with your bank account interest.
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post #19 of 60
8/6/10 at 4:50pm
for real thou something really bad must have happened to datznasty in cleveland cause he has a hate like not other....

i mean u live in oklahoma..how good can it really be and u got lucky that you even have 1 pro team...
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post #20 of 60
8/6/10 at 4:50pm
for real thou something really bad must have happened to datznasty in cleveland cause he has a hate like not other....

i mean u live in oklahoma..how good can it really be and u got lucky that you even have 1 pro team...
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post #21 of 60
8/6/10 at 4:58pm
Quote:
Originally Posted by ThunderChunk69

Haiti > Cleveland

laugh.gif
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post #22 of 60
8/6/10 at 4:58pm
Quote:
Originally Posted by ThunderChunk69

Haiti > Cleveland

laugh.gif
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post #23 of 60
8/6/10 at 5:02pm
the thread title had me cracking up and thinking "BLATANT disrespect..." in my head laugh.gif
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post #24 of 60
8/6/10 at 5:02pm
the thread title had me cracking up and thinking "BLATANT disrespect..." in my head laugh.gif
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post #25 of 60
8/6/10 at 5:03pm
the thread title had me cracking up and thinking "BLATANT disrespect..." in my head laugh.gif
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post #26 of 60
8/6/10 at 5:03pm
the thread title had me cracking up and thinking "BLATANT disrespect..." in my head laugh.gif
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post #27 of 60
8/6/10 at 5:03pm
I feel Detorit has a chance of being prosperous again.

I'd definitely buy property there when I get the money.
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post #28 of 60
8/6/10 at 5:03pm
I feel Detorit has a chance of being prosperous again.

I'd definitely buy property there when I get the money.
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post #29 of 60
8/6/10 at 5:04pm
OP you are a pretty sorry person.
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post #30 of 60
8/6/10 at 5:04pm
OP you are a pretty sorry person.
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