Home Buying & Real Estate Thread

[luckyluchiano]

Exactly

Why it might work with the Chinese is they have groups of 10-20 investors that all build their own mini cities so you have a pretty good lot of land and if the whole city appreciates then they all win because they have the best places that would rent for the most. But if it doesnt then you lost maybe 100k-500k. Thats nothing if you have 20 million or 30 million dollars. They spend that on a weekend car for their kids.

yea, like I mentioned earlier for a group of regular people even if you get say 200 people who say they will invest in Detroit, middle class people taking that hit hurts much harder than a multimillionaire.

 

[slicknick951]

Yea u right ,ain't nobody coming for no mini city's if everything around that is ratchet ...they tried that here but it resulted in people's houses basically being an island or nice fixed up cribs with nobody to move in em ...I wouldn't mind buying a dirt cheap spot if I had the bread tho , if the city gets better that's a come up and if not the loss wouldn't be anything serious like playing the lotto or gambling if I'm rich

If you are a business person with a team of investors then cool y'all have enough resources to pop something off, but as one person just buying 1-4 bandos aint going to do much lol. Detroit has a huge infrastructure problem also from what I have heard. The most the avg person could do when it comes to detroit is try to form an investment group with like minded people and create economic "boom" districts, but still you have to deal with the lack of infrastructure. 100 people buying bandos and starting small business isn't enough to get the state to see incentive in investing in the cities infrastructure compared to a group of Foreign billionaires buying up stuff and creating mid size businesses.

I agree 100%

It can happen and it very well might happen but its a risk like all things in investing.

Sewers
Powerplants
Highways
Public transportation

there are a lot of things what would need to be revamped before it could handle the population it once had or could have in 20-30 years.

To think it was at 1.8 mil in the 50s but now its at 680k :x

 

[luckyluchiano]

I agree 100%

It can happen and it very well might happen but its a risk like all things in investing.

Sewers
Powerplants
Highways
Public transportation

there are a lot of things what would need to be revamped before it could handle the population it once had or could have in 20-30 years.

To think it was at 1.8 mil in the 50s but now its at 680k :x

its pretty sad honestly. It's almost like why even pay taxes when you get nothing for what you pay. And then the city not having a diverse economy was a deathblow when it comes to existing in a "Capitalist" nation where profit margins are the most important thing.

 

[frshstunna]

Yea u right ,ain't nobody coming for no mini city's if everything around that is ratchet ...they tried that here but it resulted in people's houses basically being an island or nice fixed up cribs with nobody to move in em ...I wouldn't mind buying a dirt cheap spot if I had the bread tho , if the city gets better that's a come up and if not the loss wouldn't be anything serious like playing the lotto or gambling if I'm rich

If you are a business person with a team of investors then cool y'all have enough resources to pop something off, but as one person just buying 1-4 bandos aint going to do much lol. Detroit has a huge infrastructure problem also from what I have heard. The most the avg person could do when it comes to detroit is try to form an investment group with like minded people and create economic "boom" districts, but still you have to deal with the lack of infrastructure. 100 people buying bandos and starting small business isn't enough to get the state to see incentive in investing in the cities infrastructure compared to a group of Foreign billionaires buying up stuff and creating mid size businesses.

I agree 100%

It can happen and it very well might happen but its a risk like all things in investing.

Sewers
Powerplants
Highways
Public transportation

there are a lot of things what would need to be revamped before it could handle the population it once had or could have in 20-30 years.

To think it was at 1.8 mil in the 50s but now its at 680k :x

A lot of that infrastructure that you listed isn't in bad shape really (definitely gotta build a few new schools tho), problem is when ppl moved they had less staff to maintain and or upgrade ...that's one of the positive things about Detroit is that it's a city built for like a million ppl so if they ever fix the economic and social factors that brings ppl back to the city it shouldn't be problem to handle the new residents

 

[SneakerProSr.]

Detroit will be nice and gentrified in the next 15 years.

Its already happened downtown.

 

[slicknick951]

Yea u right ,ain't nobody coming for no mini city's if everything around that is ratchet ...they tried that here but it resulted in people's houses basically being an island or nice fixed up cribs with nobody to move in em ...I wouldn't mind buying a dirt cheap spot if I had the bread tho , if the city gets better that's a come up and if not the loss wouldn't be anything serious like playing the lotto or gambling if I'm rich

If you are a business person with a team of investors then cool y'all have enough resources to pop something off, but as one person just buying 1-4 bandos aint going to do much lol. Detroit has a huge infrastructure problem also from what I have heard. The most the avg person could do when it comes to detroit is try to form an investment group with like minded people and create economic "boom" districts, but still you have to deal with the lack of infrastructure. 100 people buying bandos and starting small business isn't enough to get the state to see incentive in investing in the cities infrastructure compared to a group of Foreign billionaires buying up stuff and creating mid size businesses.

I agree 100%

It can happen and it very well might happen but its a risk like all things in investing.

Sewers
Powerplants
Highways
Public transportation

there are a lot of things what would need to be revamped before it could handle the population it once had or could have in 20-30 years.

To think it was at 1.8 mil in the 50s but now its at 680k :x

A lot of that infrastructure that you listed isn't in bad shape really (definitely gotta build a few new schools tho), problem is when ppl moved they had less staff to maintain and or upgrade ...that's one of the positive things about Detroit is that it's a city built for like a million ppl so if they ever fix the economic and social factors that brings ppl back to the city it shouldn't be problem to handle the new residents

You are probably right because i have never been to detroit and all i know is what ive seen in my research.

But knowing that the city has been on a freefall for the past 20-30 years at the very least these things are outdated and they need to be addressed.

 

[frshstunna]

Yea u right ,ain't nobody coming for no mini city's if everything around that is ratchet ...they tried that here but it resulted in people's houses basically being an island or nice fixed up cribs with nobody to move in em ...I wouldn't mind buying a dirt cheap spot if I had the bread tho , if the city gets better that's a come up and if not the loss wouldn't be anything serious like playing the lotto or gambling if I'm rich

If you are a business person with a team of investors then cool y'all have enough resources to pop something off, but as one person just buying 1-4 bandos aint going to do much lol. Detroit has a huge infrastructure problem also from what I have heard. The most the avg person could do when it comes to detroit is try to form an investment group with like minded people and create economic "boom" districts, but still you have to deal with the lack of infrastructure. 100 people buying bandos and starting small business isn't enough to get the state to see incentive in investing in the cities infrastructure compared to a group of Foreign billionaires buying up stuff and creating mid size businesses.

I agree 100%

It can happen and it very well might happen but its a risk like all things in investing.

Sewers
Powerplants
Highways
Public transportation

there are a lot of things what would need to be revamped before it could handle the population it once had or could have in 20-30 years.

To think it was at 1.8 mil in the 50s but now its at 680k :x

A lot of that infrastructure that you listed isn't in bad shape really (definitely gotta build a few new schools tho), problem is when ppl moved they had less staff to maintain and or upgrade ...that's one of the positive things about Detroit is that it's a city built for like a million ppl so if they ever fix the economic and social factors that brings ppl back to the city it shouldn't be problem to handle the new residents

You are probably right because i have never been to detroit and all i know is what ive seen in my research.

But knowing that the city has been on a freefall for the past 20-30 years at the very least these things are outdated and they need to be addressed.

Yea update/upgrades for sure ...**** every city in America needs some work on their infrastructure tbh

 

[slicknick951]

Yea u right ,ain't nobody coming for no mini city's if everything around that is ratchet ...they tried that here but it resulted in people's houses basically being an island or nice fixed up cribs with nobody to move in em ...I wouldn't mind buying a dirt cheap spot if I had the bread tho , if the city gets better that's a come up and if not the loss wouldn't be anything serious like playing the lotto or gambling if I'm rich

If you are a business person with a team of investors then cool y'all have enough resources to pop something off, but as one person just buying 1-4 bandos aint going to do much lol. Detroit has a huge infrastructure problem also from what I have heard. The most the avg person could do when it comes to detroit is try to form an investment group with like minded people and create economic "boom" districts, but still you have to deal with the lack of infrastructure. 100 people buying bandos and starting small business isn't enough to get the state to see incentive in investing in the cities infrastructure compared to a group of Foreign billionaires buying up stuff and creating mid size businesses.

I agree 100%

It can happen and it very well might happen but its a risk like all things in investing.

Sewers
Powerplants
Highways
Public transportation

there are a lot of things what would need to be revamped before it could handle the population it once had or could have in 20-30 years.

To think it was at 1.8 mil in the 50s but now its at 680k :x

A lot of that infrastructure that you listed isn't in bad shape really (definitely gotta build a few new schools tho), problem is when ppl moved they had less staff to maintain and or upgrade ...that's one of the positive things about Detroit is that it's a city built for like a million ppl so if they ever fix the economic and social factors that brings ppl back to the city it shouldn't be problem to handle the new residents

You are probably right because i have never been to detroit and all i know is what ive seen in my research.

But knowing that the city has been on a freefall for the past 20-30 years at the very least these things are outdated and they need to be addressed.

Yea update/upgrades for sure ...**** every city in America needs some work on their infrastructure tbh

Yea imagine if a city hasn't had any money for the past 30 years what kinda updating it would have to do. NYC is a mess and they have 8 million people paying taxes

 

[capital sb]

You can get stuff popping with just a few people in detroit. There is a BP podcast with a famous BMX'r, him and his partner own 50+ I believe (don't quote me its been a good 8 months since I listened to it).

 

[slicknick951]

You can get stuff popping with just a few people in detroit. There is a BP podcast with a famous BMX'r, him and his partner own 50+ I believe (don't quote me its been a good 8 months since I listened to it).

Yea Terry Adams

 

[luckyluchiano]

You can get stuff popping with just a few people in detroit. There is a BP podcast with a famous BMX'r, him and his partner own 50+ I believe (don't quote me its been a good 8 months since I listened to it).

Are they just sitting on property or actually building institutions? Because there are numerous stories of people trying to go into Detroit solo and failing.

 

[capital sb]

Are they just sitting on property or actually building institutions? Because there are numerous stories of people trying to go into Detroit solo and failing.

They are renting them out and making profit. They started with 1 unit.

 

[slicknick951]

Yea i think the key for a solo investor is to buy something for 30-40k and actually rent them out. That way even if prices take 20 years to go up you have still been cash flowing for 20 years.

Let the Chinese investors do the hard work of buying the vacant homes but they will deff get the best return

 

[luckyluchiano]

Yea i think the key for a solo investor is to buy something for 30-40k and actually rent them out. That way even if prices take 20 years to go up you have still been cash flowing for 20 years.

Let the Chinese investors do the hard work of buying the vacant homes but they will deff get the best return

Renting out properties doesnt bring back a city though, its the same people who were already there just hopping from one cheap rental to another.

 

[jthagreat]

10k for 2 stores and 2 apartments http://detroit.craigslist.org/wyn/reb/5488201730.html

people get caught up in the prices and are ignoring the tax liens and other things that may be tied to the property. Theres a reason cities sell bandos for 1 dollar lol.

this and folks have to renovate the property.

For those that dont know, if you think youre gonna get piping, fixtures, and walls up and the property sold before 'opportunist' come and steal all your efforts/materials, youre being naive.

Detroit will be nice and gentrified in the next 15 years.

Its already happened downtown.

this is true in the 3+ years i lived here (suburbs) but the police presence in downtown protecting billionaire owned properties vs the regular joe neighborhood is not the same.

If you can buy the land up underneath the property youre good, but you can be hindered by the rules and clauses that come with buying a new property.

http://www.wxyz.com/news/region/det...etroit-red-wings-arena-want-4-million-to-sell

 

[slicknick951]

Yea i think the key for a solo investor is to buy something for 30-40k and actually rent them out. That way even if prices take 20 years to go up you have still been cash flowing for 20 years.

Let the Chinese investors do the hard work of buying the vacant homes but they will deff get the best return

Renting out properties doesnt bring back a city though, its the same people who were already there just hopping from one cheap rental to another.

Yea but once the city comes back you are in on the "ground floor".

The only way the city comes back is if jobs come back. Detroit would have to make it worth while for a company to be there.

These rich people that are building around downtown (posted above) and the chinese investors arnt just buying because its cheap. They know something is planned just like all the Jewish families that bought everything in Brooklyn 15 years ago knew it was coming.

 

[luckyluchiano]

Yea but once the city comes back you are in on the "ground floor".

The only way the city comes back is if jobs come back. Detroit would have to make it worth while for a company to be there.

These rich people that are building around downtown (posted above) and the chinese investors arnt just buying because its cheap. They know something is planned just like all the Jewish families that bought everything in Brooklyn 15 years ago knew it was coming.

Thats where it boils down to the avg joe blow vs investment groups.

 

[slicknick951]

Yea but once the city comes back you are in on the "ground floor".

The only way the city comes back is if jobs come back. Detroit would have to make it worth while for a company to be there.

These rich people that are building around downtown (posted above) and the chinese investors arnt just buying because its cheap. They know something is planned just like all the Jewish families that bought everything in Brooklyn 15 years ago knew it was coming.

Thats where it boils down to the avg joe blow vs investment groups.

Yea i think the possibility of any joe blow becoming a billionaire are slim to none but you can really improve your financial situation if things work out. If you have kids this is something that you can also pass on to them that they can build on where you left off. That's why the "rich kids" in school typically have a better chance then normal kids because their parents have assets that they inherit while others have to start from scratch. Not to mention they have the education from their parents about investing and money management.

But back to the home buying & real estate ill save my spiel for the parenting thread

 

[crcballer55]

 

Yea i think the key for a solo investor is to buy something for 30-40k and actually rent them out. That way even if prices take 20 years to go up you have still been cash flowing for 20 years.

Let the Chinese investors do the hard work of buying the vacant homes but they will deff get the best return

Renting out properties doesnt bring back a city though, its the same people who were already there just hopping from one cheap rental to another.

Not necessarily. Market appreciating deals a lot with supply and demand while property appreciating deals with the demand for an area. If people see that values are going up then they're more likely to buy since it will be cheaper in the long run. In an area like Detroit where home prices have been declining for the past 50 years due to people leaving the city, there's not much incentive to actually buy knowing that the money you put down and are paying on the home are going in to thin air. Asset appreciation/inflation ultimately leads to more liquidity in the market because people are willing to buy and sell that asset class. In Detroit, people haven't been willing to buy for decades leading to the decline of everything. If investors are willing to purchase properties, builders will be willing to build new homes too.

It's not like there is anything inherently bad with Detroit. They just based their whole economy on one industry and once that industry moved, so did everyone else who was able to. Any successful city or economy knows you must have more than one product in case times get bad you have something else to fall back on. Investors call this a diversified portfolio.

 

[HankHill]

What major industry can people expect to come to Detroit? Automotive won't do much for them in the future since that manufacturing will still be primarily outside the US. The city would need to establish itself as some type of sector hub for that region (tech. medical, military, etc.) Something to pull those Michigan and Michigan States kids over there.

 

[glennvagmire]

More jobs is key. The city is dangerous as well let's not forget about that. Police don't give a F.

 

[polosanddunks]

Once more jobs come that way it'll boom but its going to take years for all of that.

 

[yeah]

What major industry can people expect to come to Detroit? Automotive won't do much for them in the future since that manufacturing will still be primarily outside the US. The city would need to establish itself as some type of sector hub for that region (tech. medical, military, etc.) Something to pull those Michigan and Michigan States kids over there.

Greater Michigan, and specifically Detroit, is already the tech hub of the midwest. Twitter, CompTIA, and a few start ups already have offices in Detroit. Amazon will be opening an office there soon, as well. http://www.cio.com/article/3001690/startups/could-detroit-become-the-next-silicon-valley.html

Detroit is not any more dangerous than Cleveland, Chicago, Racine, or any of the other major cities where black folks flocked to. There are only like 700K within the city anyways. If you stay away from ran down areas, 9 times out of 10 you will be fine, just like any other major city. I've been travelling back and forth from Detroit since I was 12. Hell, they even have weed dipensaries right on 8 Mile now.

Been saying Detroit will bounce back for a while. Gonna take years for the infrastructure and what not to be updated, but Detroit is far from dead. Hope you invested.

 

[luckyluchiano]

Greater Michigan, and specifically Detroit, is already the tech hub of the midwest. Twitter, CompTIA, and a few start ups already have offices in Detroit. Amazon will be opening an office there soon, as well. http://www.cio.com/article/3001690/startups/could-detroit-become-the-next-silicon-valley.html

Detroit is not any more dangerous than Cleveland, Chicago, Racine, or any of the other major cities where black folks flocked to. There are only like 700K within the city anyways. If you stay away from ran down areas, 9 times out of 10 you will be fine, just like any other major city. I've been travelling back and forth from Detroit since I was 12. Hell, they even have weed dipensaries right on 8 Mile now.

Been saying Detroit will bounce back for a while. Gonna take years for the infrastructure and what not to be updated, but Detroit is far from dead. Hope you invested.

Detroit being the Tech hub of the midwest and not Chicago? lol idk about all that.

 

[luckyluchiano]

Not necessarily. Market appreciating deals a lot with supply and demand while property appreciating deals with the demand for an area. If people see that values are going up then they're more likely to buy since it will be cheaper in the long run. In an area like Detroit where home prices have been declining for the past 50 years due to people leaving the city, there's not much incentive to actually buy knowing that the money you put down and are paying on the home are going in to thin air. Asset appreciation/inflation ultimately leads to more liquidity in the market because people are willing to buy and sell that asset class. In Detroit, people haven't been willing to buy for decades leading to the decline of everything. If investors are willing to purchase properties, builders will be willing to build new homes too.

It's not like there is anything inherently bad with Detroit. They just based their whole economy on one industry and once that industry moved, so did everyone else who was able to. Any successful city or economy knows you must have more than one product in case times get bad you have something else to fall back on. Investors call this a diversified portfolio.

The whole rental stuff could work in cities like New Orleans where they have something to bring people there, but literally Detroit has nothing to bring in outsiders thus the rental properties imo will only be for the little people already there AND you aren't going to make killing being that you cant charge too much for rent AND I would think there would be higher than usual overhead cost to maintain the properties compared to other cities.

IMO Renting out properties in the hood of a city that has something going for it is different than renting out properties in a city that is low key a ghost town lol.