How Cheap Are Houses In Detroit Right Now? :mindblown:

[thegreatwb]

My mom moved to Westland but she still owns a house in Detroit. It's a 2 story brick house similar to the ones posted here. She tries to rent it out for $650 and she gets a new tenant every few months. Most people move in and just pay the first month and deposit. Then they get all but hurt when she serves eviction papers. The last woman in there lied and said she had 2 kids but when my mom when over there, she had 7. It's the same routine....

Rent it out
Evict in a couple months
Spend money to repair what was damaged
Repeat cycle
Profit?

I keep trying to get her to sale it but it's only worth around 10k and her pride won't let her do it.

 

[Ethnic Vagina Finder]

eventually Detroit will be gentrified and poor people/black people will be squeezed into a tight pocket. Minorities have an opportunity right now to build something there but it won't happen. We will continue to hustle and fight and kill for "scraps"

 

[Ethnic Vagina Finder]

My mom moved to Westland but she still owns a house in Detroit. It's a 2 story brick house similar to the ones posted here. She tries to rent it out for $650 and she gets a new tenant every few months. Most people move in and just pay the first month and deposit. Then they get all but hurt when she serves eviction papers. The last woman in there lied and said she had 2 kids but when my mom when over there, she had 7. It's the same routine....

Rent it out
Evict in a couple months
Spend money to repair what was damaged
Repeat cycle
Profit?

I keep trying to get her to sale it but it's only worth around 10k and her pride won't let her do it.

Why don't she try to do section 8?

 

[thegreatwb]

Why don't she try to do section 8?

How would that work? I thought section 8 was property that was built and owned by the state.

 

[Kritic]

section 8 is the way to go. you get the check straight from the state.
it's funny when we were trying to get to rent sh1t out we were discriminated against but now when you own the property unless its sure money/section 8.

 

[thegreatwb]

I'll mention it to her since that sounds like a good idea. When she looks for tenants, she tries to get ones that don't have too many children since it seems to be kids that do the most damage ( walls, carpet, etc.....)

 

[Ethnic Vagina Finder]

How would that work? I thought section 8 was property that was built and owned by the state.

You just have to offer it to tenats. People on section 8 basically apply for a voucher. The catch though is that they choose where they live so if market is flooded with landlords accepting section 8 the less chances you have of getting picked. It also depends on how much the program is funded and how many vouchers are available in the first place. It's a long shot but what does she have to lose Section 8 uses at or above market rent rates.

 

[GMOGMediaTV]

Detroit is already getting international investors to take ownership of certain properties there.

10-15 years from now Detriot will be a totally different city.

 

[Kritic]

Detroit is already getting international investors to take ownership of certain properties there.

10-15 years from now Detriot will be a totally different city.

ain no getting out of this anytime soon.


it needs to be included in gta v or nuked.

 

[Liquid]

Section 8 is exactly what I was thinking to start out

 

[Liquid]

You're crazy. Think about it like this... the most wealthy people make madddd money during times of depression on a national and global scale. The best businessmen get in while shyt is... shyt.... because they know that shyt will eventually be gold. Right now Detroit isn't even really shyt in the core city. The downtown and midtown areas are real state and investment and Startup company fantasy lands. You think some of the top companies and CEO are buying shyt up to spark an old Detroit Movement with the same ass labor and same as type of people.

Sometimes people see more when they look at a picture - those people get wealthy while other naysayers stay at the bottom.. So I suggest looking at it differently. While in the military I bought one of my properties. The only thing I knew was that someone I know had 4 cars stolen in the area and I had 1 stolen within 2 years. I know that u hear random gun shots at night.. and a couple blocks up are friendly crackheads.

I get out military and I wanna come back 'home' so move to the wack ass suburbs - aka paying madd money for worthless property that has Middle CAC wanting to kill themselves and spend 401ks n shyt. That property - the entire area is different, banging, and developed - that shyt took only 7 years. CAC coming asking me if I'm selling some shyt in a place they used to be scared to come to. There is low crime in the area. Not like the rest of Detroit because the police are off the hook because everything is lining up and we all know that CAC protect their interest. Wayne State and downtown police respond quick as hell now.. when the average time used to be 30-60 min response time. Anyway, I see that for what it is.

Buying the cheap property in a 'great location' is retarded. The idea of a 'great location' is superficial and made up. Those locations are created because of suburbs, crime and white flight. The reason why white flight is always reversed and CEOs always come back to core city is because truthfully those are the most valuable properties.. regardless of their current state. How many abandon buildings are gonna turn into expensive lofts for people to realize?

One thing I will say from experience is that you are NEVER "above" anything especially when it comes to business. Yeah investing a couple of thousand in a place that many feel is undesirable at this time can seem like a big gamble, but how much money are you really investing? 10-20K is not a whole lot of money given the potential outcome...that's less than a year's work for most people for the possible opportunity to own 5-6 properties that you can later fix one by one and rent out individually for the rest of your life?

Think about it, I would also be willing to bet that if you were to buy a bunch of properties on a single block or 2 block stretch you can have a great influence as to who eventually moves in. Almost everything you do in life is going to be some sort of risk, this is a potential life changer for many or quick flips once Detroit eventually rebounds. So what if it takes 20 years? Most of us are in our 20's or early 30's on here...if you don't see most of the benefits at least your kids/family members will.

We have to start thinking long term...this is why so many of our peers are in the situations they are in now. Stop focusing on wants at the present and think about the potential future. I see Detroit starting a turnaround in 10 years...that aint shyt.

 

[Blackking]

yeah, i might be crazy, but ive seen too many bad things happen in my area when people choose price over location. it's breaking the cardinal rule of real estate: location, location, location...

if i was already rich i would be more inclined to gamble a few thousand on cheap houses, but with regular people money, no way

and desirable isnt merely about the whims of cacs. beaches, lakes, forests, universities, historically significant neighborhoods, etc. all serve as property value boosters.

The thing is... the location that we are speaking of helped.. build the middle class in America. Also, people only see random broken neighborhoods on the news... they don't see the river downtown and other neighborhoods. They don't see cultural centers, so they believe that the location that is located near Canada and is being flooded by major corporations isn't a location location location.

You actually believe these cac and ceos are gambling on a billion dollar scale,, they aren't

 

[NZA]

The thing is... the location that we are speaking of helped.. build the middle class in America. Also, people only see random broken neighborhoods on the news... they don't see the river downtown and other neighborhoods. They don't see cultural centers, so they believe that the location that is located near Canada and is being flooded by major corporations isn't a location location location.

You actually believe these cac and ceos are gambling on a billion dollar scale,, they aren't

they do gamble on a billion dollar scale. that's what tanked the economy

 

[thegreatwb]

ain no getting out of this anytime soon.


it needs to be included in gta v or nuked.

this is fukked up

 

[Field Marshall Bradley]

My mom moved to Westland but she still owns a house in Detroit. It's a 2 story brick house similar to the ones posted here. She tries to rent it out for $650 and she gets a new tenant every few months. Most people move in and just pay the first month and deposit. Then they get all but hurt when she serves eviction papers. The last woman in there lied and said she had 2 kids but when my mom when over there, she had 7. It's the same routine....

Rent it out
Evict in a couple months
Spend money to repair what was damaged
Repeat cycle
Profit?

I keep trying to get her to sale it but it's only worth around 10k and her pride won't let her do it.

Don't sell it...Its worth more as a rental......The right tenant will come through...Just gotta be patient....