Discuss Detroit Archives - January 2008 Investors in Detroit - Or Slumlords? Previous Next
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Southwestmap
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Username: Southwestmap

Post Number: 978
Registered: 01-2005
Posted on Monday, March 31, 2008 - 11:12 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Today's Freep has an article on picking over Detroit's real estate that literally sickens me:
http://www.freep.com/apps/pbcs .dll/article?AID=/20080331/BUS INESS06/803310318

I have a home in SW Detroit and right next to me is a (once beautiful) home that is going into foreclosure: divorce and death have made the house not attractive to its recent buyers and they have walked away - leaving the back door broken and open.

Overall though, the house is in rentable shape by Detroit standards. I am ill thinking of a buyer from Hong Kong putting tenants in that house, 10 feet from mine.

The freep sounds sanguine about the investors. I am not at all sanguine.
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Focusonthed
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Username: Focusonthed

Post Number: 1763
Registered: 02-2006
Posted on Monday, March 31, 2008 - 11:40 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Jesus, what is Detroit's issue with renters?

If other cities had this renter stigma, where would any single people under 30 live?
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7051
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Username: 7051

Post Number: 90
Registered: 02-2006
Posted on Monday, March 31, 2008 - 1:16 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Yeah....and where would all the poor people live, and where would all the drug dealers live and where would all the losers live...

All renters are not saints.
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Mwilbert
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Username: Mwilbert

Post Number: 159
Registered: 11-2007
Posted on Monday, March 31, 2008 - 1:18 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Isn't it better to have someone having an interest in it than it just being abandoned? I can see why people would rather have owners than renters as neighbors as a general thing, but occupied by a rent-paying tenant is better than empty, I would think.

Slumlords, maybe. But what is the alternative? Squatters? Scrappers?
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Iheartthed
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Username: Iheartthed

Post Number: 2929
Registered: 04-2006
Posted on Monday, March 31, 2008 - 1:24 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

quote:

Jesus, what is Detroit's issue with renters?

If other cities had this renter stigma, where would any single people under 30 live?



Other cities regulate property owners a lot better than Detroit.
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Mommabird
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Username: Mommabird

Post Number: 4
Registered: 03-2008
Posted on Monday, March 31, 2008 - 1:24 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

All renters aren't sinners either. I rent- because I don't like fixing things and my husband and I would like to spend our non-working time off doing stuff with our kids, rather than maintaining a house, so we rent. And I assure you, we aren't dealers or users OR poor. We're just busy, and we travel alot.

Homeownership is a racket anyway. Nobody really owns a piece of land. The state can always take it from you.

But any landlord who lives out of state is bad news. What is out of sight is out of mind.
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Southwestmap
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Username: Southwestmap

Post Number: 980
Registered: 01-2005
Posted on Monday, March 31, 2008 - 1:35 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I think rent-paying tenants are a good thing for the landlord, but my experience of renters as neighbors has been largely bad: loud, gang-ridden, messy, careless. When the owner is an out-of State company, how careful can we predict they will be, how caring of the neighborhood?

Often the end result, after a few years of tenants issues is a wave of squatters and scrappers - at least in the City. Few families end up buying a house that has been trashed by renters. So the trajectory is usually downward for such a property.

I'm sick that its happening on my street.
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Danny
Member
Username: Danny

Post Number: 7249
Registered: 02-2004
Posted on Monday, March 31, 2008 - 2:21 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Slumlords in Detroit's ghettohoods are in the rip-off business. Con the poor/low-income family into renting a run down shack, keep the utilities broken, collect the rent money and they on their way to nice warm cozy mansion the suburbs.
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Diehard
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Username: Diehard

Post Number: 439
Registered: 03-2005
Posted on Monday, March 31, 2008 - 5:29 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

At least the people in the article are fixing the place up (well, at least one of them). You have to wonder how they plan to manage all those places from out of state, though. How could they possibly take care of repairs, disputes, and the occasional loser who decides it's a good place to strip stolen cars and breed pit bulls?
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Mwilbert
Member
Username: Mwilbert

Post Number: 161
Registered: 11-2007
Posted on Monday, March 31, 2008 - 5:33 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Intelligent people who are out-of-state landlords hire someone local to manage the property.

I don't know what these people are doing.
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Johnlodge
Member
Username: Johnlodge

Post Number: 5880
Registered: 10-2003
Posted on Monday, March 31, 2008 - 5:35 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Intelligent people = 10% of the real estate Investors today.

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