  Michigan Member Username: Michigan Post Number: 976 Registered: 04-2007 |
I so want to invest in Detroit, but to be honest this thread is discouraging me. | ||
Quozl Member Username: Quozl Post Number: 1341 Registered: 07-2005 |
quote:They look like this and can be found all over the east side:  | ||
Jjw Member Username: Jjw Post Number: 434 Registered: 10-2005 |
Oleosis: Question for ya. Where is the warehouse you are interested in for 150K? just curious.... | ||
Danny Member Username: Danny Post Number: 6411 Registered: 02-2004 |
Quozl, Good pic. Now that's a schizoblack yelling like a monster. White suburbanites BEWARE!But I know that the rest of the White suburbanites are not afraid of them. | ||
Danny Member Username: Danny Post Number: 6412 Registered: 02-2004 |
Quozl, Good pic. Now that's a schizoblack yelling like a monster. White suburbanites BEWARE! But I know that the rest of the White suburbanites are not afraid of them. | ||
Detroit_area_dork Member Username: Detroit_area_dork Post Number: 1 Registered: 08-2007 |
Is this the property that you were talking about? http://listing.loopnet.com/14726566 I think that some of the other posters in here are correct when they say that it could take over a million dollars to rehab this place. There are definitely other available buildings in the city that are more feasible for what you want you're hoping to do. (Message edited by detroit_area_dork on August 28, 2007) | ||
Gistok Member Username: Gistok Post Number: 5218 Registered: 08-2004 |
I moved out of the city back in 1990, not because of bad experiences, but because of selfish reasons... the savings on city income taxes and car insurance paid for a 3 week trip to Europe every summer. | ||
Gannon Member Username: Gannon Post Number: 9946 Registered: 12-2003 |
He seems to be talking about fixing up a very small portion of the building to live in at first...then apportioning off additional chunks as they get developed. Of course, he'd have to find renters as enamored with the whole building concept as he...a few primadona renters complaining about dust or noise might make him WISH just for a disgruntled spouse. Much better to have a gruntled one. | ||
Lefty2 Member Username: Lefty2 Post Number: 45 Registered: 07-2007 |
Detroit is kind of like a booty call. Last minute decision to go there. You leave before anything can go wrong. "Lefty2" Expect to pay about $30-50.00 psf to fix up the ind. bldg to modern specs. Thats $1.5 - 2.5 Mil! Sale at 3.25 a foot? that IS cheap, hmmmmm | ||
Dds Member Username: Dds Post Number: 323 Registered: 10-2006 |
quote: Sporto's girlfriend moved to Sterling Heights | ||
Oleosis007 Member Username: Oleosis007 Post Number: 3 Registered: 08-2007 |
Yes thats the place. I just found this building a couple of weeks ago and have not fully laid out the numbers. So I am not sure if this location is completely viable. But rest assured I will do my due dillegence and not jump head first into a financial pitfall. My attractions to this building are; size, price, access to 96, and structural integrity. But if not here then somewhere else will catch my attention. I do have access to most construction materials for free(kickbacks are a great perk). In fact I have a storage building right now filled w/ enough material to build a nice sized custom home. However there will obviously be unforseen costs as w/ all projects. Really I do know what I am doing in the development/construction sector. My only major concern right now would be zoning. Like Gannon said I would establish my residence and then move on w/ units chunk by chunk as time/money/interested renters allotted. Obviously I would have to spend some time on the structural integrity, cleanup, weatherproofing, etc...before any finish work would be started. I would expect to spend ballpark $25k on these things and what materials I do not have for our personal residence.(like I said I have not run the numbers, so this is a ballpark) I have spent the last 2 years in the neighborhood building "Heritage Place at Magnolia" and "Woodbridge Estates". I have spent many, many all nighters on these projects and have never felt unsafe in these neighborhoods. However this particular building basically provides a secure enviroment within the building. This is also one of my attractions. Thanks everyone for all of your feedback and opinions. I will definately use some of these suggestions to try to persuade the ol' girl. By the way I am not going to "Dump her ass". I could probably just say this is what we are doing and thats that but I have more respect for her opinion/concerns than that! | ||
Gnome Member Username: Gnome Post Number: 19 Registered: 08-2007 |
I checked the real estate listing and linked to the aerial pix of the property. Is the one story building next door part of the deal? Since that roof is gone, it hints that there has been a fire; even if you can put a new roof on it, the walls may be so weakened that it may be better to just tear it down. A building engineer will set you back 5 grand to write a report for the property, but it is an investment worth making. If single-story building could be re-habbed it would be a great place for indoor parking. I like all the empty lots in the neighborhood. maybe you could recruit some Amish folks to move into your rentals. Since they don't use electricty you could save money on re-wiring the place and then the amish could set up farms on those empty lots. win win The roof on the main building will set you back 100K just to start. It sounds like you're determined to do this thing, so wish you luck. Detroit needs guys like you with passion and vision; but after having lived in a loft in the 1980's I can tell you that ladies really frown on finding rats or bums in the bathroom during an evening potty break. Good luck, and remember you have 3 years of grace before the bride kicks you to the curb. | ||
Gazhekwe Member Username: Gazhekwe Post Number: 221 Registered: 08-2007 |
Bums in the bathroom! That happened to me in 1969! I found a guy sleeping in our shared bathtub on the third floor. Not a nice cleancut guy, either. Luckily, the shared bathroom on the second floor was not so occupied. We lived up there in one of about 8 apartments carved out of a former home on Second. It's still there, next to the Bronx Bar. I think there is a coffee shop on the first floor now. Anyway, this is not a new problem, obviously, and it does take a certain philosophical stoicism to live with such issues. | ||
Gnome Member Username: Gnome Post Number: 20 Registered: 08-2007 |
How those guys ever got inside, I could never figure out. The gf took to using an old fashion "thunder jug" which isn't as romantic as it sounds. | ||
Ohudson Member Username: Ohudson Post Number: 273 Registered: 09-2004 |
Maybe the girlfriend has another boyfriend in the city and she's trying to keep her double life secret. She got a little sumptin' on the side in da hood! | ||
Revaldullton Member Username: Revaldullton Post Number: 747 Registered: 07-2007 |
""Oleosis--you need to do what is going to make YOU happy"" As well should she. I would not try to force her because your relationship would only suffer in the end. Also, if you do not have the funds, asking her to undertake a huge financial risk like you are proposing will cause the worst strain on your new marriage. Many a marriage end in divorce over money. good luck the good rev | ||
Revaldullton Member Username: Revaldullton Post Number: 748 Registered: 07-2007 |
I have no idea what a "schizoblack" is? They look like this and can be found all over the east side: ""That's not nice guys, Ive seen schizo whites,asians, and the entire spectrum. And you wonder what feeds the fire under these little militant kids asses? While Dtown is what? %95 black, that seemed outwardly wrong, racist even. you could have just said the crime rate is too damn high and left it at that. the good rev (Message edited by revaldullton on August 29, 2007) | ||
Susanarosa Member Username: Susanarosa Post Number: 1634 Registered: 11-2003 |
quote: Don't worry Rev, a few good souls around here have a plan to put all the schizo's to work. | ||
Gazhekwe Member Username: Gazhekwe Post Number: 222 Registered: 08-2007 |
It does seem like it would be difficult to maintain both the passion for the dream and the passion for the girl who doesn't share the dream. If only there were some way to ignite that dream into a shared passion. That would be an unstoppable combination. I met a couple down in Cincinnati who were running a B&B they had started working on in the 70s when that neighborhood was going down. They built this huge run down house back into a beautiful Victorian decorated home. The owner's apartment was the entire third floor, and the first and second floor had lovely bedrooms with baths for B&B guests. It was an ideal project, and it took both of them to make it work. The entire neighborhood looks good now. | ||
Gnome Member Username: Gnome Post Number: 21 Registered: 08-2007 |
I'm going to take a detour tonight and drive by this building under discussion. I've been in the neighborhood before, but on the other side of Grand River, I will report back with some pix of the area. I suggest every one go to the link below, and look at the real estate listing. The seller is offering to finance the property at 10% over 30 years ... http://listing.loopnet.com/147 26566 check out the aerial map link on the right side of the listing. There are a lot of vacant lots. Oh, yeah, the blackschizo thing is dumb, not funny. Plz keep your racist views under your hood. | ||
Detroitplanner Member Username: Detroitplanner Post Number: 1392 Registered: 04-2006 |
That okay, Detroit is afraid of your girlfriend. | ||
Detroitrulez Member Username: Detroitrulez Post Number: 369 Registered: 12-2006 |
quote: Not to mention all of the Legos you could buy with that extra dough, eh Gisty? | ||
Novine Member Username: Novine Post Number: 78 Registered: 07-2007 |
Have you taken her there? I have to say that if you did, I can see why she might be giving it a thumbs down. That's not exactly Indian Village or Palmer Park. But it sounds like you know the area. Have you checked the zoning to see what's allowed? I don't know whether Detroit has any restrictions on residential uses in industrial areas but the portion west of Humboldt looks all industrial/warehouse. It's pretty amazing to see just how much vacant land there is in the city. | ||
Detroitrulez Member Username: Detroitrulez Post Number: 375 Registered: 12-2006 |
"pretty amazing"is one way to characterize it. | ||
Detroit_area_dork Member Username: Detroit_area_dork Post Number: 2 Registered: 08-2007 |
I guess some of us underestimated you, Oleosis. If you pulled off a rehab of a building like that you'd have done more for Detroit than Kwame in his whole career. | ||
Hpgrmln Member Username: Hpgrmln Post Number: 123 Registered: 06-2007 |
Don't knock a mans dream.It just makes some people more determined, if for no other reason than to prove people wrong. I've always wanted to own a mobile home park or large apartment building.Of course, I can't afford it. I'm willing to start low and buy a duplex or something and use the rent as a way to fund something larger and keep working my way up. My 2 cents worth is to just startout small. Since you have construction experience, that can work for you in multiple ways. Fix up some cheap houses and rent them out.Collect rent on them for awhile. Then sell them all.Take the money and buy bigger. Dont have your heart set on 1 building either. Ive seen cheap property I wanted to buy. Then I did the math. Between either renovations or improvements, it wasn't such a deal.Its a buyers market. If the current project will set you back, move along and look at another one. | ||
Oleosis007 Member Username: Oleosis007 Post Number: 4 Registered: 08-2007 |
Vacant land all around this area. That is nothing but a plus for me. Not to mention the 30-40 new homes and 4-600 new apartments built within the last 3 years just within the immediate neighborhood. Grant it they are all mixed income or section eight, but hey that beats all the burnt out houses that litter the east side. I find it pretty interesting how this thread really called out the naysayers. Correct me if I am wrong but this site is named DetroitYes right? I dont see how disgouraging potential investors in Detroits neighborhoods is helping the future of the city. Gnome, Did you get a chance to take that detour? If so tell me what you think. I went out there last weekend. I actually went inside the smaller building in back(one w/ no roof) There was not a fire. The roof has simply rotted away, except the steel rafters. I would use this area as an enclosed back yard. I am going to set up a showing w/ the realtor sometime soon and check the status of the main building. I am really hoping that the main building roof is at least structurally ok. I can re-tar and stone myself for about 9-15k. I think what I will do is keep persuing this endeavor and if the numbers work then I will only have the girlfriend issue in the way. At least half the battle will be over at that point. Keep the suggestions coming. Any advice is valid, whether good, bad or indifferent. | ||
Pam Member Username: Pam Post Number: 2472 Registered: 11-2005 |
quote: Gaz, that sounds like the couple who own this place: http://www.theinnat97winder.co m/history1.php | ||
Mauser765 Member Username: Mauser765 Post Number: 1838 Registered: 01-2004 |
I was hoping you would have some informative link | ||
Gnome Member Username: Gnome Post Number: 22 Registered: 08-2007 |
I didn't get by yesterday but I'll try to do it today, but I'm a bit surprised to learn that you haven't already done a walk-thru. You're seriously considering putting your relationship at risk before even walking through the building. Cart before horse. I must strongly - strongly - disagree about the cost of a new roof. You won't be looking at four guys and a stinky afternoon with a tar cooker. I'm afraid you'll be looking at a massive tear off and complete re-build. That roof is at least 20, if not 40 or 50 years old. Tar paper ain't like wine, it don't get better with age. |
