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Investing in Detroit No Matter Where You're From


By ElenaMo313   Follow   Thu, 10 Jan 2013, 3:18am PST   3,283 views   55 comments   Watch (1)   Share   Quote   Permalink   Like (1)   Dislike (1)  

I have been lurking Patrick.net for quite some time, but felt compelled to actually join and post since coming across several articles about investing in Detroit housing.

There were a few good nuggets of advice, like telling people to really spend time in the areas they are interested in investing in. Personally, I am thinking of using Metro Property Group (http://mymetroproperty.com) to help me find a decent house in a decent neighborhood. And there are lots of services and realtors out there that can help you transition.

But to tell someone, whether from out of town, state or the country, not to invest in Detroit because of sensationalized news or “second-hand information” is ridiculous. There are many areas within the city where you can buy cheaply in clean, safe, tight-knit neighborhoods. I personally like the following:

West Village
Midtown (Cass Corridor and near the New Center Area)
Rosedale Park
Grandmont (very tight neighbors--I even know of a European couple who recently moved into the area and feel welcomed…they’re even new to the country, so they didn’t know what to expect)
Corktown (Bagley)

These areas may still be deemed “up-and-coming” but are pretty well established with active neighborhood block clubs. And most often, neighborhoods around these areas get better as well, once development rolls in. Many of the areas I named are clean, quiet and safe--just do your research (outside of sensationalized media outlets, of course).

What are your thoughts?

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unstoppable   befriend   ignore   Fri, 11 Jan 2013, 3:09am PST   Share   Quote   Like (4)   Dislike     Comment 16

Huh???
The Hmong didn't come from a war zone?
Are Detroit schools that crappy that you didn't study the Vietnam war or Laotian civil war? The Hmong were a proxy army for the CIA, and faced retribution after US forces left Southeast Asia. Out of belated loyalty they were allowed to settle in the united states.

I agree there is opportunity in Detroit, but don't pretend that being a badass isn't part of the requirements to take advantage of them.

ElenaMo313   befriend   ignore   Fri, 11 Jan 2013, 3:18am PST   Share   Quote   Like   Dislike     Comment 17

unstoppable says

Huh???

The Hmong didn't come from a war zone?

Are Detroit schools that crappy that you didn't study the Vietnam war or Laotian civil war? The Hmong were a proxy army for the CIA, and faced retribution after US forces left Southeast Asia. Out of belated loyalty they were allowed to settle in the united states.

I agree there is opportunity in Detroit, but don't pretend that being a badass isn't part of the requirements to take advantage of them.

Just like all Latinos, Middle Easterners and others didn't all come from war zones, not everyone in the Hmong community did, either. Some people really came for opportunity--business opportunity is here. Unless you know the entire populations here personally, do not assume.

I never said it was easy, just to do your homework and avoid certain areas for now.

leo707   befriend   ignore   Fri, 11 Jan 2013, 4:18am PST   Share   Quote   Like (3)   Dislike     Comment 18

ElenaMo313 says

war zones, not everyone in the Hmong community did, either.

Sure, you can't make a blanket statement that all the Hmong came here from war zones, but being that certainly most came from war zones they are a very poor example of immigrants to the US from non-war zones. They are a classic story of under appreciated US allies that were forced to immigrate after being hounded and abused after US military withdrawal.

ElenaMo313 says

just to do your homework

Yes, please do.

epitaph   befriend   ignore   Fri, 11 Jan 2013, 4:33am PST   Share   Quote   Like (2)   Dislike     Comment 19

On this note of shithole towns, has anybody ever been to Gary Indiana? I had to stop there once while driving through to fill up my gas tank. Most uncomfortable 5 minutes of my life. I thought I was going to get shot at or killed.

unstoppable   befriend   ignore   Fri, 11 Jan 2013, 4:37am PST   Share   Quote   Like (3)   Dislike     Comment 20

ElenaMo313 says

unstoppable says

Huh???

The Hmong didn't come from a war zone?

Are Detroit schools that crappy that you didn't study the Vietnam war or Laotian civil war? The Hmong were a proxy army for the CIA, and faced retribution after US forces left Southeast Asia. Out of belated loyalty they were allowed to settle in the united states.

I agree there is opportunity in Detroit, but don't pretend that being a badass isn't part of the requirements to take advantage of them.

Just like all Latinos, Middle Easterners and others didn't all come from war zones, not everyone in the Hmong community did, either. Some people really came for opportunity--business opportunity is here. Unless you know the entire populations here personally, do not assume.

I never said it was easy, just to do your homework and avoid certain areas for now.

I didn't claim that all Hmong came from war zones i just pointed out the initial impitus for hmong migration and the fact that they enjoy special immigration status. You stated that the Hmong community in your area didn't come from a war zone. Sure, some may not but many did or came from refuge camps in thailand.

Although I may not know every member of the Hmong community in your area, I did grow up with and go to school with allot of the Hmong in my community. I also have read enough about Hmong history and the history of the US military's involvement in southeast Asia, to confidently refute your previous blanket statement.

Now my question is who are you shilling for? What is your skin in the game? You seem more vociferous than a regular citizen of Detroit repping their home town.

leo707   befriend   ignore   Fri, 11 Jan 2013, 4:39am PST   Share   Quote   Like (1)   Dislike     Comment 21

unstoppable says

Now my question is who are you shilling for? What is your skin in the game? You seem more vociferous than a regular citizen of Detroit repping their home town.

I am beginning to suspect this as well.

unstoppable   befriend   ignore   Fri, 11 Jan 2013, 4:40am PST   Share   Quote   Like (2)   Dislike     Comment 22

epitaph says

On this note of shithole towns, has anybody ever been to Gary Indiana? I had to stop there once while driving through to fill up my gas tank. Most uncomfortable 5 minutes of my life. I thought I was going to get shot at or killed.

I haven't been to Gary Indiana, but I drove through Cairo Illinois, holy shit fuck batman, what a trip.

ElenaMo313   befriend   ignore   Fri, 11 Jan 2013, 4:57am PST   Share   Quote   Like (2)   Dislike (1)     Comment 23

CaptainShuddup says

Patrick says

It's not really the loss of manufacturing base that killed Detroit. It's the exceptionally high probability of being a victim of violent crime. There's a huge racial component to that as well, which is simply not spoken about in polite society or the mainstream press because it so politically incorrect to talk about which race normally attacks which other race and how it's pretty much never the other way around.

All you have to do is watch just 5 minutes of "Hardcore Pawn" to know Detroit is no where any civilized human being should live.

If those customers were to make those threats in a business in South Florida it wouldn't be Lester's big black bouncer escorting them out the door, but about 10 Broward County Sheriff officers escorting them to jail.

Those people are mentally deranged, and nobody gives them a second look.

Hardcore Pawn is hardly a reflection of the individuals who live in the city. And often times, suburbanites are featured on the show as well.

edvard2   befriend   ignore   Fri, 11 Jan 2013, 5:01am PST   Share   Quote   Like (3)   Dislike     Comment 24

I've been hearing for years of how Detroit is supposedly a burgeoning re-birth city with boat-loads of potential. After my visit I don't see that really happening anytime soon. Yes- it does have somewhat of a bohemian underground art scene. Not enough to make me want to move there.

As already mentioned, a MAJOR problem is that the city has lost 50% of its population from its peak. There are now so many abandoned houses that there is a new term used to describe them: " urban prairies" where entire neighborhoods are abandoned.

Lastly- if you want to invest in something, probably be better off starting a 401k, a coupl'a mutual funds, and even a few CDs and this goes not only for investing in Detroit, but anywhere for that matter. Houses don't make great investments anyway.

New Renter   befriend   ignore   Fri, 11 Jan 2013, 9:06am PST   Share   Quote   Like (3)   Dislike     Comment 25

Detroit is a place only AF could love.

Robber Baron Elite Scum   befriend   ignore   Fri, 11 Jan 2013, 9:54am PST   Share   Quote   Like (3)   Dislike     Comment 26

Buying the entire state of Detroit for 1 bar of gold-plated plastic and turning it into a hunting preserve for the banker scumfucks is a wise investment and good entertainment for the bored wealthy aristocrats as they roam the entire state of Detriot in private helicopters looking for devastated impoverished peasants to shoot extravagantly at with AK-47s as if AMMO is no object for a rich scum.

A few of the slaves are captured and tied from the legs to the helicopter to be tortured as their body slams into the masses of abandoned homes.

Copies of Sheeple Magazine will be sold to the peasants to be fair that they also have something of entertainment. 1 kidney will be removed from a indentured slave serf for every issue they purchase. If they run out of kidneys, we will take it from their little kids and infants.

Brentok3   befriend   ignore   Sat, 12 Jan 2013, 1:40am PST   Share   Quote   Like (2)   Dislike     Comment 27

If someone is interested in investing in rental property in a large city like Detroit, you should check out the demographic data at CityData.com .
Median family income is very low in Detroit, the unemployment rate is very high, and the crime rate is very high. If you plan on going all section 8, maybe things might work out, who knows, but that isn't for everybody.
A better bet might be a city like Indianapolis, which has housing that isn't as cheap but still very affordable, and much, much better demographics. Keep in mind that inner city landlording involves evictions (for non-payment, drug dealing, damages, moving in relatives, etc), repairs due to age of properties (old plumbing and other systems), typically higher crime, etc. You can make a lot of money in inner-city landlording or die trying, it takes a will of iron to overcome some of the problems you can be faced with. To top it off, you can be assaulted by people you show properties to, acquaintances of your tenants, etc. I speak from several decades of experience.

Patrick   befriend   ignore   Sat, 12 Jan 2013, 1:49am PST   Share   Quote   Like (2)   Dislike (1)     Comment 28

Also check out this:

http://www.forbes.com/sites/danielfisher/2012/10/18/detroit-tops-the-2012-list-of-americas-most-dangerous-cities/

ElenaMo313   befriend   ignore   Mon, 14 Jan 2013, 2:02am PST   Share   Quote   Like   Dislike (1)     Comment 29

unstoppable says

Now my question is who are you shilling for? What is your skin in the game? You seem more vociferous than a regular citizen of Detroit repping their home town.

The same can be said for all of the anti-Detroit posts, including yours. I started this thread because 1) people are spreading misinformation 2) the city's residents (like myself) need a break from the negativity. You all complain about how bad the city is but when people like myself try to show the city in a more positive light, that, too, is a problem. Make up your mind, but you can't be on both sides.

ElenaMo313   befriend   ignore   Mon, 14 Jan 2013, 2:03am PST   Share   Quote   Like   Dislike (1)     Comment 30

Robber Baron Elite Scum says

---

Please stop spamming this thread, thanks.

ElenaMo313   befriend   ignore   Mon, 14 Jan 2013, 2:13am PST   Share   Quote   Like (1)   Dislike (1)     Comment 31

Brentok3 says

If someone is interested in investing in rental property in a large city like Detroit, you should check out the demographic data at CityData.com.

This is good advice, and decent, affordable housing is in high demand in the city. In fact, people are on wait lists for such properties.

ElenaMo313   befriend   ignore   Mon, 14 Jan 2013, 2:14am PST   Share   Quote   Like (1)   Dislike (1)     Comment 32

edvard2 says

IHouses don't make great investments anyway.

Depends on what you plan to do with them. Most people purchase property that is not in their price range, or they do not research the neighborhood and demographics first. These factors can make any good investment in property go sour.

ElenaMo313   befriend   ignore   Mon, 14 Jan 2013, 2:15am PST   Share   Quote   Like   Dislike (1)     Comment 33

leo707 says

unstoppable says

Now my question is who are you shilling for? What is your skin in the game? You seem more vociferous than a regular citizen of Detroit repping their home town.

I am beginning to suspect this as well.

Because any positive press about Detroit is vehemently wrong *rolls eyes*

ElenaMo313   befriend   ignore   Mon, 14 Jan 2013, 2:16am PST   Share   Quote   Like (2)   Dislike (1)     Comment 34

unstoppable says

I also have read enough about Hmong history and the history of the US military's involvement in southeast Asia, to confidently refute your previous blanket statement.

While reading is fundamental, it often doesn't tell the whole story. You cannot base your facts just off of what you read.

Robber Baron Elite Scum   befriend   ignore   Mon, 14 Jan 2013, 3:20am PST   Share   Quote   Like (2)   Dislike (1)     Comment 35

ElenaMo313 says

Please stop spamming this thread, thanks.

Please learn the definition of "spam", thanks.

RRC   befriend   ignore   Mon, 14 Jan 2013, 2:32pm PST   Share   Quote   Like (2)   Dislike     Comment 36

Detroit reminds me of Buffalo NY; they both have a lot of history and a lot of potential but there is not enough people want to move and invest there.

JodyChunder   befriend   ignore   Mon, 14 Jan 2013, 3:15pm PST   Share   Quote   Like (1)   Dislike     Comment 37

Patrick says

No one wants to live where they don't feel safe.

You are correct. The bad guys in Detroit are some seriously scary badassed motherf*ckers who make Victorville look like a middle school lunchroom.

Check out this footage of one of the scarier Detroit badasses taking on an entire Police precinct. Warning: gun violence.

unstoppable   befriend   ignore   Mon, 14 Jan 2013, 4:55pm PST   Share   Quote   Like   Dislike     Comment 38

ElenaMo313 says

unstoppable says

I also have read enough about Hmong history and the history of the US military's involvement in southeast Asia, to confidently refute your previous blanket statement.

While reading is fundamental, it often doesn't tell the whole story. You cannot base your facts just off of what you read.

Wow
Really you're going to quote me but cut out the first sentence where I mentioned that I grew up with a whole bunch of Hmong kids.

When you're done shilling for your crap investment scheme I'm sure you'll be qualified to work at the out of context quote department, at either msnbc or fox.

unstoppable   befriend   ignore   Mon, 14 Jan 2013, 5:16pm PST   Share   Quote   Like   Dislike     Comment 39

ElenaMo313 says

unstoppable says

Now my question is who are you shilling for? What is your skin in the game? You seem more vociferous than a regular citizen of Detroit repping their home town.

The same can be said for all of the anti-Detroit posts, including yours. I started this thread because 1) people are spreading misinformation 2) the city's residents (like myself) need a break from the negativity. You all complain about how bad the city is but when people like myself try to show the city in a more positive light, that, too, is a problem. Make up your mind, but you can't be on both sides.

Damn you got me, I admit it. I'm still bent out of shape about the Pistons bribing the refs and stealing the 1990 NBA finals. I have sworn vengeance on Bill Laimbeer and the city he played for. My insidious plan to crush the Detroit property market by exporting 50% of its manufacturing jobs to China has been a resounding succes. Now all I must do is go on the Internet and punch holes in some anonymous persons incorrect statements about the Hmong diaspora.

Hahaha
Detroit is doomed my evil plot will destroy the motor city and canibal anarchy will reign!

ElenaMo313   befriend   ignore   Tue, 15 Jan 2013, 12:18am PST   Share   Quote   Like   Dislike (1)     Comment 40

Read this: http://en.wikipedia.org/wiki/Crime_in_Detroit

And um, the "scary" people here are often misguided youth who if they had jobs, would not be pulling these stupid stunts. It is wrong to commit crimes, but people in the city are desperate--there is more to the story than what you all are portraying.

JodyChunder says

Patrick says

No one wants to live where they don't feel safe.

You are correct. The bad guys in Detroit are some seriously scary badassed motherf*ckers who make Victorville look like a middle school lunchroom.

Check out this footage of one of the scarier Detroit badasses taking on an entire Police precinct. Warning: gun violence.

ElenaMo313   befriend   ignore   Tue, 15 Jan 2013, 12:20am PST   Share   Quote   Like   Dislike     Comment 41

Downtown Detroit and surrounding areas are some of the safest places in the nation, actually. Read this: http://www.forbes.com/sites/joannmuller/2012/07/10/a-shocking-sight-in-downtown-detroit/

And no city survives without a strong downtown core. By some people seriously investing in Detroit and having this foresight, it will be the right decision in the future. You have to strengthen Detroit's core for the Motor City to have a fighting chance.

ElenaMo313   befriend   ignore   Tue, 15 Jan 2013, 12:22am PST   Share   Quote   Like   Dislike (2)     Comment 42

unstoppable says

ElenaMo313 says

unstoppable says

I also have read enough about Hmong history and the history of the US military's involvement in southeast Asia, to confidently refute your previous blanket statement.

While reading is fundamental, it often doesn't tell the whole story. You cannot base your facts just off of what you read.

Wow

Really you're going to quote me but cut out the first sentence where I mentioned that I grew up with a whole bunch of Hmong kids.

When you're done shilling for your crap investment scheme I'm sure you'll be qualified to work at the out of context quote department, at either msnbc or fox.

I'm done with you. I actually agree with many posters in this thread that Detroit has its share of problems. But any positive press about Detroit is immediately a "scheme" or "scam"--no wonder this city can't come back. And the thing that irritates me most is that most of you posters live nowhere near Detroit. I don't care if you lived here 20 years or even 2 years ago, you're not here today.

edvard2   befriend   ignore   Tue, 15 Jan 2013, 12:39am PST   Share   Quote   Like   Dislike     Comment 43

ElenaMo313 says

Depends on what you plan to do with them. Most people purchase property that is not in their price range, or they do not research the neighborhood and demographics first. These factors can make any good investment in property go sour.

Housing in general is not the best investment you can make. All anyone has to do is look up basic performance and returns comparing real estate to stocks. Over the past 100 years stocks have returned around 7-8% per year and real estate 3-4%