Quote: (11-10-2018 12:40 AM)1RationalDoc Wrote:
Quote: (11-09-2018 09:25 PM)numanist Wrote:
For many years, modern day Detroit has stood as a reminder to many American cities of what not to do. However for a time, Detroit was on top of the world. In the 1950s, the city was home to almost 2 million residents, and it was home to a growing auto-industry as well as a thriving music scene. Since that time though, Detroit has lost almost 60% of its residents, and it was also the largest U.S. city to declare for bankruptcy. In spite of the city's bleak outlook, the city still manages to attract as many as 19 million visitors per year. The city is home to the Detroit River, Belle Isle Park, The Spirit of Detroit statue and 8 mile road where Eminem grew up.
Currently, the biggest private employers are Detroit Medical Center, Quicken Loans, Henry Ford Health System, Wayne State University, Chrystler, Blue Cross Blue Shield, and General Motors. It also is home to MGM Grand and the MotorCity Casino. Downtown Detroit also happens to be young and educated. As many as 57% of it's downtown residents are younger professionals (ages 25-34). In 2014, JP Morgan Chase announced it would inject $150 million in the Detroit economy. It is the largest commitment made to any one city by the nation's biggest bank.
Imagine RVFers, if we could make this city into the crown jewel of America it once was. Imagine if we pooled our resources together and purchased apartment buildings, houses, and run-down shopping centers, and also imagine if we flipped these properties for a huge profit. You might not see it but I do. All we need is a dream, a plan, and some blood, sweat, and tears to make this a reality. Of course, It also wouldn't hurt if we had some people that were politically and spiritually driven. People that have a goal to turn Detroit into the promised land it once was.
As a Minnesotan though, I've never visited Detroit. I've only seen pictures and heard about stories from friends and family that have lived there. A few years back, I applied to jobs there. I didn't get any call backs. If I submitted an application today though, I believe my outcome would be different because of the valuable experiences I've gotten from working in the truck manufacturing industry. I'm also more confident and ambitious than I was 3 years ago. My question to the RVF community though is do any members live there? and could you see RVF making a big community there?
I've done my own personal research, and I've seen fairly large apartment buildings on the market for $150,000 or less. These buildings have as many as 25-40 bedrooms. They are also made of brick, which means they are often more sturdy than a building made of wood. With that being sai though d, these apartment complexes are in need of a lot of work! The drywall and electrical are often the two biggest problems with many of these apartments. If you know what your doing though, you will probably only have to spend a fraction of the cost what a normal general laborer would charge. Assuming we put $50,000 -$100,000 in these properties, we could make a profit of close to $300,000 and potentially much, much more! That's more that 200% back on your return on investment!
As for the math, I went to Zillow.com and did some calculations. If we put a down payment of $50,000 for a $250,000 loan, the loan would be paid off in 15 years with only $1,800 monthly payment. If we decided to manage a rental property like this there are other expenses involved of course though: cable, internet, heating, electricity, so and so forth. However, if you are charging each tenant $700/month for rent that would amount to $17,500 a month in rental income. (25 tenants x 700)! That is a windfall profit!
What do you say? Do you see any challenges? or do you see a lot of potential if members worked together as a team to make this happen?
Here is a 52 bedroom apartment complex on the market for $320,000. The building was made in 1949. It is boarded up and it's anyones guess as to what it looks like on the inside.
https://www.realtor.com/realestateandhom...94?view=qv
Here is a 24 bedroom apartment complex on sale for less than $25,000. The outside looks decent, but the inside looks like it was squat fucked by Satan!
https://www.realtor.com/realestateandhom...52?view=qv
Here is a 14 bedroom apartment complex on sale for $150,000. The outside looks like it has some great curb appeal but there are no pictures of the inside.
https://www.realtor.com/realestateandhom...61?view=qv
Here is a 48 bedroom apartment complex up for grabs for $25,000. The roof looks damaged beyond belief though.
https://www.realtor.com/realestateandhom...20?view=qv
Here is a 60 bedroom apartment complex for $49,000.
https://www.realtor.com/realestateandhom...83?view=qv
Here is a 66 bedroom retirement complex up for sale for $99,000. It is all cinder block and no drywall, which means there is less work involved in having to rip out old drywall.
https://www.redfin.com/MI/Detroit/660-E-.../146699169
There is also this place which is 47 units and $850,000. However, there is almost no renovations required.
https://www.loopnet.com/for-sale/detroit...amily/?e=u
As someone living outside the United States, I like the idea. But didn't Democrats run that city to the ground? Even if we managed to all move there, those policies in places going eventually to tear down what we build.
To be honest Old Detroit did look a lot like crap in the daytime. I see opportunities to build it better not only functionally but aesthetically.
Quote:[url=https://twitter.com/MagicalEurope/status/1049711817071693824/][/url]
Cities should gleam in sunlight as much as they should gleam with neon lights at night.