Detroit Real Estate Hot Talk

doogie

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Mosster47

We made a serious look into it in 2008. You could buy neighborhoods for as little as $4k. The shitty part was property tax was still $500-$800 a year per lot. It would have taken some serious capital to sit on them the decade or more required to make it worth it. Demolition would be needed as well which is never cheap.

They were in the process of zoning the north end of the city and were going to let a lot of it go back to nature. So, if you were caught it that it was a total sunk cost. The nice areas were still pretty expensive.

Buying foreclosures in Oregon in 2010 was a much better investment. We got an average of a 45% turn in five years.

doogie

Serious look. Sure you did.

But, in the end, you left the risk for others to take. You didn't have the courage to pull the trigger.

Pitchfork51

Mosster47 said:

We made a serious look into it in 2008. You could buy neighborhoods for as little as $4k. The shitty part was property tax was still $500-$800 a year per lot. It would have taken some serious capital to sit on them the decade or more required to make it worth it. Demolition would be needed as well which is never cheap.

They were in the process of zoning the north end of the city and were going to let a lot of it go back to nature. So, if you were caught it that it was a total sunk cost. The nice areas were still pretty expensive.

Buying foreclosures in Oregon in 2010 was a much better investment. We got an average of a 45% turn in five years.

Uhh

$5,000-8,000?

Mosster47

Pitchfork51 said:

Mosster47 said:

We made a serious look into it in 2008. You could buy neighborhoods for as little as $4k. The shitty part was property tax was still $500-$800 a year per lot. It would have taken some serious capital to sit on them the decade or more required to make it worth it. Demolition would be needed as well which is never cheap.

They were in the process of zoning the north end of the city and were going to let a lot of it go back to nature. So, if you were caught it that it was a total sunk cost. The nice areas were still pretty expensive.

Buying foreclosures in Oregon in 2010 was a much better investment. We got an average of a 45% turn in five years.

Uhh

$5,000-8,000?

Not quite. After realtor fees it was a net between $30-$45k per property. That's a pretty solid five year turn with other people paying the overhead. The market is back to normal. We sold and moved on. I had no interest in moving back to Oregon, it was just an easy opportunity to make some money and see the fam for a few years.

Sledog

Who knew pumping ethyl was such a high paying career?

rustysavage

Mosster47 said:

Pitchfork51 said:

Mosster47 said:

We made a serious look into it in 2008. You could buy neighborhoods for as little as $4k. The shitty part was property tax was still $500-$800 a year per lot. It would have taken some serious capital to sit on them the decade or more required to make it worth it. Demolition would be needed as well which is never cheap.

They were in the process of zoning the north end of the city and were going to let a lot of it go back to nature. So, if you were caught it that it was a total sunk cost. The nice areas were still pretty expensive.

Buying foreclosures in Oregon in 2010 was a much better investment. We got an average of a 45% turn in five years.

Uhh

$5,000-8,000?

Not quite. After realtor fees it was a net between $30-$45k per property. That's a pretty solid five year turn with other people paying the overhead. The market is back to normal. We sold and moved on. I had no interest in moving back to Oregon, it was just an easy opportunity to make some money and see the fam for a few years.

Were u lured out of the real estate game by a generous comp package to serve as special assistant to JV run game coordinator?

oregonblitzkrieg

Mosster47 said:

Pitchfork51 said:

Mosster47 said:

We made a serious look into it in 2008. You could buy neighborhoods for as little as $4k. The shitty part was property tax was still $500-$800 a year per lot. It would have taken some serious capital to sit on them the decade or more required to make it worth it. Demolition would be needed as well which is never cheap.

They were in the process of zoning the north end of the city and were going to let a lot of it go back to nature. So, if you were caught it that it was a total sunk cost. The nice areas were still pretty expensive.

Buying foreclosures in Oregon in 2010 was a much better investment. We got an average of a 45% turn in five years.

Uhh

$5,000-8,000?

Not quite. After realtor fees it was a net between $30-$45k per property. That's a pretty solid five year turn with other people paying the overhead. The market is back to normal. We sold and moved on. I had no interest in moving back to Oregon, it was just an easy opportunity to make some money and see the fam for a few years.

No one believes anything you say. HTH.

jecornel

Mosster you are so full of shit... Haha.

Christ.

Mosster47

jecornel said:

Mosster you are so full of shit... Haha.

Christ.

Not quite. VA loan for the big house that I lived in, which doesn't cost anything to move into. You could get foreclosures for $100k and under like toothpicks at that time. If you have the 20% any bank will give you the money for five investment properties. Rent them out, which was super easy in those days because everyone that was retarded and bought during the bubble destroyed their credit. They pay the equity.

I honestly didn't think it was only going to take five years. I thought it would be more of 8 to 10 to pay off. You win some you lose some.

That was easy. You would of had to have some serious fucking money that you didn't need to make Detroit stuff work and I definitely didn't have that.

TurdBomber

Why did you post your Christmas letter on HCH? Lonely, Mosster47? This might cheer you up.

https://www.youtube.com/watch?v=tRiIhvRQVjA

Fancy Feast, Indeed.

doogie

Mosster47 said:

jecornel said:

Mosster you are so full of shit... Haha.

Christ.

Not quite. VA loan for the big house that I lived in, which doesn't cost anything to move into. You could get foreclosures for $100k and under like toothpicks at that time. If you have the 20% any bank will give you the money for five investment properties. Rent them out, which was super easy in those days because everyone that was retarded and bought during the bubble destroyed their credit. They pay the equity.

I honestly didn't think it was only going to take five years. I thought it would be more of 8 to 10 to pay off. You win some you lose some.

That was easy. You would of had to have some serious fucking money that you didn't need to make Detroit stuff work and I definitely didn't have that.

You had plenty of money to buy Oregon foreclosures, like toothpicks, at $100 grand a pop yet buying Detroit properties for $5-10 grand, which you looked into, but passed on, would have taken too much money? And your plan called for 8-10 year hold?

Do you know how I know you don’t teach junior high maff? (Oh shit. Maybe you do?)