Quote:
Originally Posted by Jacuzzme
Hell of a risky investment, basically the opposite of what any real estate investor would advise. Maybe you’ll get lucky and the value will skyrocket due to yuppification, but this isn’t a bet anyone who turns property would make, the chance that the property could become worthless is too high. You can get a 6000 ft^2 colonial in Detroit for $12.
|
Honestly, its a 0 risk investment.
Here's why.
If things don't go the way I intend... then I'm going to have a house to live in-- mortgage free... for 10-20 years. I don't mind the neighborhood-- the original intent of my posts was talking about how I live in a neighborhood that has been dubbed as "incredibly dangerous".. yet I feel quite safe in my neighborhood. I am fixing up the home as though I will be staying in it until I retire from my civvie job.
If I'm right and it gentrifies--- then I'll sell earlier than planned and use it towards my "retirement condo".
If I'm wrong and it doesn't... then I'll just use the money I'm investing now (that I save on mortgage) to get that condo.. and I'll still be able to either sell or rent the house out.
Detroit fell apart when the auto industry started to implode... along with a lot of heavy manufacturing that the city relied on. My city is home to a multitude of global corporate offices and conglomerates. Yes, there's a good bit of blue collar work here-- but there is also a metric ton of white collar corporate headquarter action as well. Its a fairly diverse economy setup for the "rust belt".
