All Forum Posts by: Phillip Gainey

Of course it depends on your strategy, but when RE markets tanks, that's the time to scoop up desirable properties in desirable areas. Nice places where people want to live, not HAVE to live. Places you never thought you could afford during the bubble. That excludes section multis in DC, unfortunetly.

Phil

Long term, it is markets that rule politicians, not the other way around.

Yeah, sure. The government (politicians and bureaucrats) will save us in the end. Please!

Inflation hedgers have close to doubled their money in the last year or so. That's what is so great about markets. They reward those who are right.

PG

I too was born in Beyer. My mother grew up down the street on Mildred. My grandpa owned Meyer's diner on Mich ave in the 60's and was president of the ypsi lion's club.

My mom said that area down ecorse rd has been in decline since Willow Run closed down. Too bad.

Is that water tower shaped like a you-know-what on cross near EMU still standing? :-)

Todd,

You can get fully renovated properties in West Dearborn for 35-40k. Zip 48124. There is a guy on BP that sells them. And I'm not pushing Dearborn. But it's a far cry better than Pontiac. Better schools, safer...etc. And there are NO bad neighborhoods in West Dearborn.

Ask most people in the metro area where they prefer to live, rent or buy a home, West Dearborn or Pontiac. That will greatly effect the future appreciation and marketability down the road.

Don't get me started on "Turnkey" packages. I learned my lesson in Memphis.

William,

I was born in Ypsi-tucky. What area of Ypsi do you invest? I know Ypsi township has been hit hard. All through the Ecorse Rd corridor.

OTOH, I like the area of Ypsi right next to Ann Arbor down Wastenaw Ave. Also Pittsfield.

Romulus? The area southwest of the airport seems like it would be a good blue collar middle class rental area.

I'd avoid the area of Romulus north of the airport. Between south side of Vanborn Rd and Ecorse Rd, and btwn Wayne Rd and Middle Belt Rd. Might as well be Inkster.

Phil

Todd,

I'll bet your not selling the properties in the good areas of Pontiac you speak in the 10k range.

Notwithstanding the points you make in answering my question "Why Pontiac", what type of neighborhoods in Detroit, or Pontiac have say 5-10k proprties for sale? Answer, the neighborhoods i mentioned in my previous post.

So I'll rephrase my question. Why spend 40k for one of your properties located in the few "nicer" areas of Pontiac or Detroit, which are surrounded by ghetto, when you could get very decent/average properties for that amount in the nicer suburbs outside? like Dearborn, Westland, Livonia, Auburn Hills, Southfield...etc., and for higher rents?

It all boils down to class envy. It plays well to a large segment of the population when politicians just say "soak the rich". It's a lot harder to actually solve the problem.

Also, the 50%, largely middle class citizens who pay no taxes have a lot of votes to cast, and therefore are a big target for the demogogues who play the class envy card. Or the "evil oil companies" card...etc.

Wayne County (where Detroit is located) is bad for taxes. I don't know the tax situation in Oakland County (where Pontiac is). The latter has a lot of affluent suburbs to support the tax base.

Todd,

Read my post again. I didn't write off anything. I said that Pontiac and Flint are mini Detroits. A true statement. Same basic demographics, low income, high poverty, high crime urban environments. Lots of black/hispanic gang activity, absentee fathers, single welfare moms, gun fire in the night...etc.

Of course there are better neighborhoods. But why go there? Plenty of cheap rentals in the detroit suburbs without the ghetto mentality. I gave a couple examples above.

I ain't naive. I grew up in the detroit area and worked in Pontiac/Detroit. This is back in the 70's. Bad then, can't imagine what it's like now.

Here's what some people say about Pontiac:

http://www.city-data.com/forum/michigan/1284201-relocating-pontiac-area-need-suggestions-please.html

Take it for what it is, opinions. But, sounds like a mini detroit to me.