Detroit's Big Comeback: Out of Bankruptcy, a Rebirth • Hacker News Board

Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth

#11

Post by tjr225 » Tue, Jan 01, 2019, 8:51 AM UTC

goodcanadian wrote: post #5

echelon wrote: post #3

How's the real estate in Detroit? Is it too late to invest in good property for cheap?

There is plenty of cheap property; it is debatable whether any of it is "good."

This is the essence of land in the Midwest. You do get what you pay for, there's no magic to it.

Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth

#12

Post by pram » Tue, Jan 01, 2019, 9:20 AM UTC

Downtown Detroit is kind of starting to seem like a Potemkin village. A lot of these “comeback” articles focus primarily on the development in a tiny portion of the city that honestly never declined that much to begin with, in comparison to everything else.

Crime and poverty are still insanely high. The school system is a tragic disaster. The majority of the urban area is still abandoned and blighted.

It’s really not a place to raise a family, unless you intentionally live separated from all the disfunction (private school etc) and then what’s the point?

Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth

#13

Post by Tsubasachan » Tue, Jan 01, 2019, 9:21 AM UTC

A comeback implies that Detroit is just as relevant as it used to be. But its population and economy is much smaller than it was during the 50s?

Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth

#14

Post by afarrell » Tue, Jan 01, 2019, 10:17 AM UTC

jlj wrote: post #2

I passed on a consulting opportunity to move the city's bond finances from paper and spreadsheets to an ERP system back in 2008. At that point it sounded like no one really knew how good or bad things were financially for the city. I took an easy corporate job instead. Missed a great learning opportunity a few years out of college and wish I would have gone for it. Happy to see them turn around.

> a few years out of college

How good were you at communicating about software estimates back then?

Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth

#15

Post by lotsofpulp » Tue, Jan 01, 2019, 10:22 AM UTC

echelon wrote: post #3

How's the real estate in Detroit? Is it too late to invest in good property for cheap?

We’ve been sitting on zero and near zero percent interest rates for 10 years. The only reason any asset would be cheap at this point is all the other buyers attributed it with a decent amount of risk.

Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth

#16

Post by roymurdock » Tue, Jan 01, 2019, 10:50 AM UTC

hamilyon2 wrote: post #8

If only too-big-to-fail banks declared bankruptcy back then.

Then what, Detroit wouldn’t exist, instead we have a zombie city slowly dying and giving people the chance and time to escape at least.

Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth

#17

Post by StreamBright » Tue, Jan 01, 2019, 10:53 AM UTC

cenal wrote: post #6

echelon wrote: post #3

How's the real estate in Detroit? Is it too late to invest in good property for cheap?

The Midwest has a plethora of good opportunities for investors. It’s not overpriced like most of the coasts. Couple that with qualified opportunity zones and things will be heating up this year. Starting a fund soon with someone who has made millions in real estate within the Midwest. We intend to help others profit in these markets. Fund isn’t formed yet, we are not soliciting for investors yet. If you want more inf…

What is the definition of over priced? Are you talking about some actual index here or just thinking in non-quantifiable terms?

Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth

#18

Post by chiph » Tue, Jan 01, 2019, 11:05 AM UTC

echelon wrote: post #3

How's the real estate in Detroit? Is it too late to invest in good property for cheap?

If you do, make sure you check for tax liens before buying.

Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth

#19

Post by dingdingdang » Tue, Jan 01, 2019, 11:19 AM UTC

pram wrote: post #12

Downtown Detroit is kind of starting to seem like a Potemkin village. A lot of these “comeback” articles focus primarily on the development in a tiny portion of the city that honestly never declined that much to begin with, in comparison to everything else. Crime and poverty are still insanely high. The school system is a tragic disaster. The majority of the urban area is still abandoned and blighted. It’s really not…

Totally agree, although hype can at times help bring the real thing in that it raises expectations above the bar they are currently at. Side-note: it's "dysfunction"

Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth

#20

Post by leesec » Tue, Jan 01, 2019, 11:21 AM UTC

echelon wrote: post #3

How's the real estate in Detroit? Is it too late to invest in good property for cheap?

It's somewhat been picked over. If you're looking to renovate tho there is still a lot to choose from. GF recently bought a house for 45k which will need 40k in renovation probably. But recently a house sold down the street for 150k so there is still money to be made.