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He has offered this to all my co-workers, approximately five people. However, I am the only one that is in a position to accept the offer. Everyone else has kids or some other reason why they wouldn't take it.
What is your job description?
When are they going to start planting the trees?
How long have you been employed?
What is you current salary?
Are you going to be satisfied with that salary in 5 years?
My job description is that I will be responsible for managing the cleanup of the lots. I am considered the "Farm Manager". Of course, that was when this project was still considered a farm. Now, I guess I'm "Woodlot Manager".
We will start planting trees in late fall. The nursery won't ship the trees until they go dormant, probably mid-November. We intend to start clearing lots within the next month.
That's awesome, looking forward to seeing this happen
I have been employed two years. My salary is nunyabusiness. I can report that I feel my salary is low. However, I'm sure there are numerous individuals who would do my job for what I am getting paid. As a result, I'm not complaining. In five years, I will be satisfied with that salary if I get a free house.
Thanks. I am also looking forward to seeing it happen. We've been through a lot, but that makes it even sweeter being able to see it come to fruition.
I have lived in the area my whole life and it's pretty nice. The best advice I can give you is choose a lot as close to Indian Village as possible. Also, as far as future home values go I know the Detroit Future City project has pegged the area as one for future economic development. But who knows if that project will ever get off the ground, especially if an Emergency Manager takes the reigns of the city
This post was edited by Spartan313 13 months ago
I live in Indian Village right now. I am hoping to find a house in the area between Van Dyke and Indian Village.
Ahh so you're looking at lots in West Village? There are some good things happening there.
That would be great to be in West Village. However, nothing in there is included in our deal. I'm looking at lots north of Kercheval. The houses/ lots are nothing to look at, but I think that is the area that will show the most improvement the fastest. I would like to be in there, or get as close to Jefferson/Burns as I can.
Don't forget to add in the cost of guns and ammunition. How much are those going for these days?
I would feel awful having to pay taxes to the city of Detroit.
I mean, paying taxes sucks no matter what but at least you can somewhat justify it by telling yourself it is going towards public services. Every city has its share of wasted funds, but giving Detroit money is like burning it.
I have a shotgun. I appreciate you looking out for me, though.
That's probably why 47% of the population didn't pay their taxes last year. Why would you pay taxes when you could just buy your house back through the county auction for $500?
Sounds like a great city to live in.
Buy low, sell high. Doesn't get much lower than an emergency financial manager coming in. The potential positives outweigh the potential negatives in my opinion.
Like someone else said, if you are willing to wait 20 years before you might see a decent return, knock yourself out. Personally, I wouldn't bother with the hassle.
I have narrowed my house choices down to six. Instead of posting pictures of the houses, I'll post the addresses. For those interested, you can look them up on Google Street view and get the context of the neighborhood surrounding the houses. Nothing much has changed with any of these houses, so what you see is what you get.
Bad neighborhoods aren't bad if you have good neighbors. I'd do research on the nearest neighbors. It's nice to be close to the grocery store and work. I liked the house at 2159 Cadillac Blvd. and nearby houses there seem to have potential too.
It's a house. Not a short-term stock option.
I agree about the neighbors. Given that I work in the neighborhood, I have met a few of the neighbors. Specifically, the ones near 2159 Cadillac, 1603 Pennsylvania, and 2585 Cadillac. Cadillac is the best street in terms of residents keeping their houses up, and it is the main street through the middle of the neighborhood. I think the houses there would have the best resale value.
The house @ 1727 McClellan is obviously the most rundown, but we will own all the land around it, so there won't be any neighbors to worry about there.
TL:DR: You need to have some owners in a neighborhood or it goes to shit.
(read on for the full version)
It doesn't sound like such a great deal to me, but I wouldn't consider living in Detroit anyway. If OP already lives there, then it's worth looking into.
One significant reason for a developer to offer this to an employee is to help make sure that the market stabilizes. If he renovates and rents a bunch of houses, it'll just be New Detroit, and the same old tenants will trash the new houses.
I'm thinking the developer wants to make this area attractive to hipsters, build the value of the houses, then dump sell them in 5 to 10 years.
PS: My TL;DR was at the beginning. Makes sense huh?
Why is this a bad idea? You are getting a house for nothing - only string attached is your commitment to your company in return (so if you don't like your company, I'd say this would be a bad idea). Since you are paying nothing for the house or the renovation, you are out nothing if you hate it and decide to move. If you already live in Detroit like you say, then you know what to expect and what areas to avoid. I would say try it and see how it goes.
There are a lot of Detroit haters, but I'm not one of them. If Detroit is ever going to stand any chance at bouncing back, it needs solid people to move back and spend their money in Detroit. The decision is ultimately yours to make, but it sounds like a pretty sweet deal to me!
I don't work for a home developer, so he is not concerned about getting good renters in the houses. Any houses we get through our development deal will be demolished. He is just offering this deal to me in place of a raise. Say the house I want costs $10,000 and it costs $25,000 to renovate it. If he was going to give me a $5000 raise, I would not get a raise for 7 years. For some reason, he would rather do a favor for his employees instead of giving them a monetary raise. I could turn the house down and get the monetary raise instead. I just feel if I can get a house in this neighborhood for $35,000 the value would go up quicker than if I got the monetary raise and put it in stocks and bonds.
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