 
Roadmaster49
Member
Username: Roadmaster49
Post Number: 1
Registered: 01-2008
| | Posted on Saturday, January 19, 2008 - 1:29 pm: |    |
I am looking at homes in some of the neighborhoods due to architectural style and low cost to purchase. I am primarily focusing on Edison-Boston because there seems to be an established HOA there. I live in Iowa and I work for a National Mortgage industry giant with a dedicated website with bank owned properties. I would not be able to move her FT, live in the house. I am 44 years old, and would look to visit 6-7 times a year, restore the home over several years with the idea of eventual retirement in 3 seasons with a Florida winter destination. Love old houses and old cars, but am intimidated by the national press the intercities of all old cities get, not the least of which is Detroit. I would need neighbors interested in looking after the property while I was away, like minded. Therefore, it would be some concern that I was not a "resident" or whatever, but a reverse carpetbagger! I make my money here, and probably could not do as well in Detroit. But I would be committed to the HOA and neighborhood and would be there for every event. I get 6 weeks presently vacation so I would be there a lot. I am solidly middle class so I don't have a ton of money to throw at a house all at once, hence the 20 year plan. Thoughts? Comments? |
Pam
Member
Username: Pam
Post Number: 3330
Registered: 11-2005
| | Posted on Saturday, January 19, 2008 - 4:22 pm: | |
Roadmaster, check out the "Is this a joke/Boston Edison Low prices" thread for comments from people familiar with the neighborhood.
My guess is the neighbors would be happy to have anyone moving in who keeps up their home, regardless of where they are from. |
Vas
Member
Username: Vas
Post Number: 872
Registered: 01-2004
| | Posted on Saturday, January 19, 2008 - 5:05 pm: | |
You want a nice old home for cheap to refurbish? You're looking in the right place.
Detroit is an area where many people live and with all the attractions of a major city. Don't let image of Detroit as a wasteland scare you away. There are many a good people that live here, if they're on the block where you purchase, who knows? |
Sstashmoo
Member
Username: Sstashmoo
Post Number: 935
Registered: 02-2007
| | Posted on Saturday, January 19, 2008 - 5:08 pm: | |
If you plan on living here, you might consider bringing some cash in with you. We have everything else. |
Barnesfoto
Member
Username: Barnesfoto
Post Number: 4666
Registered: 10-2003
| | Posted on Saturday, January 19, 2008 - 6:35 pm: | |
Great idea...
Having an established NOA like BE is great, same with helpful neighbors, but I'd suggest that you will need to rely more on the kindness of neighbors to keep your place secure. The city is plagued with breakins, and even having an alarm is no longer adequate protection in many neighborhoods, especially in neighborhoods that have lots of large old homes with architectural treasures that can be plundered.
I'd suggest you find a couple people to live in the house...Maybe some students who can also do a bit of work on the place in exchange for a break on rent. Make one corner of the house livable, put in some sort of low cost heating unit (maybe a corn stove) and seal off the rest to avoid 800 dollar heating bills. (Don't forget to drain all the pipes in winter!) You'll find lots of advise on this forum. |
Monahan568
Member
Username: Monahan568
Post Number: 261
Registered: 04-2004
| | Posted on Saturday, January 19, 2008 - 6:53 pm: | |
try calling the police when you are about to go out of town DPD will do their best at keeping an eye on the house for you! just kidding look some where else people in this town will robb you if you at home if no one is home it is that much easier |
Mwilbert
Member
Username: Mwilbert
Post Number: 75
Registered: 11-2007
| | Posted on Saturday, January 19, 2008 - 7:03 pm: | |
I agree with barnesfoto. Getting to know the neighbors is something you should do, but I think you would be well-served trying to find someone to live there.
The following happened last winter:
My parents neighbors went away for the winter. While they were gone, my mother noticed that their windows were fogging up. She had contact information, so she called them, and they checked into it. It turned out that there was some kind of radiator problem and the house was full of steam and water. Their insurance company paid for it, but they couldn't return to their house for over six months and the repair bills were well over $100K. If my mother hadn't noticed it, who knows. I will say that they seemed very pleased with the repairs, so it wasn't all bad.
The point is, neighbors aren't a good substitute for someone being in the building on a very regular basis. They are an excellent supplement, however.
(Message edited by mwilbert on January 19, 2008) |
Roadmaster49
Member
Username: Roadmaster49
Post Number: 2
Registered: 01-2008
| | Posted on Sunday, January 20, 2008 - 9:38 am: | |
Thanks all. No, not a Nigerian scam! LOL. I'm a long winded writer, so I had to edit my initial post. My purchase would be similar to snow birding. I purchased an old steam heated, no insulation 3500 sq foot home in an older neighborhood of Des Moines, Iowa in 1998 for $105,000. Eventually a pipe leaked, we had the $900 heating bill, no crime. I had to move but have regretted it ever since.
BUT I am well prepared for what I might find in Edison-Boston or Indian Village. As far as the distance, it's not too bad, I am an automotive history freak and have often wanted to vacation in greater Detroit.
The issue is that the company website has 44 pages of bank owned homes for sale in Detroit, when a typical city is maybe 5-10 homes. There are about 20 homes per page. So, I am looking at all these cool homes going OMG, then reality hits me.
It seems there is a tax problem in these old homes. What good would it do to buy an cool old home for $15,000 with taxes of $10,000 per year. Not doing that. Is that for real? Or would taxes reflect current value. Also, I will need preapproved for financing. What realtor wants to drive someone around for commission on a $15,000 house?
Like I said, I'm long winded. Please keep the local comments coming. Thanks! |
Sstashmoo
Member
Username: Sstashmoo
Post Number: 939
Registered: 02-2007
| | Posted on Sunday, January 20, 2008 - 11:19 am: | |
Quote: "It seems there is a tax problem in these old homes."
Exactly, They could afford to give these houses away as long as the owner will pay the taxes. Sort of like the desktop printer/ink cartridge scam. They sell the printers at cost just to get the continual future cartridge sales. The city needs to get property taxes in line with everywhere else and relative to the services offered, thats whats killing the residential areas. |
Johnnny5
Member
Username: Johnnny5
Post Number: 687
Registered: 06-2005
| | Posted on Sunday, January 20, 2008 - 11:53 am: | |
If you don't plan on living in the home full time while doing repairs I highly suggest you look elsewhere. The taxes will raid your bank account and the scrappers will do the same to your home while you're away. Just my opinion, but trying to rehab one of these homes by yourself while living 12 hours away is a recipe for failure. |
Lowell
Board Administrator
Username: Lowell
Post Number: 4479
Registered: 10-2003
| | Posted on Sunday, January 20, 2008 - 11:57 am: | |
Welcome to the forum Roadmaster49. [my favorite all time car too]. My advice would be to consider incorporating a full time house sitter[s], in your plan, who lives for free or a very attractive low rent, depending on how good their quarters could be, in exchange for services. This would also structure your search a bit.
Almost everyone of these houses will have a separated third floor, sometimes a wing or even a carriage house that built specifically for that purpose [servants back in the day], often with separate entrances and stairways. In effect you could have the privacy or your own space when you visit while having the house looked after and managed, probably for the cost of the added utilities.
With the right person, your property would be secured and you would have an insider on goings-on in the neighborhood and city.
Speaking of old cars, that neighborhood, as you may know, is loaded with the residential history of the early auto magnates. |
Mwilbert
Member
Username: Mwilbert
Post Number: 76
Registered: 11-2007
| | Posted on Sunday, January 20, 2008 - 2:57 pm: | |
You should be able to get the taxes abated if they are based upon an unrealistic valuation. Taxes in Detroit are high, but they aren't THAT high. |
Paulmcall
Member
Username: Paulmcall
Post Number: 534
Registered: 05-2004
| | Posted on Sunday, January 27, 2008 - 3:54 pm: | |
Maybe the idea of neighbors watching your place would be a great idea forty years ago.
Today, they'll just as likely be the ones hauling stuff out the door.
Save yourself a lot of time, money and heartache...look elsewhere. |
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