Detroit was on my mind last week as I spent a good part of it analyzing some of its residential properties. I found a handful of promise in only a few. And my small success had me wondering what's the best strategy to use there.
I've lived long enough as an urban denizen to know cities have their share of ups and downs - the bigger cities experience them within their many neighborhoods all the time; and Detroit's plight is well known. The pressing question to be asked is "when will their comeback take effect?". In one year? 10? 20? Or longer?
Buying and holding might be the best bet. The Information Age is taking hold and replacing the manufacturing relics. The
Detroit 2.0 Movement and
Dan Gilbert of
Quicken Loans are working hard and fast to bring the city back to glory.
Magic Johnson has partnered with
Detroit Venture Partners to help inject new blood. My most pressing hope is for the crime rate to go down, as that will encourage more people to return. Getting one or more fiscally sensible properties, while watching Detroit's Renaissance take place right before your eyes might be a great experience in and of itself. I think it's time to get my business plan ready.
