Buying and selling Detroit property isn't about making a buck; it's about revitalization of the city.
Excerpt:
He believes that the prices will go back up when the credit market
loosens up and home owners are able to secure their own financing.
Despite being in the middle of rebuilding their business, Burgess and
Pomranky say they made money in 2008. But for them it wasn't just about
making a quick buck. They say they knew for their continued success,
Detroit had to prosper, too. So they teamed with a nonprofit
organization called the Motor City Blight Busters, which provides a
low-cost work force that renovates the homes for Urban Detroit
Wholesalers to sell.
"It is our goal to stabilize and revitalize
the neighborhoods." says John George, president of the organization.
"By being able to partner with investors, it allows us to expand our
capacity to do what we do.
"Acquiring the property and cleaning
them out, restoring them and putting a responsible family in that home
is really key to stabilizing and revitalizing," George says.
Read the entire article
here.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.