“If you want to know why most people don’t become millionaires, look no further than the 30-year mortgage,” wrote Chris Hogan in his book “Everyday Millionaires: How Ordinary People Built Extraordinary Wealth — and How You Can Too.” In partnership with the Dave Ramsey research team, he studied 10,000 American millionaires (defined as those with a net worth of at least $1 million) for seven months.
Few people talk with their financial advisors about alternative investments like purchasing a property, but real estate may be a good strategy this year. It’s one that more high net worth investors seem to be employing to cope with market volatility.
A December 2018 survey from Millennium Trust Company found an increasing preference for alternative investments, including real estate. Among those surveyed who held real estate, 73 percent favored single-family rentals.
Google, which officially unveiled its new office in November, has exercised an option to expand beyond its current approximately 29,000 or so square feet, according to a Detroit Economic Growth Corp. document.
The city of Detroit’s summer youth employment program kicked off its fifth year Thursday with a $150,000 boost from the Marjorie Fisher Foundation. Mayor Mike Duggan announced the matching grant for Grow Detroit’s Young Talent program alongside several of the program’s corporate and nonprofit supporters at DTE Energy Co.’s headquarters in Detroit.
Last month, the Metropolitan Building in downtown Detroit opened its doors for the first time in nearly 40 years. Now, guests are welcome to stay at the building’s Element Detroit Hotel. The eco-friendly, extended-stay hotel has 110 guest rooms, including studios, one-bedrooms, and suites.
A prominent former school in Midtown will be converted into a “business ecosystem.” A partnership between Denver-based Industry, Midtown Detroit Inc., and Invest Detroit will turn the Thomas Jefferson Intermediate School into Industry Detroit in 2020. The 100,000-square-foot school will be repurposed into more than just a space for entrepreneurs and artists—the organizers will use it for workforce training for hospitality, culinary arts, and restaurant operations.
Picture this: You drive past a blue duplex twice a day with pretty window shutters and pristine landscaping that you’ve long admired. Then one day, you see a “For Sale” sign on the duplex. You rationalize buying it because the building has great curb appeal; you’re convinced that self-managing won’t be an issue because you always drive past it. Further, real estate seems like a good way to diversify from stocks. You involve an agent. A few months later, it’s yours. This might work out. Or you might have jumped into a property that produces more monthly expenses than income. To help avoid this, there are factors every real estate investor should consider when they are searching for new property.
Ford Motor Co. enlisted the agency to produce its free 10-day winter festival — another element of the Dearborn-based automaker’s branding evolution as it seeks to embrace community around its recently acquired train depot and surrounding properties. The automaker planned the event as an extension of the nearby North American International Auto Show, in part to get a head start on plans to grow the Detroit auto show outside its Cobo Center home when it moves to June next year.
Commercial property values in Detroit rose 35 percent between 2017 and 2018 after the city completed its first citywide reassessment of commercial buildings in decades, Mayor Mike Duggan said Tuesday. The overall value of commercial property in Detroit rose $2.96 billion to more than $4.5 billion, according to data from the city assessor’s office.
New Year’s resolution season is well underway, and those who have committed to entering the real estate game this year are searching for their first investment opportunity. Like many industries, though, real estate is subject to market trends, economic shifts, and evolving technology. Anyone thinking about investing in the property must be prepared to face changes that might impact their potential opportunities.