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My old mentor Bill warned me about buying on Gratiot back in 2011
He said that stretch near Mt. Elliott would never come back, but I grabbed a small storefront for $15k anyway. Ten years later I sold it for $120k to a brewery group. Anyone else get advice that turned out completely backwards?
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the_mila10d ago
Flip @brooke767 a coin - worked for me this one time.
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and honestly man you got lucky. that neighborhood was a dead zone for a reason. bill probably saw 20 other guys try the same thing and lose their shirts. the whole "buy low in the hood" thing works about 5% of the time and the other 95% you end up with a building full of squatters and a tax lien. you hit a perfect timing window with the brewery craze but that could have gone south real fast if the market shifted even a year later.
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brooke76710d ago
Did you ever worry you were throwing money away on that spot? I had a similar gut feeling about a property in a rough area and it ended up being the best move I ever made.
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