u/This_Manufacturer_42

I recently bought a house on Ashland near Kercheval and looked up the empty parcels adjacent to my property. Three out of the five lots are owned by the New Far East Side Development Corp, which has failed to develop anything in the area.

The two lots immediately adjacent to my property are the ones I’d love to purchase, but there’s no website or phone number I can find. Before I mail something (or show up) at their listed address at 415 Burns St, I was wondering if anyone else has experience dealing with them that could help me.

In my research, I’ve found that they’re now connected to Melvin Washington who is facing financial troubles with his ownership of the Whittier Hotel. That Burns address is the building right next to the Whittier.

thanks!

I purchased a two-bed, one-bath (with an unfinished upstairs bungalow) on the edge of Detroit for $60,000 ($1,800 down) in February. I've put about $40k into the home already and expect to put $40-50k more for electrical, interior finishing and exterior finishing. I'm hoping to list it for 200-210k.

I have paid to fix termite damage in the basement beams, done 90% of the demo myself, and we're now beginning to re-install the kitchen and bath. I am not experienced at all in construction, so almost all of the work to put the house back together will be contracted out.

I only have about $25,000 of liquidity at this time, which would be enough to rough electrical and possibly finish both the kitchen and bath. What would be best for my situation to cover the rest of the work on the interior and finish some work on the exterior? Cash-out refinance? HELOC? I am tapped out on my DTI, so I'm assuming that home equity is the only way out of this. I am not willing to quit unless it's the last resort.

What would you do?

I purchased a two-bed, one-bath (with an unfinished upstairs bungalow) on the edge of Detroit for $60,000 ($1,800 down) in February. I've put about $40k into the home already and expect to put $40-50k more upon realizing the extent of electrical work needed. I'm hoping to list it for 200-210k.

I have paid to fix termite damage in the basement beams, done 90% of the demo myself, and we're now beginning to re-install the kitchen and bath. I am not experienced at all in construction, so almost all of the work to put the house back together will be contracted out.

I only have about $25,000 of liquidity at this time, which would be enough to rough electrical and possibly finish both the kitchen and bath. What would be best for my situation to cover the rest of the work on the interior and finish some work on the exterior? Cash-out refinance? HELOC? I am tapped out on my DTI, so I'm assuming that home equity is the only way out of this. I am not willing to quit unless it's the last resort.

What would you do?