The Armchair Investor

June 15, 2010 by  
Filed under Columnists

ynarmchair-75QUESTION: Are there opportunities for investment in Ypsilanti?

While Washtenaw County is becoming a hot-bed for high-tech and green companies, I would steer you in simpler direction. There are many houses & buildings in financial distress that could be excellent investments. A person with time on their hands and some fundamental carpentry skills could purchase a home or building and convert it to a rental. Two major Universities plus WCC and many other learning operations in the Ypsilanti area bring in 50,000+ students – many of who will be looking for off-campus housing and a short commute.

Cheaper rent in Ypsilanti would definitely be a selling point.

Secondly, President Obama has instituted a tax credit called Energy Star. Under this stimulus plan Licensed Contractors replace defective windows, doors, appliances, furnaces, hot water heaters, etc. in the house that are not energy efficient. Visit www.energystar.gov for more information.

It’s a windfall for a home-owner and a great opportunity to invest in your infrastructure. You’ll be putting revenue back into the community by purchasing from local hardware stores, lumber yards, etc. and hiring local contractors. You’ll increase the value of your home, which brings up the value of your neighborhood, increasing tax revenue for schools, public transportation, roads, etc. That’s an investment in Ypsilanti! ~ The Armchair Investor

Pat Joseph is an alumnus of Eastern Michigan University and previously worked for the Internal Revenue Service. Joseph is not a professional financial counselor, accountant or stock broker. The information in “The Armchair Investor” is Pat’s opinion based on personal study, research and experience. Email The Armchair Investor at PatJoseph@YpsiNews.com