you were an employee of an auto manufacturer in Michigan and took the $100k early retirement cash-out. Where would you move?
With these lay-offs and early retirements, is it safe to assume there will be greater migration out of MI?
If your retired then smaller towns have cheaper housing. You could take the $100,000 and buy a nice house free and clear. Retirement requires you to live cheap, so I would move to a smaller town where homes are cheap. Being retired and having your home paid off will decrease a lot of lifes financial stresses.
Just an idea.
Okay, I’ll answer the second part of the question.
I live in Mi. , One hour from Detroit and 5 minutes from Flint.
The class that graduated my daughters high scholl last year has just about all moved out of state.
My husband owns a business and two employees just quit to move to Arizona.
I think three types of people are leaving:
1.) Young kids looking for a better future than it looks like Mi. can provide at this point
2.) People who can no longer find employment here.
3.) Older retirees
Our economy is one of the worst and Ithink it will get even worse before it gets better.
How to invest 100,000.—that depends on what your current income/investment/retirement fund looks like.
Is your spouse still employed? Do you plan on retiring but picking up part time to keep you busy? Your on this forum so do you own real estate that provides you with an income? What is your net worth? How much is fluid?
If you answer these questions and probably more you will find your answers.
Hope that helps
Wendy
Wendy,
You forgot a group:
4.) Those that for one reason or another cannot qulaify for their own Concealed Carry Permit
LOL!
Keith
Keith,
I thought it was just assumed that everyone in Detroit was carrying!
Mike
You guys are scaring me. I live betweene Detroit and Flint!!! :o
Wendy
Hanatal,
Just brainstorming on a marketing idea for this group. Where are there options? What cities/towns have the jobs that they could perform? Now that AZ is pricier, where else are they looking…I’m thinking North Carolina based on affordability, job market, and climate.
Well people are going just about anywhere just out.
There are many foreclosures (up 75%) so the deals are everywhere. I think like the stock market, buy low sell high is safe…However we have 29 units and are proceding with extreme caution.
It is definetly easier to fill our rentals as people lose their houses (unfortunately) but how long will it last. We are thinking that it may get more difficult as time goes on and more people seek employment out of state.
We are just going to make sure that if we buy more we allow for an extra high vacancy rate although like I said, that has not hit yet.
In regards to where are there jobs available in Mi. Well thats a long story too. There really not anywhere and everyone is down sizing. there are a few pocket communities that are doing above ave. on a state level but I believe it’s so much safer to be self employed. My husband and I have three businesses. We were hoping to rely on real estate to get me out of mine but as long as our economy is questionable I’ll hold.
Wendy,
I’ve always heard that when the supply in RE increases it’s usually a great time to invest. Do you see a different perspective?