The trend of property buying has continued to grow, especially in Detroit. There are currently 1,300 properties in Detroit that are in some stage of foreclosure, default, auction or bank owned, while the number of homes listed for sale.
With the increase of available property being sold and auctioned, there comes an increase in the number of of property buyers. Like Vernon Grimes III, a Detroit native who has recently started his own property development and management company with four other co-owners.
There are almost 28 million small businesses in the U.S. and over 22 million are self-employed with no additional payroll or employees, according to the U.S. Small Business Administration. Grimes opened up about his path in creating a his own small business and how the idea of property development came about.
“When I was 16 I used to work at the Detroit library training branch on Grand River (Avenue). One day I came into work and we had a bulletin board and there was a house valued at $5 million being sold for $1 in West Bloomfield. I couldn’t believe it,” said Grimes. “From that point on I began looking at ‘hood houses at 16 I started looking at housing and real estate.”
According to the U.S. Small Business report, real estate, rental, and leasing in the U.S. small firms by industry in 2013 consists of over two million firms.
“Before I left for college I had the first house I was ready to purchase; it was a house in thriving community, it was available for $2,600,” said Grimes. “I had to go to college leaving property unattended in Detroit; it can get real bad. So, I put it to the back burner.”
Years later at 24 years of age, he was challenged to reach for more, said Grimes. He didn’t realize that he was settling in his life forgetting his business aspirations and it resided with him, said Grimes, so he got together with his now-current business partner to discuss a potential plan.
“The company moves with you, when you ready to do whatever that’s when its gone move,” said Grimes, now 27.