No. of Recommendations: 0
How comfortable is she with being remote? Oscoda isn't exactly Metropolis, I'm not even sure its Smallvile.

Cadillac is another nice neck o' the woods and real estate is starting to behave itself, condos have been ugly slow in that community for years. That may play to her/your favor. T.C remains pricey. Off the top of my head that is what I currently now about smaller community real estate.


She's never going to really live there, and this isn't about looking for a good real estate opportunity. I think these Oscoda condos are great for people with limited means to live in (there's some senior support) after retirement until they can't anymore (last checked they cost under $100,000, maybe $80,000, but I forget). With my mother-in-law, it's more a matter of perhaps encouraging her to do something that won't be a disaster than trying to get her to buy some real estate that might really appreciate in value (if there is such a thing at the moment—I still think good Lake Superior buys near the Silver City) or simply that might be a place we'd really like if my wife gets an inheritance. MOL won't spend more than $100,000 on it.

We tried very hard, about 20 years ago, to get them to buy a Lakefront condo at the Homestead, near Sleeping Bear Dunes, with the idea it was a good investment and we could use it (we could barely make house payments at that point). We were right (they've gone up at least 5 fold), but failed to persuade. Of course, we passed up some stuff we should have been willing to do, but didn't have the guts. We could have found a down payment when they were selling lots on Catfish Bay (north of Northport), the last opportunity on Lake Michigan, around '95 for $100,000, now selling for about a million. But it wasn't a development I thought we'd ever want to live in (same goes for the Homestead), so we passed it up and got Lake Superior land near Whitefish Point, which has only gone up 3x or 4x (in theory: doubt we could get 4x for it).

And, then, there's all the stuff we could have done in the late '80s or early '90s if we had thought about borrowing for real estate investment. Lakefront property on Huron and Michigan exploded.
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.