Dan and wife pumping $500 million in to the neighborhoods?

[Grand River Guy]

OK, I saw the big news about Dan and his wife pumping $500 million in to the neighborhoods. I saw where they are going to pay some back taxes for people. What else? What do you do with $500 million? Haven't seen any other news or threads.

I would find blocks that are at least two thirds standing and fix any abandoned houses on the block. The fixing up would hopefully be contagious just like abandonment is contagious. Go block by block. If a block is more than half gone, it is gone. If a whole roof has caved in, its gone. Otherwise, fix up. Target certain blocks to save. Most boarded ups are probably available from the landbank. At least put a roof on and keep water out. Cut the overgrowth in front for a presentable look. Big money that can get control of all abandoned houses on a block is what we need.

[Danny]

Next Stop... Mayor of Detroit in 2026.

[jcole]

He's going to have to get a lot healthier before he runs for office

Next Stop... Mayor of Detroit in 2026.

[K-slice]

ok, i saw the big news about dan and his wife pumping $500 million in to the neighborhoods. I saw where they are going to pay some back taxes for people. What else? What do you do with $500 million? Haven't seen any other news or threads.

I would find blocks that are at least two thirds standing and fix any abandoned houses on the block. The fixing up would hopefully be contagious just like abandonment is contagious. Go block by block. If a block is more than half gone, it is gone. If a whole roof has caved in, its gone. Otherwise, fix up. Target certain blocks to save. Most boarded ups are probably available from the landbank. At least put a roof on and keep water out. Cut the overgrowth in front for a presentable look. Big money that can get control of all abandoned houses on a block is what we need.

gentrification alert, gentrification alert!

[Grand River Guy]

gentrification alert, gentrification alert!

Not particularly. There should be plenty of room for all. I just like old houses and believe its a crime to let them disintegrate. The solid construction and ornate details can't be had today. Make sure they have roofs even if nobody is in them.

[Seven&wyo]

gentrification alert, gentrification alert!

Good. The more gentrification the better. The people who trash this don’t deserve to live here

[Henry Whalley]

One nice thing about real estate is that it's capital that can't be moved to Mexico, Nam, Bangladesh, China, etc.

[davewindsor]

... What do you do with $500 million? Haven't seen any other news or threads.
...

Dan Gilbert should be using that money to buy back Rocket Mortgage stock in an NCIB to stabilize the price over $20 instead of aggrandizing his own pocket book in fix and flips. Rocket Mortgage is now trading at under $17 a share and falling even more today. Dan Gilbert is nothing but a dirt bag who's stepped on everyone who believed in his company by investing money in it.

[davewindsor]

OK, I saw the big news about Dan and his wife pumping $500 million in to the neighborhoods. I saw where they are going to pay some back taxes for people. ...

What does the Rocket Communities Fund paying the back property taxes even mean anyway? Is he just buying the tax lien from the county and having Rocket Communities continue to collect interest privately from the tax lien or wiping the debt out completely? I don't believe a guy like that would just write off the debt. He didn't become a billionaire by throwing his money away instead of continually investing it. Buying tax lien certificates is just another profit center for Gibert.

[Gistok]

Dan Gilbert should be using that money to buy back Rocket Mortgage stock in an NCIB to stabilize the price over $20 instead of aggrandizing his own pocket book in fix and flips. Rocket Mortgage is now trading at under $17 a share and falling even more today. Dan Gilbert is nothing but a dirt bag who's stepped on everyone who believed in his company by investing money in it.

Don't they teach you in Canada about risk and how Wall Street works?

Gilbert doesn't have some magical crystal ball on which to base how the stock market will react.

He should forget about helping the less fortunate in Detroit... and worry more about the better off stock market folks. And maybe all those folks who made money off of the stock when it went up to $43/share should give their profits back... yeah right...

You're a funny man...

[Satiricalivory]

Dan Gilbert should be using that money to buy back Rocket Mortgage stock in an NCIB to stabilize the price over $20 instead of aggrandizing his own pocket book in fix and flips. Rocket Mortgage is now trading at under $17 a share and falling even more today. Dan Gilbert is nothing but a dirt bag who's stepped on everyone who believed in his company by investing money in it.

They're not buying back stock. They need more stock in the market to qualify for the S&P. That's a big reason they sold the shares.

LOL why so fucking bitter? The price was completely unaffected when he sold the shares for 500 million. His foundation has nothing to do with the stock value.

As a shareholder myself, get over it. Ups and downs are what the stock market is, everybody knew that before buying. And it's not his fault the stock is being undervalued by institutional morons on wall street.

[davewindsor]

Don't they teach you in Canada about risk and how Wall Street works?

Gilbert doesn't have some magical crystal ball on which to base how the stock market will react.

He should forget about helping the less fortunate in Detroit... and worry more about the better off stock market folks. And maybe all those folks who made money off of the stock when it went up to $43/share should give their profits back... yeah right...

You're a funny man...

It's not about a crystal ball or the whims of hedge funds, but it's about Gilbert's mismanagement of Rocket Companies. It had an IPO price of $18/share. First day of trading, it went up to $24.90 because of all his boosting. It's now at $16.74/share and falling, below it's IPO price.

This year's Q1 report's balance sheet has almost $3Billion listed as cash and cash equivalents and he can't use it to do an NCIB share buyback to stabilize the price like any other competent CEO would??

No, he has to release a report that there will be negative revenue expectations for the next couple years to drop the stock price even further.

It's quite clear from his actions how wall street will react. It's not about slime bag wall street hedge funds, but a company being run by a complete slime bag screwing over his investors who believed in him. He throws bread crumbs to the less fortunate while taking in piles of cash for himself from his investors. He rakes in billions, but how much has he really given to the poor?? $500m million for neighborhoods for his lucrative fix and flips, while only $15million of that goes towards tax relief [[which is not even clear if that tax relief is writing off debt or just converting it into some other financial instrument).

[davewindsor]

They're not buying back stock. They need more stock in the market to qualify for the S&P. That's a big reason they sold the shares.

Who gives a flying sh-t about the S&P if it screws over his investors in the process?? The S&P is secondary. He should be upholding the reputation of his company as primary by buying back stock and stabilizing the stock price.

[DetroiterOnTheWestCoast]

The initial $15,000,000 for back taxes is to clear debt owed by homeowners enrolled in the Pay As You Stay program. As I understand it, that program eliminates the onerous interest and penalties and establishes a payment plan. Gilbert’s funds will be used to clear that debt, not acquire it. As was demonstrated during the housing crisis, forcing people out of their homes and depopulating neighborhoods has a devastating impact on communities.

[Satiricalivory]

Who gives a flying sh-t about the S&P if it screws over his investors in the process?? The S&P is secondary. He should be upholding the reputation of his company as primary by buying back stock and stabilizing the stock price.

It's back at 20 a share so your rage was for nothing.

[davewindsor]

It's back at 20 a share so your rage was for nothing.

How long will that last? It's only shorted 15%. If it goes back to $23, I'm out.

[Satiricalivory]

Nobody cares.

[davewindsor]

Nobody cares.

If nobody cares, why did you respond it's back at $20 then? You never make any sense.

[Satiricalivory]

If nobody cares, why did you respond it's back at $20 then? You never make any sense.

To show how foolish you were/are. You went on a rampage because his foundation is investing in the city, all for nothing. I don't care what your stock plan is. Responses don't mean anybody cares.

[davewindsor]

To show how foolish you were/are. You went on a rampage because his foundation is investing in the city, all for nothing. I don't care what your stock plan is. Responses don't mean anybody cares.

If you didn't care, you wouldn't respond--you would just choose to ignore me. This shows how foolish your responses are.

Stock's under $20 again, as I thought yesterday.

[Seven&wyo]

If you didn't care, you wouldn't respond--you would just choose to ignore me. This shows how foolish your responses are.

Stock's under $20 again, as I thought yesterday.

Then either sell the fuckin things and stop bitching or keep them and stop bitching. This is a thread about a donation of money for Christ’s sake.

[ct_alum]

Then either sell the fuckin things and stop bitching or keep them and stop bitching. This is a thread about a donation of money for Christ’s sake.

+1, Thank you! One wonders if Gilbert is such a dirt bag, why is Dave contributing to his dirt bagness by buying his stock?

[davewindsor]

+1, Thank you! One wonders if Gilbert is such a dirt bag, why is Dave contributing to his dirt bagness by buying his stock?

I sometimes wonder about the people on here like you. I bought the stock, the stock went down, then I said what I said. If I knew the stock was going to go down after everyone was pumping it by saying how great Gilbert was, I wouldn't have bought it before it went down. I never said he was a dirtbag before the stock went down.

Get it? Got it? Good.

[davewindsor]

Then either sell the fuckin things and stop bitching or keep them and stop bitching. This is a thread about a donation of money for Christ’s sake.

Two letters for you: N O. I will not stop. This thread is about how great Gilbert is because of what he's doing. I disagree.

P.S. you're using the Lord's name in vain. What does that say about you?

[Seven&wyo]

P.S. you're using the Lord's name in vain. What does that say about you?

That I’m more intelligent than you and I don’t buy stocks based on anecdotal fervor. Why don’t you buy some dogecoin while you’re at it.