Business

Aaron Foley: How Not to Crowdfund $3 Million For a City Mansion

April 11, 2014, 12:25 PM

Jalopnik Detroit's Aaron Foley appears to support some crowdfunding projects. 

But he has serious questions regarding a guy trying to raise money to turn the, 21,000 square-foot,  $2.8 million Col. Frank J. Hecker House in midtown Detroit into a "coworking heaven."

Foley writes:

And all he needs is three million of your hard-earned dollars to do it.

Yeah . . . no. I mean, don't get me wrong. I'm fully supportive of crowdfunds when there's a clear goal and purpose. And despite the fact that I can be snarky and suspicious sometimes of my fellow young creatives' intents in Detroit, I'm all for reusing older spaces. But here's why I can't get behind this.

Foley elaborates on these points: 

  • I have no idea what you plan to do since you're kind of vague about it.
  • You don't have matching funds, at least none that are listed.
  • You don't appear to have the experience to manage a "coworking heaven" or the know-how of maintaining a 21,000-square-foot mansion.
  • Why aren't you aiming lower?
  • You don't win friends with salad.


Read more:  Jalopnik Detroit


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