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People Top 5
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- March 29, 1976
- Vol. 5
- No. 12
Michael W. Higgins started an investment management firm in Detroit six years ago with a small apartment building financed by $4,000 from his own savings and $11,000 put up by friends and family. Today his holdings number 1,300 units in 31 buildings and, at 27, he is president and chairman of Higgins Management, which controls assets of $5 million. A college dropout, Higgins was a complaint taker for Detroit Edison when he founded his company. He worked nights and weekends to manage the buildings, drawing no salary for two years. Higgins gambled on restoring structurally sound, handsome buildings of the '20s and '30s in the old Indian Village section of the city. His renovations included the addition of luxury features and security systems, and have resulted in the revival of whole neighborhoods. Higgins' $210 weekly salary today is pretty modest for a land baron. "A parking attendant in one of my apartment garages makes more, with overtime, than I do," admits Higgins. A bachelor, he would rather plow the profits back into the business. Higgins predicts that housing costs will rise substantially in the near future. "Watch out," he warns. "Before you know it, a much higher percentage of your income is going to go for rent—no matter where you live."
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