Phill 's Take on Detroit Investment

Blogs » Real Estate Agent » Michigan » Royal Oak » Phill 's Take on Detroit Investment

Why is Detroit the Right Palce and This the Right Time?

Monday, October 17

•As many property investors already know, Detroit, Michigan, currently has some of the best property investment opportunities in the world. This is due to the huge number of repossessions and foreclosures seen in the city over the past few years.

•The large number of foreclosures has meant that investors with the capital in hand to make a cash purchase are able to buy properties that are already tenanted, or on a government-backed waiting list of over 9,000 people who are in need of suitable housing right away. In most cases, properties are up to 47% below market value (BMV) and are currently achieving rental yields of 21%. All of this from an investment of $45,000.

•Located in the upper Eastern region of the United States, Detroit is now home to over 5.4 million people. Detroit is the largest city in the state of Michigan and has been massively affected by the economic downturn, which has led to an increased number of property repossessions and foreclosures. This has resulted in a massive shortage of affordable housing in the metropolitan area of Detroit. There is currently a waiting list of over 9,000 people. All properties available are 3 to 6 bedroom detached houses and are located in stable working-class communities. Properties can be acquired at very low prices ($40,000), while rental returns remain high (gross yields over 21%). Combine this with an extremely high rental demand, backed by the US government; it’s clear to see why Detroit is the right time investors.

•Detroit is a vibrant industrial area and has a selection of companies located in and around the city specializing in technological innovation. These companies range from small businesses employing 10-20 people to multi-national corporations with thousands of employees.

•The Detroit Metropolitan Airport is one of America’s largest and most recently modernized airports. With 6 runways and maintenance facilities to service and repair aircraft of a similar size to that of a Boeing 747, Detroit Metropolitan Airport is the gateway for many to Detroit and the surrounding area. There are also numerous shops, restaurants and hotels on the airport site, creating jobs for local residents and recreational facilities for travelers.

Website:	http://www.mtadgroup.com
Phone:	248.264.3822
Fax:

BiggerPockets

Why is Detroit the Right Palce and This the Right Time?

Phill Holsinger

Categories

Archive

Recent Posts

Recent Comments