Detroit - What are your thoughts / questions / fears about investing in the City of Detroit?
When you hear about Detroit Real Estate most people get scared and picture burned down buildings, blight, etc. Myself included.
One of my initial fears was that I wouldn't get my money back out, and that the renters wouldn't pay on time or at all based on what I read in the news/online/etc.
Whether you invest in Detroit or not, what are the biggest questions/problems/concerns do you have about investing in Detroit?
To be completely transparent I am working on creating an online resource for investors just to learn about the city (not be a sales page, or sell properties etc) for those who are interested.
Thank you for your honest thoughts and questions, it will really be a huge help into really understanding the questions people have so I know to spend time sharing that information opposed to others.
If there is anything I can do to help in return for you answering this post honestly do not hesitate to ask!
Add Hubbard Farms to your list. What neighborhood are you in?
being a newbie, single mom and looking to invest in multifamily units so i could live in one of the units, Im afraid to live in detroit alone.
i have enjoyed reading the posts. Looking to possible connect with investors, agents and mentors in this area.
Originally posted by @Tim Dingman:
It's an oversimplification, but here's a list of neighborhoods to bet on:
- Downtown
- Midtown
- New Center (I live in a house I'm rehabbing here)
- Corktown
- Woodbridge
- Indian Village
- Eastern Market
- Boston-Edison
- Hamtramck
I admit I don't know much about the neighborhoods outside greater downtown. For instance, I hear good things about Grandmont-Rosedale, but I've never been out there myself.
Of course, the most important thing you can do is check out the properties and their immediate neighborhoods themselves. My house was a great investment because the street has a strong block club and high occupancy + rehab rates. Go two blocks north, though, and you'll find just the opposite.
Indian Village is on the downswing in my opinion. I did a lot of work for a lady that owned 42 properties there.
So many problems with the renters. The area has turned to renters now and that's never a good thing with properties like that.
Hamtramck is dumpy as all out. I would never buy a property or live there ever.
Boston Edison still has a long way to go.
HAHAHAAH I love the "my block is good" That's is the silliest thing I have ever heard. LOL if you have to rete you properties by what block they are on you are in a bad area.
Rosemount/Grandmont is a pit. That is one of the area's that Pulte went in and started tearing down all the burned up houses. So you have not been there. I suggest you venture out there and take a look.
LOL all my properties are in good areas. They are all in the burbs and none of them will cost more than 50k. With the cheapest rent being $750.
why why why why mess with the stupid Detroiter's that know every scam there is to not pay their bills.
Add Bagley to the list of good neighborhoods. North of Marygrove west of U of D. I just bought a beautiful home there to rehab. All brick tudor from the Detroit Land Bank. I am proud that I am chipping away and purchasing inexpensive properties to rehab. We offer people updated and decent places to rent. I talk to the neighbors, plant sunflowers and clean the windows. Naive?? Maybe, but it still feels good to be part of the positive energy and not the negative. I am a suburbanite and have met wonderful, kind-hearted people who live in Detroit.
Some of my properties cost $500 and rent for $500 a month. Why would it appeal to me to spend 100 times as much to get a tiny bit more rent?