BiggerPockets

Anybody here doing deals in Detroit? What does everyone think of the opportunities there? Are there opportunities?

I would like to look at targeting this city and zoning in on some good properties. For those that invest, live, or have interest in Detroit, I have a few questions for deal analysis and advice.

1) What are the target residential areas in Detroit? Including neighborhoods, areas, etc.? Where are the renters, what areas cash flow best?

2) What are the target commercial areas?

3) What is the future of Detroit? What do you see happening to the now empty city?? When and Will it ever come back?

4) What property management companies are located in Detroit? Who would you recommend?

5) How is it rehabbing in the city right now? Are there contractors still in the area and are they reliable, etc.?

6) How is the city to work with? What do they demand for home owners, landlords, etc.? Any licensing, fees, taxes to look out for?

I think we should pick a city every month or so and focus our efforts on where the deals are at, and what makes sense in the area. As we all know, there are deals in every market, we just have to track them down.

Also, I am personally looking for contacts in the Detroit market. If you are interested in this network and putting some deals together please pm me.

Thanks

I was raised in west metro detroit. I was home to visit family in October. People are migrating to the west and NW areas outside of detroit. Brighton, Milford, Canton, Farmington. Those are areas that have grown the most since I moved in 1974.

If you are looking for blue-collar areas, there is Hazel park, Warren, Dearborn Hts, Garden City. Personally, I wouldn't invest in Wayne county which encompases most of Detroit.

When home, I heard a rumor they Michigan Truck Plant in Wayne (where I am from) is making the ford fussion and focus lines and they may actually increase hiring. Who knows.

Good place to grow up and lose your virginity, but I wouldn't move back. But there is way more to Michigan than Detroit and Wayne Co.! Like Grand Rapids, one of my best friends growing up is a County Commisioner up there. I think the future of America is going to be in city's like Grand Rapids.

TC

My only question in this would be:

If you are not looking for an immediate return on your investment, is Detroit not a adequate location? I think that if you are able and willing to hold out, Detroit might be a location that you will see returns, but not in the near future.

Or am I totally off on this?

If done some research on economic outlook for a bunch of major cities and there was little positive future growth for the area.

When there are better potential growth cities were housing is good and business cost are low like
Houston, TX
Jacksonville, FL
Indianapolis, IN
Louisville, KY
Cleveland, OH
Salt Lake City, Utah
then name some good reasons that I should invest in Detriot's future?

Originally posted by Tom Cullen

I was raised in west metro detroit. I was home to visit family in October. People are migrating to the west and NW areas outside of detroit. Brighton, Milford, Canton, Farmington. Those are areas that have grown the most since I moved in 1974.

If you are looking for blue-collar areas, there is Hazel park, Warren, Dearborn Hts, Garden City. Personally, I wouldn't invest in Wayne county which encompases most of Detroit.

When home, I heard a rumor they Michigan Truck Plant in Wayne (where I am from) is making the ford fussion and focus lines and they may actually increase hiring. Who knows.

Good place to grow up and lose your virginity, but I wouldn't move back. But there is way more to Michigan than Detroit and Wayne Co.! Like Grand Rapids, one of my best friends growing up is a County Commisioner up there. I think the future of America is going to be in city's like Grand Rapids.

TC

I strongly agree with Tom. You hit the nail right on the head!

There are still very affluent areas which encompass Detroit, but aren't Detroit. Only a very small handful of those cities are in Wayne County. Oakland, Livingston, Macomb, Genesee, etc. are remaining stable considering the overall economic climate.

Grand Rapids is a great town with growth thanks to multiple hospitals and universities. It's a well-kept secret of the midwest, in my opinion. Lansing is another great area. Thanks to the state government, Lansing is full of lawyers and consultants. People of those caliber come with money. Unlike Detroit, Grand Rapids and Lansing proper are not dismal places to invest and/or live.

i've lived in canton and plymouth..suburbs of detroit..the people there are proud of their city and i think it will come back eventually..if you can afford to wait it out a decade or 2, i think it would be a great investment...remember, the best investments are the opposite of what everyone says to do...think...right now, everyone is saying to stay way from detroit...DO THE OPPOSITE OF 99% OF PEOPLE