{"id":171499,"date":"2024-05-06T14:21:09","date_gmt":"2024-05-06T20:21:09","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=171499"},"modified":"2024-06-06T11:26:23","modified_gmt":"2024-06-06T17:26:23","slug":"detroit-beats-post-pandemic-downtown-doom-loop","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/detroit-beats-post-pandemic-downtown-doom-loop","title":{"rendered":"Detroit Beat Its Post-Pandemic Downtown Doom Loop\u2014Here\u2019s How Investors Can Benefit"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC2051573146\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">A&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/apnews.com\/article\/donald-trump-kwame-kilpatrick-detroit-8441a18980a74aaa6503a5c098db25a1\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mayor in handcuffs<\/span><\/a><span data-preserver-spaces=\"true\">, a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/apnews.com\/article\/kevyn-orr-detroit-bankruptcy-be5b3c78b4c851f1ce28429e0d88db11\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">bankrupt city<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;mired in poverty, unemployment, and soaring crime: 10 years ago that was Detroit&#8217;s legacy. Today, it is a real estate success story.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Early investors\u2014to quote one of Motown\u2019s most famous songs\u2014are dancing in the street. Developers are pouring billions of dollars into its business district, luring the likes of Ford, Quicken Loans, Blue Cross Blue Shield, and more to take up office space. There&#8217;s even a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.dbusiness.com\/daily-news\/exclusive-gucci-opens-detroit-store-in-heart-of-downtown\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Gucci<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;store\u2014the city&#8217;s first. The spillover has resulted in booming residential home prices\u2014<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/news.yahoo.com\/home-prices-detroit-rising-even-130000600.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">up 40% since 2020<\/span><\/a><span data-preserver-spaces=\"true\">\u2014and revitalized neighborhoods.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Vacant Buildings to Residential Space<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Detroit&#8217;s tale is one that other cities such as Pittsburgh, Washington D.C., New York, and San Francisco, experiencing the post-pandemic&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2023\/10\/06\/the-urban-doom-loop-threatening-cities-like-new-york-and-san-francisco.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">downtown doom loop<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;of empty offices and increased vagrancy, could do well to emulate. A total of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/downtowndetroit.org\/news-insights\/2023-by-the-numbers\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">40-plus major construction projects<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;have been completed or are being completed downtown since 2018, and thanks to new construction and repurposed former vacant buildings, there will be&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/outliermedia.org\/detroit-rental-market-properties-increase-data\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">9,567<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;more residential units in 2024 than in 2021.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Preserving and Repurposing Historic Buildings<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In this respect, Detroit has succeeded where other cities have failed,&nbsp;<\/span><span data-preserver-spaces=\"true\">in part<\/span><span data-preserver-spaces=\"true\">&nbsp;because many of the city&#8217;s downtown office buildings are almost a century old, with small floors and stylish architecture that convert well into residential buildings\u2014unlike the 1970s and \u201980s glassy towers in other cities.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Spearheading this conversion is Dan Gilbert, a Detroit native and the billionaire co-founder of home lender Rocket Mortgage. This pioneer moved his company to downtown from the suburbs in 2010. He told the&nbsp;<\/span><em><a class=\"editor-rtfLink\" href=\"https:\/\/www.wsj.com\/real-estate\/commercial\/reversing-the-real-estate-doom-loop-is-possible-just-look-at-detroit-0916d6f7?mod=real-estate_feat2_commercial_pos2\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Wall Street Journal<\/span><\/a><\/em><span data-preserver-spaces=\"true\">, &#8220;We&nbsp;<\/span><span data-preserver-spaces=\"true\">really<\/span><span data-preserver-spaces=\"true\">&nbsp;had three options: Extend the leases, go to some farmland and build a campus\u2014which wasn&#8217;t&nbsp;<\/span><span data-preserver-spaces=\"true\">really<\/span><span data-preserver-spaces=\"true\">&nbsp;attractive to us\u2014or come downtown and fill up some of these beautiful old buildings that we&nbsp;<\/span><span data-preserver-spaces=\"true\">really<\/span><span data-preserver-spaces=\"true\">&nbsp;loved.&#8221;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Making Downtown a Destination for More Than Work<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Gilbert&#8217;s companies bought&nbsp;<\/span><span data-preserver-spaces=\"true\">more than<\/span><span data-preserver-spaces=\"true\">&nbsp;130 properties downtown, spending billions on revitalizing the city and encouraging other companies to take advantage of cheap office space in gorgeous buildings. Ford Motor Company, always synonymous with the city, is spending $900 million to redevelop Michigan Central, the city&#8217;s abandoned train station\u2014opening in June\u2014and surrounding properties. Start-ups are streaming in.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">However, to make Downtown less office-dependent, casinos, sports venues, and revamped aging theaters have added a vibrant nightlife appeal. Developers have responded to generous tax breaks to build, and the knock-on effect has been increased condo and apartment prices.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">\u201cBest Investment in America\u201d<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Residential property values in the city climbed an average of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.detroitnews.com\/story\/news\/local\/detroit-city\/2024\/01\/22\/detroit-property-values-climb-23-marking-seventh-straight-year-of-growth-officials-say\/72284968007\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">23% last year<\/span><\/a><span data-preserver-spaces=\"true\">, marking the seventh straight year of growth. Values rose 31% in 2022 and 8% per neighborhood from 2021 numbers. In total, all 208 of the city&#8217;s neighborhoods saw increases.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Mayor Mike Duggan gleefully called the city the &#8220;best investment in America.&#8221; Some neighborhoods, such as Campau\/Banglatown, New Center Commons, DelRay, and Carbon Works,&nbsp;<\/span><span data-preserver-spaces=\"true\">saw their values increase<\/span><span data-preserver-spaces=\"true\">&nbsp;by more than 50%. A strategic plan to keep&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-taxes-deductions\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">real estate taxes<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;low has helped.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">\u201cSince 2018, Detroit property values have exploded, not your tax rate,\u201d Duggan said in a statement. \u201cIt stayed down here, and today, the average Detroiter is&nbsp;<\/span><span data-preserver-spaces=\"true\">being taxed<\/span><span data-preserver-spaces=\"true\">&nbsp;at half their assessed value.\u201d<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">A Haven for House Flippers<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As such, in recent years, Detroit has been a haven for&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/guides\/how-to-flip-houses\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">house flippers<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and new residents. Duggan said about 15,000 homes, as well as parks, streetscapes, and streetlights, saw improvements. He also mentioned the Detroit Land Bank&#8217;s declining inventory, which has gone from 45,000 abandoned homes in 2014 to less than 5,000 today.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Today, Detroit remains&nbsp;<\/span><span data-preserver-spaces=\"true\">extremely<\/span><span data-preserver-spaces=\"true\">&nbsp;affordable.&nbsp;<\/span><span data-preserver-spaces=\"true\">According to<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.realtor.com\/realestateandhomes-search\/Detroit_MI\/overview\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Realtor.com<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><span data-preserver-spaces=\"true\">the median listing home price is $89,900, and the median sold home price is $79,000.<\/span><span data-preserver-spaces=\"true\">&nbsp;Although the current 4,236 homes for sale cover a wide range of prices\u2014everywhere from $750 for a lot to $8.6 million for a 36,000-square-foot&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/finding-multifamily-properties\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">multifamily<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;property\u2014investing and raising a family in a decent Detroit neighborhood is&nbsp;<\/span><span data-preserver-spaces=\"true\">extremely<\/span><span data-preserver-spaces=\"true\">&nbsp;achievable.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Rents have also increased in the city, making it<\/span><span data-preserver-spaces=\"true\">&nbsp;a&nbsp;<\/span><span data-preserver-spaces=\"true\">profitable&nbsp;<\/span><span data-preserver-spaces=\"true\">place<\/span><span data-preserver-spaces=\"true\">&nbsp;for out-of-town landlords to invest.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><span data-preserver-spaces=\"true\">They often&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/cash-transactions-now-making-up-a-third-of-sales\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">buy houses for cash<\/span><\/a><span data-preserver-spaces=\"true\">. The<\/span><span data-preserver-spaces=\"true\">&nbsp;same amount of money would only pay for a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/down-payment\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">down payment&nbsp;<\/span><\/a><span data-preserver-spaces=\"true\">elsewhere.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">&#8220;Market sales are 58%, and distress[ed] sales are about 42%,&#8221; City Councilman Coleman A. Young II told the&nbsp;<\/span><em><span data-preserver-spaces=\"true\">Detroit News<\/span><\/em><span data-preserver-spaces=\"true\">. \u201cThat&#8217;s one of the first times that we&#8217;ve had more market sales than distress[ed] sales in&nbsp;<\/span><span data-preserver-spaces=\"true\">the city of<\/span><span data-preserver-spaces=\"true\">&nbsp;Detroit.&#8221; In 2013, 90% of Detroit&#8217;s homes were sold for cash, as borrowers could not obtain a mortgage.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">But There Are Still Issues<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Despite the massive new development and rising house prices, investing in a Detroit fixer-upper is far from a cakewalk, as this<\/span><em><span data-preserver-spaces=\"true\">&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/01\/02\/opinion\/will-detroits-comeback-benefit-detroiters.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">New York Times article<\/span><\/a><\/em><span data-preserver-spaces=\"true\">&nbsp;reveals.&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/contractor-questions\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Finding a quality, honest contractor<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;can still be&nbsp;<\/span><span data-preserver-spaces=\"true\">tough<\/span><span data-preserver-spaces=\"true\">, and&nbsp;<\/span><span data-preserver-spaces=\"true\">nefarious<\/span><span data-preserver-spaces=\"true\">&nbsp;characters are around, ready to steal tools and worse. &#8220;Welcome to Detroit&#8221; is a phrase often used by jaded police officers when out-of-state investors fall victim to crime.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">All this means that out-of-town investors still have to pick and choose neighborhoods to buy in carefully, and having the help of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/agent\/match\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">knowledgeable real estate investors<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and property managers in the area is a huge benefit.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Other Cities Like Detroit Where Investment Makes Sense<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It&#8217;s hard to find cities like Detroit, where house prices&nbsp;<\/span><span data-preserver-spaces=\"true\">are<\/span><span data-preserver-spaces=\"true\">&nbsp;still&nbsp;<\/span><span data-preserver-spaces=\"true\">incredibly low<\/span><span data-preserver-spaces=\"true\">,&nbsp;<\/span><span data-preserver-spaces=\"true\">and<\/span><span data-preserver-spaces=\"true\">&nbsp;yet tremendous development and appreciation have occurred.<\/span><span data-preserver-spaces=\"true\">&nbsp;That&#8217;s because Detroit scratched its way up from bankruptcy when the loose change in your pocket could have bought you a home there a decade ago.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Other&nbsp;<\/span><span data-preserver-spaces=\"true\">major<\/span><span data-preserver-spaces=\"true\">&nbsp;cities experiencing downtown problems&nbsp;<\/span><span data-preserver-spaces=\"true\">are<\/span><span data-preserver-spaces=\"true\">&nbsp;still&nbsp;<\/span><span data-preserver-spaces=\"true\">too<\/span><span data-preserver-spaces=\"true\">&nbsp;expensive to invest in<\/span><span data-preserver-spaces=\"true\">, whereas other<\/span><span data-preserver-spaces=\"true\">&nbsp;affordable Midwestern cities, such as Indianapolis, Minneapolis, and Cleveland, have been&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/midwest-america-cities-downtown-crisis-office-apocalypse-urban-doom-loop-2023-6\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">losing workers<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in their downtowns, resulting in a loss of residents.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">However,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.insidermonkey.com\/blog\/5-fastest-growing-cities-in-the-midwest-1150213\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">several Midwestern cities<\/span><\/a><span data-preserver-spaces=\"true\">, such as Canton and Akron, Ohio; Omaha, Nebraska; and Springfield, Missouri, have emulated Detroit, reinventing themselves with new businesses and attracting new residents. These cities are ripe for investment.&nbsp;<\/span><span data-preserver-spaces=\"true\">Beginning the investment journey here means comparing house&nbsp;<\/span><span data-preserver-spaces=\"true\">prices<\/span><span data-preserver-spaces=\"true\">,<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><span data-preserver-spaces=\"true\">rental<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><span data-preserver-spaces=\"true\">rates,<\/span><span data-preserver-spaces=\"true\">&nbsp;and talking to real estate agents and property managers.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts&nbsp;<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As an experienced investor, I have learned that the bodybuilding adage of &#8220;no pain, no gain&#8221; also holds&nbsp;<\/span><span data-preserver-spaces=\"true\">true<\/span><span data-preserver-spaces=\"true\">&nbsp;for real estate. To achieve the best returns, you have to&nbsp;<\/span><span data-preserver-spaces=\"true\">be prepared<\/span><span data-preserver-spaces=\"true\">&nbsp;to endure a degree of discomfort.&nbsp;<\/span><span data-preserver-spaces=\"true\">Riding<\/span><span data-preserver-spaces=\"true\">&nbsp;an equity\/appreciation wave as a city transitions from bad times to&nbsp;<\/span><span data-preserver-spaces=\"true\">good<\/span><span data-preserver-spaces=\"true\">&nbsp;means catching the wave during the dark days and all the ills that come with it.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Early pioneers who invested in Detroit 15 years ago undoubtedly have their war stories but are sitting pretty today. However, the house prices are still low enough that investing here&nbsp;<\/span><span data-preserver-spaces=\"true\">still<\/span><span data-preserver-spaces=\"true\">&nbsp;makes sense.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Looking at the projects planned for a city&#8217;s downtown area can often indicate how the surrounding areas will operate: What new businesses are moving in? Are they future-proof? What are the development plans? Are there new coffee shops, art galleries, and artists in the neighborhoods? Are residents arriving rather than leaving?&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">These are the early signs of any city on the move. Making a downtown livable and a place to congregate safely outside work hours is another&nbsp;strong&nbsp;sign.&nbsp;So far, Detroit&nbsp;seems to have&nbsp;checked all the boxes.<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_c81356b72c469e1b28aac72535fc6660\" class=\"visibility-group  hidden\">\n        \n\n<div id=\"hero-block_d3f07887b3572450be9171e11e6f6b73\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-gold-color has-text-color has-large-font-size wp-block-paragraph\" style=\"font-style:normal;font-weight:800\">Get the Best Loan Today<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color wp-block-paragraph\" style=\"font-size:16px\">Find trusted, <em><strong>investor-friendly<\/strong><\/em> lenders who specialize in your strategy. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div id=button-custom-event-block_7cbbb11ae5d3bc1567c7a8737538b691 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Lender Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/detroit-beats-post-pandemic-downtown-doom-loop&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Find a Lender<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Marketplace-Blog-Blocks-Lender-v3.png\" alt=\"investor friendly lender, investor friendly real estate loans\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color wp-block-paragraph\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/detroit-beats-post-pandemic-downtown-doom-loop&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A&nbsp;mayor in handcuffs, a&nbsp;bankrupt city&nbsp;mired in poverty, unemployment, and soaring crime: 10 years ago that was Detroit&#8217;s legacy. Today, it is a real estate success story.&nbsp; Early investors\u2014to quote one [&hellip;]<\/p>\n","protected":false},"author":613725,"featured_media":171504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,7119],"tags":[],"class_list":["post-171499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/171499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613725"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=171499"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/171499\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/171504"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=171499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=171499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=171499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}