Detroit Multi-Family Rentals

2 Replies

Hi,

Right now I'm just learning and playing with numbers. I found a large (32 unit) multi-family complex in Detroit for $815000 before closing costs, taxes, etc.
http://www.realtor.com/realestateandhomes-detail/1...

I used the analyzer on the site and one from http://www.finestexpert.com/Investment-Property/Fo... to crunch the numbers and see if I was using the tools correctly.

Note: This is only for my education. I am not about to spend $815000 on a complex in Detroit.

Does anyone think that this would be something manageable for a new investor and am I on the right track? Also, what are people's opinions on long distance investing? Is it something worth looking into if you can find multiple trustworthy property managers and can check out the property a few times per quarter?

Originally posted by @Ryan Del Mastro :

Hi,

Right now I'm just learning and playing with numbers. I found a large (32 unit) multi-family complex in Detroit for $815000 before closing costs, taxes, etc.
http://www.realtor.com/realestateandhomes-detail/1...

I used the analyzer on the site and one from http://www.finestexpert.com/Investment-Property/Fo... to crunch the numbers and see if I was using the tools correctly.

Note: This is only for my education. I am not about to spend $815000 on a complex in Detroit.

Does anyone think that this would be something manageable for a new investor and am I on the right track? Also, what are people's opinions on long distance investing? Is it something worth looking into if you can find multiple trustworthy property managers and can check out the property a few times per quarter?

You need more than a property manager to invest in Detroit!