Detroit Investing or Roof Stock

Member since 2019 · 27 posts · 6 votes

Hey everyone and GM!! So I'm a little stuck! I have around $40k cash! Should I invest in a Detroit and buy a cash house/duplex or use that money for a down payment in a better place through ROOF STOCK? Also has anyone heard of CITY MANAGEMENT GROUP in Detroit?

I have found some houses n Detroit for $25-30k cash that might need less than $5k to be livable in and can get around $600-700 a moth. Then again I look at roof stock and they look all clean and ready to rent out but of course are more money to buy ( $80-90k) but the rent on these I can get from are from $800-1000 which is almost the same I can get from the Detroit deals with $50k less !!! I'm ready to invest and just put my foot in the door, but I'm leaning towards Detroit this way I wont have any Mortgage payments :-) thoughts?

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Greg ScottPro Member
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
7y
Juan:
I've lived in Metro Detroit for almost my entire life. It has been great to see the core downtown areas come back to life. What has been strange though is how that has translated into a frenzy from people all over the planet looking to buy property in the city. I hear this frenzy echoed in your comments.
There are some great neighborhoods in the city that are experiencing a resurgence. Smart investors will do well. But, go one block away and you can find yourself in a neighborhood in terrible shape that is unlikely to ever recover. Investors in those areas may have just flushed a lot of money down the tubes.
Be smart. Conduct a lot of due diligence.
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