Eminem Made Me Scared of Detroit
Eminem made me scared to invest in Detroit.
Not really. Ive seen some stats that've waived me towards the city though and Ive lined up funding to where its time for me to pull the trigger. I'm a full time contractor out of Oregon and I want a duplex with a pre-reno purchase price under $75,000. Under $50,000 even better.
I made the journey out to Memphis last year and got a taste for what I could be getting myself into when it comes to these lower priced houses. I'm expecting that its probably pretty consistent no matter what city you're looking at once you hit a certain bottom of the barrel purchase price.
I have my funding approved for all stages of purchasing something that needs some fixing up and then holding the property as a rental. I'll come out myself with my trailer and do the majority of the work, depending on what I'm getting myself into. For my price range, what are the neighborhoods that you would pick if you had say, a month to come out and do a cosmetic upgrade to the majority of the place? I'm not looking to get into a full overhaul and if I can come out with a total investment of 75% ARV I'm fine with that. I dont need to hit it out of the park . I have my own thoughts on some of the places I've put together via heat maps and neighborhood ratings, etc. I'd like to avoid the same misrepresentation of these statistics that I experienced in Memphis though.
Any input is greatly appreciated. Thanks guys and maybe I'll see you out there.
Brendan