Michigan Investors

18 Replies

Are there any investors on here that buy in the City of Warren?

Hi Bobby. I bye in the city of Warren.

Well Mike - hopefully you Buy not "bye" in Warren...lol

What are the rents in Warren?

Hey @George P.  

We manage a number of properties in Warren. Average rents are between $800-$900. Obviously a lot depends on exact location and condition, but Warren has a lot of rental properties and those figures have been working.

Yes. We buy houses in Warren, Michigan and the surrounding areas outside of Detroit.

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So, I presume the cash is flowing well, I was concerned that the taxes would eat up the monthly profit. So do none of you think the taxes are too high?

@Linda Reynolds  - from my understand the taxes in Warren are pretty reasonable. 

It all really depends on the type of property you are looking at picking up versus how much in rent you can get.

For a 3/1 in Warren if you can net around $500 per month after taxes/insurance/mgt fees that seems pretty standard.

What type of deal were you analyzing?

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I was looking at small commercial but decided I'm not smart enough :) 

I'm looking now at duplexes or fewer than 4 unit apt buildings. You are both right, taxes aren't bad AT ALL compared to many metro detroit areas. 

Thanks for the info.

I own over 40+ houses in Warren nice city for rentals and good returns.

Jim

I have two in Warren.  One Rents for $1300 to a couple making over 200K between them, other I reside in.  I've helped other investors get properties in warren as well.  If the property is tagged, the hoops are annoying but overall the rental inspections are really just the obvious stuff. 

So glad I came across this post.  I am now in the market to buy my first home and was trying to decide if I wanted to buy in the city or in the suburbs and if so which suburb.  Warren seems like a better bet than Redford to me.  Which is what I was considering before reading this.

Are there areas of Warren that are more desirable? Areas to stay away from?

Originally posted by @Alex Jerome :

Are there areas of Warren that are more desirable? Areas to stay away from?

 I lived in Warren for the past 20 years before moving out of the city, and I would personally say anything:

North of 696, West of Schoenherr, East of Dequindre, South of 14 Mile Road (Sterling Heights). 

The houses in that region are from the late 60's and very early 70's, with mostly brick, and larger lots. The homes outside of that region are much smaller, sometimes a bit older, and are almost always on cramped lots. 

   

I also live near warren, Sterling Heights. I noticed alot of houses for sale in the sterling heights area. I was interested in the return of a house in that area. Anyone experienced in that area that can shed some light? thank you 

I know this areas on old post but current information is a good thing. I recent got my first SFR and it is in Warren. Overall, I'm satisfied with it and agree 800-900 is the going rate for a 3/1, and the taxes are resonable. The inspection process was also easier than expected. The prices are still recovering from the RE Bubble so there are some good returns to be gained. The at the moment the market seems to be warm so you can't expect to find a steal but the prices are resonable.

Is warren MI, reasonable place to invest; how are the jobs, economy? What's the Cap rate here?
Any locals/investors please comment ...
Thanks

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