Detroit real estate????

Question

Do you think that Detroit is a good starting market investment for a beginning real estate investor and can I succeed in that market?

David Stevoff · Answer

Detroit is a great area to invest but be cautious on location!! I focus on single family homes with great ROI typically around 15%. The city has a revitalization program for 7 specific neighborhoods try to focus on those locations. Typical purchase price for a tenant occupied home renting for $700-$800 a month is around $45,000.00. I am looking at some good appreciation, I expect about 30% appreciation over the next few years.

You can get higher ROI in other areas but they are considered "War Zones" and not ideal for investors. I have a few articles on the revitalization below :

https://www.freep.com/story/news/local/michigan/detroit/2018/05/07/how-detroit-plans-raise-130-m-invest-7-neighborhoods/585989002/

https://nextcity.org/daily/entry/detroit-expanded-plan-to-spread-the-wealth-to-neighborhoods

Charles Kao · Answer

@Robert Wel  Not for an someone that is not familiar with market. And if you are I'd be in Detroit area not Detroit.  If you know the market well, then have at it because there is alot of money to be made.  Especially with people like Brandon Turner bashing the city

Gary Carver · Answer

@Robert Vel  Do you homework.  Decide if you want to invest in Detroit or Surroundind areas. Location and buying at the right price is key. Detroit is a great market.

Alvin Neal · Answer

I believe any real estate market is good for a new real estate investor. As long as you have the knowledge of the market you're interested in and the education  to intiate your entrance and exit strategy. There is money to be made here in Detroit but what is your tolerance for risk. Do you have someone here on the ground that has your best interest and plans to build an ongoing relationship? What is your buying criteria and price points?  Are you looking to buy and hold or flips?

Mora Clark · Answer

@David Stevoff did you use the turnkey company? I have been watching the Deteoit marker and really want to jump in but I’m not so familiar with location and haven’t found the SFH with tenant in that is at your described price point. Would love to hear more from fellow investor like you :)

Shannon Mcveigh · Answer

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Bala A. · Answer

I will reiterate what others have said, good time to buy in Detroit, however location and what you buy is very important

I focus on aspirational areas with 12-15% rental returns

Jeffrey Gordon · Answer

Brandon bashing Detroit? Has he ever left Washington State Small town ville?

Scott K. · Answer

NO

Detroit real estate????

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