Detroit Properties
This may have been discussed before, but if not I thought I'd bring this up to you investors who keep asking about buying properties in Detroit.
As a Landlord in the City of Detroit (now retired) who owned 40 properties there, I can tell you that it's not a place to invest, UNLESS it is on the Water Front! (And there are some areas that are ok, but for how long?) However, if I were you, I'd buy all those all broken down house, just for the land. Land is always profitable! I have several friends who have done this. But they don't need a return on their investment at the present. They can afford to wait.
You can buy properties in Detroit for a dollar, and those that sell for over a dollar are really very cheap. Buy the property, tear down the house and keep the land. Detroit won't always be down trodden. And land will always appreciate. Detroit will some day come back. The water front is already a great place. We just need to do something about the inner city parts.
The only problem is that Detroit has the highest property taxes in the entire United States, I'm told. We paid over $36,000.00 a year during my landing career there. Averaging out to about $3,000 per property. Apartments entailed $4,000.00 and each unit was taxed. Duplexes, another $1,000 more than our single family homes. Plus you would have to keep the lawn well groomed according to City Ordinances so you wouldn't get tickets, etc.
But, it's a thought. Just be careful when you go there to do your drive by's. I have many stories I could tell you but it's already been said and done many times before.
If I were to invest again in Detroit, I would purchase the land. But, alas, I am growing old and the old bones just can't keep up with you young whipper snappers. Plus health issues with hubby, so my time has passed, but not yours!
Good luck to you on your adventures.
Nancy Neville