Frankfort, IL · Member since 2014 · 17 posts · 8 votes
I enjoy writing blogs as well as posting news articles about what is happening in the real estate market as well as positive news for the cities/areas we invest in.
Detroit. for example, is a hot market right now with A LOT of potential. The city unfortunately was hit hard during the recession and lost a lot of residents, businesses and character it once had. I try to find and post articles that help investors see the positive things about the city and the market.
I recently posted an article on new major businesses establishing headquarters in one of Detroit's major buildings and all of the good the company will do to help bring life back to the economy. I also post the quarterly market updates published by business reports and major real estate sites to help investors know how well the area is growing.
When deciding to invest, how important is the local economy to your decision making process?
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
Good article, good post @Danielle Shulman . It's funny, but most people outside of Michigan assume Michigan is somehow in Detroit. I have found this area to be a goldmine for investors. Houses are very inexpensive...not to be confused with "cheap in bad areas". There are a lot of California investors I work with because they can flip in their home State and buy holds for all cash here...then refi to get it all out, and reinvest it again, and again, and...well, you know this.
I'm watching properties sell on a consistent basis in less than 10 days...at AP. I'm watching homes that cost less than 100k (many less than 50k all in) and cash flow North of 400-500/months...with a PM in place.
I read about others looking for that magic formula to REI, and trying to rationalize a short term loss (negative cash flow) with a long term growth (equity build) and I keep wondering what their plans are for life while they wait for this long term exit.
I get to watch, and smile, because here we get to take advantage of both. Life is good.
Professional · Detroit, MI · Member since 2014 · 25 posts · 13 votes
11y
I can echo @Joe Villeneuve 's words about houses in Michigan, especially in Detroit. As a PM working in the city, I've seen plenty of cheap houses with stellar cap rates. The opportunity for rehabbers is obvious - speaking as a rehabber myself - but there's also plenty of opportunity for buy & holds.
To anyone reading this who's in Southeast Michigan, I can't recommend A2REIC enough. Kudos, Joe.