Homes Rarely Shown In Detroit.

14 Replies

I wanted to share this video with people that haven't seen some of the great areas of Detroit.

Here is a video from the Detroit Progress website. 

Unfortunately, many people wrongly associate Michigan and metro detroit with Detroit, and many people associate war zones with all of Detroit. Having gone to school in Detroit for 6 years, I have met many great kids and families from great areas of the city. Last weekend I was hanging out in Rosedale and though to myself, this looks more like a grosse pointe than Detroit. 

With that being said, I do not invest in the city for many reasons. Yes, money can be made in the city with a great local knowledge, but there is a lot of inherit risk in the city that I am not exposed to in the suburbs. 

Thanks @Al Neal

@Carson M. Those same problems are inherent in any city, but Detroit's ratio is much higher.  I don't invest in Detroit either, but it's because I know my markets and I have no need to specifically know Detroit's market.  There's a lot of money to be made in Detroit as an investor...and lost.  Come to think of it, you could say that about any city.

Yes, most people outside of Detroit think Michigan is actually in Detroit.

I heard you could buy a property in Detroit and go downtown to have utilities turned on, and "No one is home." That you can't obtain basic services.

Is that true? 

Doesn't seem so, because people actually live in Detroit (I guess?).

The basic question becomes:

If there are nice properties in Detroit like that then how much do they cost versus rents??

There are nice areas in every state. Based on comparable investment selection for other states metrics with your capital where does Detroit rank??

I think there is much sweeter fruit out there to be had right now. Investors need to take out affinity for an area and emotion because it's where they live now or where they came from etc.

When people get nostalgic and look away from the data with blinders on that is when you can get into trouble.

I am sure some investors 5 years from now will say they did great there etc.  

Originally posted by @Joseph Ball :

I heard you could buy a property in Detroit and go downtown to have utilities turned on, and "No one is home." That you can't obtain basic services.

Is that true? 

Doesn't seem so, because people actually live in Detroit (I guess?).

 Not sure what your are asking?

If you buy a demolished $500 house in Detroit, is there a problem getting power, water, gas turned on? (Not that I'm interested. I wouldn't touch a Detroit house with a vaccinated iron crowbar.)

@Joseph Ball  Yes...and what's amazing is this.  You don't even need to "vaccinate" the crowbar.  You do realize the., although Detroit (like most large cities) has had it's problems, but is fixing them successfully.

Actually, right now, the biggest problem Detroit has is the lazy bad press.

Is it true Detroit is demolishing 200 houses per day?

@Joseph Ball  No.  Their goal was to get rid of the vacancies by demo 200/day.  Don't read any more into that then what it says.  This doesn't mean there are 200,000 vacant houses and it will take 1000 days at that pace to get rid of them all.

The idea was to do more than put a dent in the number of vacant houses quickly.

It is more like 200 houses per week.

Originally posted by @Al Neal:

It is more like 200 houses per week.

 Right, 200/week.  Sorry Al...I just wrote that ridiculous statement down without thinking about it...not that /week isn't just as "adventurous".

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