For all you people looking at Detroit as an easy cash flow area

4 Replies

http://www.detroitnews.com/longform/news/special-reports/2015/02/18/arson-fires-detroit-cost/22596529/

Every day more and more of Detroit burns down.

This could be your great cheap cash flowing property.  Let this be a lesson on what is going on in this city.

Add all the other problems the city has this is why I tell people it is not worth the hassle.  Not when you can go 5 miles north, west, and south and find deals to cash flow 300 a month.

I get called out on hating on Detroit.  But the facts are the facts and my attitude is not making it worse.  People that spew that its people like me keeping Detroit back are just stupid idiots.

Flame away Detroit defenders

Then there's the other side.  The side that I have more experience in.  The success stories and the change in politics that is offering the new platform for the future.

Oh, and I want to thank you Scott for your Home grown anti-Detroit stance.  You are one of the reasons Detroit gets the its bad rap.  I've never called anyone out on this board before, but you must have something special that makes you have this one sided view of things.  Detroit isn't perfect by any means, but show me one area/market that is.  It's also not the war zone you are making it out to be...and by doing so, you're just adding to the lazy outsiders opinions of it.

The byproduct of this type of badgering just contributes to the opinion of those outside of this state, that Michigan is inside of Detroit...and this has a negative effect on the opinion of others on the suburbs...including the one you live in.

Now, do I like investing in Detroit? No.  But not for the reasons Scott likes to bring up.  Just like any other market I invest in, it doesn't match my investment model.  It does match many others.  I also wouldn't suggest to any investors outside of the state to invest in Detroit on a small scale.  You need to come in with power.  Any thing short of $1M is a waste of time and effort...and you'll be spraying the same words seen at the top of this page...and with good reason.  You have to take control of entire neighborhoods to do it right.  You need a team in place, and money to spend...fast.  Those that have (I know a number of them) are enjoying their investing here.

If you don't have that kind of power, or team in place for that kind of volume, invest in the suburbs.  You won't regret it.

@Joe Villeneuve  

Joe I completely agree with you.  The people I try to help understand that Detroit is not for them are the ones that think they can just pick up 1 or 2 properties for 10k.  I see these people as fools.  Or the ones buying "turnkey" properties all in for a total of 49k with a year of rent melted into the deal.

You or I would never even consider these types of properties but for some reason the people getting fooled into these properties are losing everything.

Seems like when I have been doing some fact finding from these people that are getting scammed Utah is at the core of this.

I would LIVE in DETROIT if it was just me.  I would be downtown having a blast.  But I am now older and married and the wife looks at me like I have 3 heads when I bring it up.

I love Detroit, I wish Detroit was not a mess.  If the city would get up to any type of standard my properties on the outskirts would go up in value.

But you can't deny that in 2013 it was the murder capital of the country.  And now seeing the incredible numbers on fires its just crazy to think there will be much left.

Also demolishing 200 properties a week.  Think about that people 200 a week is an insane #.  Imagine in your own city to see 2 sq blocks just vanish every week.

But yet people think they can make money with buying these types of properties.  Its just not possible.  You know who makes the money are the ones selling these garbage piles to people that are clueless.

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Naw Scott, Detroit is just a little rowdy....:)

How long does it take to get your vacant house stripped in the lessor areas of D?

30 days?

7 days?

72 hours?

24 hours?

If you guessed 24 hours you are right. Listen to Scott and Joe about Detroit! 

Originally posted by @Matt R. :

Naw Scott, Detroit is just a little rowdy....:)

How long does it take to get your vacant house stripped in the lessor areas of D?

30 days?

7 days?

72 hours?

24 hours?

If you guessed 24 hours you are right. Listen to Scott and Joe about Detroit! 

HAHAAHAH "rowdy" that had the be the best comment I have seen about Detroit.  The problem in Detroit is many times its the renters themselves that are scrapping the house on the way out.

Matt they just will never understand.  Buying 2 or 3 properties in the city is a waste of time and money