Wholesaler · North Las Vegas, NV · Member since 2015 · 9 posts · 3 votes
Hello BP I've been thinking about investing in Detroit and wanted some help before threading into unforeseen territory. What is your overall feeling about Detroit? Is the Economy picking up? What things should I look out for?
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
10y
There are better areas in Michigan using the same investment money. Detroit investing should be left to those that actually live in the area. There's money to be made, but you need a much better knowledge of the area than the normal knowledge you would need for any other out of state investment.
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
10y
There are better areas in Michigan using the same investment money. Detroit investing should be left to those that actually live in the area. There's money to be made, but you need a much better knowledge of the area than the normal knowledge you would need for any other out of state investment.
Garden City, MI · Member since 2016 · 5 posts · 3 votes
10y
Hi Joe,
Any particular areas you think would be good to focus on? I am in the Livonia area, was looking at Livonia, Westland maybe Garden City. Still trying to make that first step to invest.
Any particular areas you think would be good to focus on? I am in the Livonia area, was looking at Livonia, Westland maybe Garden City. Still trying to make that first step to invest.
I have almost 30 in exactly the areas you mentioned
Garden City, MI · Member since 2016 · 5 posts · 3 votes
10y
George P. Great! I am excited to start, just need to get my HELOC setup. Hope you don't mind me picking your brain, I hope to have your kind of success one day!
Any particular areas you think would be good to focus on? I am in the Livonia area, was looking at Livonia, Westland maybe Garden City. Still trying to make that first step to invest.
Yes...and Redford, Ypsilanti, Inkster, and more. The list does you no good though without that ability to actually analyze those markets for specific things, and then analyzing the properties in those markets to match that same list of specific things. Those specific things I refer to makes up a property profile, that is generated by your financial needs and starting point.
The ability to analyze a market, and then find the micro-markets within those markets, is critical to REI. Without that ability, you're guessing.
Garden City, MI · Member since 2016 · 5 posts · 3 votes
10y
Joe Villeneuve , thank you sir for the advice. I think I need to find a mentor so I can start off on the right track. The specifics you mentioned i need to learn and I know no one personally that can help me.
Hello BP I've been thinking about investing in Detroit and wanted some help before threading into unforeseen territory. What is your overall feeling about Detroit? Is the Economy picking up? What things should I look out for?
I invest in Detroit and in seven different suburbs but have always tried to stop people from buying properties in the area unless they were partnering with a knowledgeable local investor.
Detroit has houses better than 95% of the cities in the US but it also has houses that are worse than 95% of the cities in the US both inside the city limits of Detroit!
Block by block is too general. I usually don't buy a house unless I like the neighbor.
Knocking on the door of the house next door, sometimes it is the solution when I meet a neighbor that has lived there 30 years. BUT sometimes it is obvious THE NEIGHBOR IS THE PROBLEM!
Economy is GREAT. Compare Average weekly wage of Wayne County of $1059 (Detroit is in Wayne County) with the Average weekly wage in Clark County of $843 (Las Vegas) and Wayne county increased by 3.1%. Clark County increased by 2.4%.
Wholesaler · North Las Vegas, NV · Member since 2015 · 9 posts · 3 votes
10y
That's some great advice Richard I appreciate the information. I've been trying to connect with individual investors out there but its been a battle! No one seems to want to network with out of state investors @Richard Dunlop
Investor · Pinckney, MI · Member since 2015 · 95 posts · 24 votes
10y
All of my rentals are in Redford, Southfield, Livonia and Farmington Hills. All are performing well and have mostly good luck with tenants. But I do spend a lot time in the areas and talking with the people.
The question I have, is there a way to determine how many of the recent sales are to investors? Rental investors specifically. Maybe it comes from spending time on BP, but I'm getting concerned about rental saturation in these areas.
Thoughts or comments?
(not intending to hijack your thread, just helping everyone looking for data)
Property Manager · Flint, MI · Member since 2016 · 30 posts · 4 votes
10y
@John Clark, I can't speak specifically for those areas, but the Flint area has a lot of rentals. Many people here are lower-income and not in position to buy a house. There is definitely the demand.
You might want to try the local landlords association to see if they can give you some stats.
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
10y
This question is asked weekly on BP. @Dontae Scott in the upper right hand corner of the web page there is a search box for Bigger Pockets. Search Detroit and you will see this topic endlessly debated. Just a suggestion to save everyone's time.
Flipper/Rehabber · Jersey City, NJ · Member since 2016 · 158 posts · 86 votes
10y
@Kyle Holsey I am interested in getting started either in Detroit or the neighboring suburbs like Dearborn, Westland, Garden City, Southfield etc.. can we talk and see how can we try to make this work.
Wholesaler · Redford, MI · Member since 2015 · 153 posts · 50 votes
10y
@George P. Just curious , Why do you suggest not investing here in Detroit ? i and many of if investors have and been receiving great returns for years ! :)
@George P. Just curious , Why do you suggest not investing here in Detroit ? i and many of if investors have and been receiving great returns for years ! :)
Are there any neighbor hoods you would avoid? I am gonna buy a turnkey in Detroit, but I don't know the area that well yet. I'll have a property manager too. Any areas I should avoid....?? My budget it $40-60K per door.