Investor · New York City, NY · Member since 2016 · 6 posts · 1 vote
Hi,
Lately I was offered a few deals that seem interesting in Detroit and Inkster, but since I don't live in the area I wanted to ask for a bit of input from whoever is familiar with Wayne County.
I am interested in purchasing a single family home for a buy and hold deal that would produce 8-10% NOI, and 20-30% appreciation after 5 yrs or so. My budget is around 40K.
Would appreciate any information regarding where to look, what areas to avoid, is it the right time to buy, what is the prediction for the real estate market in the area for the next 5 years?
I have someone I know that works in Inkster MI and can offer me deals there. Is that a good place to search for deals?
Specialist · Kiryat Motzkin, Israel · Member since 2014 · 266 posts · 159 votes
9y
As an out if state investor, who doesn't know the areas, and isn't on the ground, I highly reccomend you stay away from Detroit. It's block by block over there and those returns are only on paper and won't materialize.
Specialist · Kiryat Motzkin, Israel · Member since 2014 · 266 posts · 159 votes
9y
As an out if state investor, who doesn't know the areas, and isn't on the ground, I highly reccomend you stay away from Detroit. It's block by block over there and those returns are only on paper and won't materialize.
We are a huge fan of the Detroit area. That said, with any investment there are good and poor opportunities block-to-block, house-to-house. It is really important to have a great team in the area. We specialize in turnkey investments and property management, so if you have any questions just let us know.
Lately I was offered a few deals that seem interesting in Detroit and Inkster, but since I don't live in the area I wanted to ask for a bit of input from whoever is familiar with Wayne County.
I am interested in purchasing a single family home for a buy and hold deal that would produce 8-10% NOI, and 20-30% appreciation after 5 yrs or so. My budget is around 40K.
Would appreciate any information regarding where to look, what areas to avoid, is it the right time to buy, what is the prediction for the real estate market in the area for the next 5 years?
I have someone I know that works in Inkster MI and can offer me deals there. Is that a good place to search for deals?
Thank you!
Hello Sir,
It is an awesome time to invest in the Detroit & Metro Detroit area. I am an investor in the area with a portfolio of 15 units all in the city of Detroit and own a property management company with several rehab contracting crews on staff. I would always that you work with your friend or reach out to professionals in the area to build a team like the other poster suggested. I would also be willing to talk with you and help you in anyway that I can.