Updated over 6 years ago on . Most recent reply
Buying properties in Detroit
Hi, I am looking to speak to someone who has invested in Detroit proper recently. I am flying up to Detroit soon to meet up with a local realtor and really would like to speak to someone who has created a rental cash flow and/or flipped properties.Please do NOT provide complaints nor negativity about the city without any real info but sincere constructive feedback, good or bad, regarding the Detroit rental landscape(not what your read or heard-word of mouth). What was your personal experience? Did you hire a property management firm or did you manage the tenants yourself? What zipcodes/areas did you recommend? How was the rehabbing team,cost, were they reliable etc,? (Unfortunately my realtor is prohibited from telling me which zip codes or neighbors are worse than others which in NOT good for me.I truly need another persons perspective besides a realtor.)
Most Popular Reply
Lets cut to the chase...
Home much cash do you have? If you don't have $30k-40K liquid that you can part with and wait 3-4 years to pull your money out don't do it. I have 3 properties in Detroit. NO bank will loan you money. I paid cash for all my Detroit properties.
If your light on cash, but your credit is good and your Debt:Income is good, buy in the suburbs. Its a safer, traditional investment. Detroit proper will eat a newbie from out of state alive.