Investor · Norman, OK · Member since 2017 · 75 posts · 53 votes
Does anyone have any Detroit based turnkey providers. I have been attempting to deal with Strategy Properties who is recommended by Real Wealth Network and they are VERY non-responsive. Interested in Detroit but need a reputable provider.
Any help is greatly appreciated.
Flip and Buy/Hold Investor · Rochester Hills, MI · Member since 2013 · 245 posts · 105 votes
9y
@Adam Demchik and @Renee Bacon I assume by your posts that you do not have any Detroit investments and that you are not very informed on Detroit investing. You are correct that Detroit has many issues and it is a huge area but Detroit investments are strong. I invest in the suburbs and in the city. Some of my best are in the city. You need to do your research and invest in the right areas but Detroit is booming. I would pick a lot of areas in the city to invest before I would invest in some of the suburbs. Before you completely write it off and post about it I would do a little more research. Good luck with your investments.
Does anyone have any Detroit based turnkey providers. I have been attempting to deal with Strategy Properties who is recommended by Real Wealth Network and they are VERY non-responsive. Interested in Detroit but need a reputable provider.
Any help is greatly appreciated.
Sounds like they are already off to a bad start! Business must be great for them if they are too busy to respond!
Although I do not know any companies in Detroit, I would suggest reading:
Boca Raton, FL · Member since 2015 · 135 posts · 132 votes
9y
A turnkey provider in Detroit?
I have a better idea, take all that money you are about to invest with them and just flush it down the toilet. It will be a quick death instead of a slow and painful demise of your capital.
Investor · Norman, OK · Member since 2017 · 75 posts · 53 votes
9y
Kyle Scholnick Adam Demchik - I am a fan of buying where others are scared to. Get out in front of progress. Detroit has solid signs of revitalization. I wouldn't advise putting your life savings in Detroit real estate, but I believe that ignoring it is shortsighted.
Rental Property Investor · Oxford, MI · Member since 2013 · 98 posts · 18 votes
9y
Detroit is a huge city (landwise) with a few small pockets that have increasing values. There are definitely some big players putting money into the city but the poverty level has been around 40%. Add to that a horribly bloated and difficult city government and some of the worst schools in the country...well I could go on and on. Good luck and only use money you are comfortable losing.
Real Estate Agent · Saint Clair, MI · Member since 2017 · 39 posts · 28 votes
9y
This is why areas all around Detroit are better purchase options. Ferndale, Oak Park, Hazel Park, Roseville, Warren, Eastpointe, etc. Heat map shows much lower crime in most of these, and you can buy solid houses for decent prices (even if they aren't as beautiful as Detroit's architecture). Plus you can get more rental income and deal with more reliable tenants (if you screen well..). West and NW of Detroit are also doing very well, but prices get pretty high. Good luck with your search!
Flip and Buy/Hold Investor · Rochester Hills, MI · Member since 2013 · 245 posts · 105 votes
9y
@Adam Demchik and @Renee Bacon I assume by your posts that you do not have any Detroit investments and that you are not very informed on Detroit investing. You are correct that Detroit has many issues and it is a huge area but Detroit investments are strong. I invest in the suburbs and in the city. Some of my best are in the city. You need to do your research and invest in the right areas but Detroit is booming. I would pick a lot of areas in the city to invest before I would invest in some of the suburbs. Before you completely write it off and post about it I would do a little more research. Good luck with your investments.
Rental Property Investor · Oxford, MI · Member since 2013 · 98 posts · 18 votes
9y
Its not for a lack of research. Detroit doesn't fit my investment strategy part of which includes owning in safe neighborhoods with great schools. Detroit doesnt really fit that profile.
Flip and Buy/Hold Investor · Rochester Hills, MI · Member since 2013 · 245 posts · 105 votes
9y
Agreed, Detroit public schools are not good but there are plenty of very safe areas in Detroit. There are many (and maybe more) unsafe areas too but I am not talking about investing in those areas. You failed to mention in your previous posts that you don't invest because it does not match your criteria. You simply made a broad statement questioning why someone would invest there. That is why it came off as an uninformed statement. Just because it does not fit your criteria doesn't mean it is not a good investment for someone else.
I am not pointing anyone toward investing in Detroit. To the contrary, the more naysayers post on forums like you did, the less investment pressure focuses on Detroit and the more time I have to build my portfolio.
Perhaps you should hit up a Detroit Renegade Investor meeting sometime. You might be surprised at what you learn.
Property Manager · Metro Detroit, MI · Member since 2008 · 305 posts · 362 votes
9y
I work with a few out of state investors in the Detroit market. I usually try and push people towards the Detroit suburbs . Investing in the city of Detroit can be a mess and extremely costly .
There are only a few "booming" areas of the city , and they have become very expensive , downtown /midtown areas are getting 300k+ for 1 beds, if you can even find one .
Sure there are 20k houses that rent for $700 in the hood, but the repairs and turn over will eat most any profits . Insurance , if you can even get it will be 3-4K per year . This type of investing only works if your doing huge scale , the only guys i know that have made it work own 100s of these houses and have big systems in place.
The suburbs outside of detroit however are great. 90k turnkey houses that rent for 1200-1300 in safe areas can still be had.
Investor · New York City, NY · Member since 2015 · 808 posts · 417 votes
9y
@Jon W. yes but you are local, locals always do better esp in tough areas because you can go there and care about the relatively minor amount of capital being deployed and in rents. A property manager will never care as much and for those types of areas its hard to find someone good when you pay them maybe $50 - $75 a month and they have to be very hands on.
Specialist · Indianapolis, IN · Member since 2014 · 670 posts · 352 votes
9y
@Josh Walker you've got a great area to invest just north of you in OKC. We do a fair amount there and have a great partner on the ground. No need to go to Detroit.
Real Estate Agent · Saint Clair, MI · Member since 2017 · 39 posts · 28 votes
9y
@Jon W. Good/great schools are also at the top of my priority list, as well as ROI. 'Better' tenants flock to these areas in general (yes, I know there are exceptions). I'm glad you and many others have found good properties in Detroit. I know they exist, but when I look at a heat map of the crime stats, I can't help but want to avoid many/most areas at night when we would need to work on them. After looking at several dozen on the East side, we are holding off on investment there for now. Good luck in the future!
Real Estate Agent · Miami, FL · Member since 2010 · 71 posts · 31 votes
9y
Josh I applaud you in your willingness to go against the grain. I too believe that there are great opportunities in Detroit and the surrounding areas. you might want to check out @Robert Syfert from USA Portfolio . He and his team offer great customer service and have turnkey properties all across Detroit and the Suburbs.
Investor · Detroit, MI · Member since 2014 · 360 posts · 354 votes
9y
When I hear "good schools" and Metro Detroit I'm thinking: Troy, Rochester, Utica, Canton, some Livonia, GP, Novi, some Dearborn, some Walled Lake, some Farmington, and Birmingham
Seeing cash flowing rentals are few and far between in those markets most rental markets fall into the "solid" category for schools. Warren Con, Redford, Berkeley, Royal Oak, Lamphere, Westland, SLS(2 of 3 districts). Great for renters, but I would never let my kid go to school in those places.
Investor · Melbourne, Victoria · Member since 2015 · 203 posts · 58 votes
9y
@Josh Walker Hi Josh, I would also recommend @Robert Syfert as a contact. Worth having a chat to him. Very responsive and he and his team have great properties for rentals
Also have another company in the area i have had a lot of contact with, happy to send you the details if you need. Good luck!
Realtor · Detroit, MI · Member since 2017 · 184 posts · 33 votes
9y
@Josh Walker Detroit definitely has sign of revitalization. I am a realtor here and I deal with investors very often. From already tenanted properties, to vacant SFR and MF. Supply is down and the demand for this market is sky high. We should connect.
Flip and Buy/Hold Investor · Rochester Hills, MI · Member since 2013 · 245 posts · 105 votes
9y
I have invested in the bagley, woodbridge, Rosedale park, and new center areas. Many of them have appreciated and deals are hard to find. I like mexicantown a lot and have been looking there. Hamtramck is good too but prices have risen and I really don't know it that well. I think some of the best values will come out of Mexicantown and the Rosedale park area. But Detroit is unique, you can find sellers who have a very beaten down house and don't think it has any value when it is really in demand. Deal come up often so don't rule out any area. Get as close to downtown as you can. Good luck.
When I hear "good schools" and Metro Detroit I'm thinking: Troy, Rochester, Utica, Canton, some Livonia, GP, Novi, some Dearborn, some Walled Lake, some Farmington, and Birmingham
Seeing cash flowing rentals are few and far between in those markets most rental markets fall into the "solid" category for schools. Warren Con, Redford, Berkeley, Royal Oak, Lamphere, Westland, SLS(2 of 3 districts). Great for renters, but I would never let my kid go to school in those places.