Hi Fellow BP Members!
I am interested in learning and investing in Detroit and surrounding areas. I grew up in Detroit and love so much about the city. I have been away from the city for about 12 years and now want to move back towards the area and start to invest in the homes in the area. I love the structures of the homes, and vast architecture of the many neighborhoods, but I am not sure of the best locations to start looking.
I would love to hear from anyone that has had some experience investing in Detroit. What were some of the best and worst locations you investing in? What stood about about the neighborhoods and would you invest again or avoid? I would love to hear about any successes, troubles or any advice as a newbie investor looking to take on this big city.
@Lauren Reed I have no experience investing there but am originally from the Thumb. I've looked at Detroit on and off for the last few years with some interests, but just could never get the numbers to work. Sure, you can find a place for $10K and fix it up nice and try to sell for $80K, but you have to realistically think about who would want a home in some of those areas.
Unfortunately, so many areas are just sitting vacant because I definitely agree that the character and architecture are awesome!
I'm thinking now that Ford is planning to revamp the old Union Station, Corktown and surrounding areas could see significant growth. Other than that - I'd be very hesitant with mostly all other areas.
@marshallleipprandt Thank you for your thoughts! I agree, research definitely needs to be done to assure a return as some areas just don't seem viable at all. As a new investor I'm interested in buying, rehabbing and renting but I'm afraid the returns won't be great outside of the Corktown & Midtown areas.