Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
HAPPY MONDAY BP FAM!!! I recently went to visit my niece who lives in the city of Detroit. I found it to be a nice, friendly city with a lot to do. Never been before so I wasn't sure what to expect. Made me feel like a smaller scaled NYC (without the excess lights of Times Square). In her neighborhood, there were vacant buildings (I see loft potential). We ventured outside of the city were there were a lot of vacant homes (multifamily potential). I've heard that one of the motor companies was coming to revitalize the city, but am not sure if it's true. Does anyone currently invest here with good cash flow or have been currently researching the real estate market? It's a long distance venture, but at least I have feet on the ground. Any opinions are GREATLY appreciated!!!
Miami, FL · Member since 2018 · 71 posts · 87 votes
7y
@Cassandra Sifford hello how are you? Want to see my thought about Detroit? See any of my threads..I started a year ago and I am planning to keep my buy and hold strategy
Miami, FL · Member since 2018 · 71 posts · 87 votes
7y
@Cassandra Sifford hello how are you? Want to see my thought about Detroit? See any of my threads..I started a year ago and I am planning to keep my buy and hold strategy
Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
7y
@Leo Furest ... I'm doing well! I hope all is good with you :) I'll take a look at them. Thank you for chiming in as I'm collecting as much knowledge and thoughts as I can on the Detroit market.
Well wishes to you with your buy and hold strategy... Cassandra
Rental Property Investor · San Antonio Texas · Member since 2018 · 16 posts · 3 votes
7y
@Cassandra Sifford
Any property not on the east and west side of Detroit has potential. I currently buy and hold in the downriver area so if you need any info about that particular area i can help.
Rental Property Investor · San Ramon, CA · Member since 2017 · 350 posts · 611 votes
7y
Never been there but from what I gather, Detroit has lost half it population over decades. Because of this, there are large inventories available all around the city. Even if the city population grew by leaps and bounds (which is unlikely), it will take a good amount of time for new tenants to absorb those available SFH and MF units before major new development can occur that is financially feasible. Your tenant base is limited since they have so much to choose from.
Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
7y
@Raymond Romero ... Thank you for your input! What zip code is Downriver? I'm compiling a list of neighborhoods and zip codes so I can do research.
@Paul Choi ... Thank you for your input as well! I understand that tons of residents have moved due to the plunge in the auto industry and the loss of jobs make it hard to want to come back. I heard that Ford was going to purchase the old train station to bring a ton of tech jobs. That may ramp up other large companies (not just auto) to come back to the city to revitalize. I figured I'd get in kind of early with some buy and holds and wait my turn for the upswing. It's all a risk and I figure a long term investment will get good profits for the long haul
@Leo Furest ... I'm doing well! I hope all is good with you :) I'll take a look at them. Thank you for chiming in as I'm collecting as much knowledge and thoughts as I can on the Detroit market.
Well wishes to you with your buy and hold strategy... Cassandra
I am glad to read that! Anything you need just let me know!