Updated about 6 years ago on . Most recent reply
Investing in Detroit
Detroit has many apartment buildings (small and large) that are in need of rehabilitation, the asking prices are very low due to this. My question is this, when running numbers (on many buildings), after buying the lot/building and putting a considerable amount of money into rehabilitation (2-4x the price of the lot) it would still give you an annual return of 25%+. How risky would it be to embark on an investment journey such as this? Do you think the risk justifies the potential rewards?
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Hi, depends where the apartment is located exactly, I like single family homes in Detroit a little better than apartments in Detroit mainly because the location of apartments are in really rough areas. I can find some areas in neighborhoods in Detroit that are very clean. safe, nice, for single family homes. Location will be a very important for your apartment search.